Hive-Engine Diesel Pools: CONTRACT DEPLOYED!!!!

in #hive-engine3 months ago (edited)

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I'm extremely excited, honestly I'm giddy, to announce that the Diesel Pool Contract has been deployed to Hive-Engine!!!

What's Hive-Engine?

Hive-Engine is a decentralized layer 2 smart contract platform built on top of Hive. Moving money on or off the exchange incurs a fee, but to date all transactions on Hive-Engine incur no fees.

What's a contract on Hive-Engine?

You may be used to Hive where any change to Hive requires a Hardfork to upgrade it. Hive-Engine may at times require hardforks to upgrade the system, but we also have contracts. The smart contracts are separate bits of code that literally live within Hive Posts. The contracts allow us to program additional capabilities into the overall platform or certain tokens.

What's a Diesel Pool?

You may be familiar with Uniswap. Diesel Pools are similar to Uniswap (except there's no GAS required). A general term for this type of pool might be a "market pool." Essentially people are able to deposit two tokens in equal value into a pool and traders are able to switch between them.

What went live today?

Last night the smart contract for Diesel Pools was deployed. So, now it's possible on Hive-Engine to create these pools and start trading. Two things about this.

  1. Our front end isn't quite ready. These will first appear on tribaldex.com, but we need a few more days before non-dev users can create a Diesel Pool (aka market pool ).
  2. These are still fairly experimental at this stage. We've done a ton of testing on these, especially in a very short amount of time, but there's still more to do. So, if you do start messing around with this please start with small amounts rather than dive right with giant stacks.

Ok, there's actually three things. The rewards and incentive piece isn't done either. So, there aren't quite incentives for contributing to Diesel Pools right now. What we're actually doing is modifying some of the other contracts we have (token inflation and gamified token inflation) to create the Diesel Pool Incentive Contract.

Since we're modifying an existing contract it shouldn't be that long before it's ready. I expect a few weeks.

So, when is this thing fully and really deployed?

Well, backend V1 is done and out.
Front end V1 should be out in the next few days.
The contract to award Diesel Pool liquidity providers should be ready in the next few weeks.

Wait... why does anyone care about any of this?

Well, this has the potential to be exceptionally powerful for Hive overall. You'll notice that Hive-Engine's main exchange pair is Hive. So, I'm expecting many of the Diesel Pools to be built with SWAP.HIVE as a trading pair. That means that people will be moving Hive into these pools and hopefully it's going to be pulled off of other liquid exchanges, pumped into Hive-Engine and then staked into these Diesel Pools.

What happens to price when supply starts drying up?
If price accelerates what happens to the number of pool on Hive?

This thing has the potential to create an upward spiral of diminishing token supply, increasing price, bringing in new users, and accelerating that process all while in a bitcoin bull market. Diesel Pools, I think, will be the most drastic price increasing tool to ever hit our chain.

This is also feeless. There's no gas fees. So, if you're thinking about how you're going to exchange $50 worth of tokens when there's $120 of ETHEREUM GAS fees paid to miners then you're not alone. I think we can siphon off a ton of small traders from ETHEREUM to Hive-Engine because it's literally impossible to function for small traders.

As for liquidity providers there's a mixed blessing here. There's no fees for trading. Or at least there's no fees for the starting point. That might be bad initially, but the incentive has to come from Hive-Engine when trading cryptos, and from token creators when trading tokens. In the end these rewards have to be worth it to stake tokens into these pools. But that said, there's a lot of inventive at least to get the small traders here and going.

BEE

On Uniswap there's the UNI token. When you stake on UNISWAP you can earn the UNI token. I'm planning on doing this same approach with BEE. I'll be introducing new inflation (will be looking for consent from the witnesses) to pay people BEE who choose to stake BTC, LTC, EOS, ETH (coming soon), and other cryptos into Diesel pools to ensure there's lots of liquidity on the Hive-Engine exchange.

The bad news is that there's going to be new inflation. The good news is that I imagine there's going to be lots of sinks for BEE as people want to stake it to earn the inflation. They'll also want to stake it regularly instead in addition to the pools because at some point we'll have a system where stakeholders of BEE will be able to vote on which pools they would like BEE inflation to go towards.

Again, this is modeled exactly on how UNI works for UNISWAP and look how well that token is doing.

Aggroed I like this, how can I support this?

  1. Buy BEE
  2. Buy WORKERBEE
  3. Buy Farm Farmer and/or Mythical Farm tokens
  4. Create a token
  5. Create a tribe
  6. Talk about the services here
  7. Create new NFT projects
  8. vote for Hive-Engine and Hive witnesses that are involved in these projects

Good times ahead

I don't have a crystal ball, but feeless liquidity pools I think is an incredibly powerful tool in our toolbelt and one that should greatly benefit Hive and Hive-Engine. Please celebrate with us, cheer us on, and buy our stuffs.

In the meantime, hang out a few days as the front ends go live and give us a few weeks as the rewards get built in and go live.

Should be fun. HIVE on.

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The 1% fee to deposit and then withdraw is huge. It should be reduced asap

there is a workaround: you can use leodex with 0.25% fees. But yes it should also be lowered on hive.enginge

I already do, thanks for the tip. I still want to reward hive-engine for that, but 1% is too much. Who gets the leo fee? Leo or hive-engine?

I think leo, but I'm not completely sure

btw, I have kept looking at the ETH fractal. I think it might still be playing out.

4 hour chart in the run up from 600 to 1300 is similar to the daily chart in the last month and a half. What do you think?

We seem to be on the cusp of the big pump

Great job, finally someone is doing this!

This said, I'm not totally sure what to think about the ZERO FEES for swaps. Fees on DEXs like Uniswap etc, are the core at the business model.... fees are the reason people provide liquidity... others tokens incentives are the extra....

Maybe you want to reconsider this, or at least make it optional for pools to choose the value of the swaping fees.

Thinking along similar lines.

Much as I hate fees (and think crypto should generally be designed to remove them wherever possible) the Uniswap system uses the fees for balance:

  • For liquidity providers: To compensate for the risk of impermanent loss.
  • For arbitrage traders: As a charge against (largely) risk-free arbitrage profits.

Without the fees:

  • The incentives would need to do the heavy lifting to compensate the liquidity providers. Which risks degrading the price of the incentives.
  • The arbitrage traders (bots) make bank.

I think. At least on the typical X * Y = K liquidity system.

Posted Using LeoFinance Beta

That's true, the pools should have the ability to determine how much fees will the tx cost. How do you reward liq providers if not with fees - printing new governance tokens?

Agree with you.

And I hate it to say, but that's the same problem with Hive token.

Fees give it a reason to provide liquidity and develop it.

Fo Fees would end up in a negative loop like there is no reason to power up 1M Hive. No use cases.

What about steem-engine tokens? Those who invested in them at one time are more interested in them than BTC, LTC, EOS and ETH

What happened to steem-engine? I had 0.0001 BTC and some other funds in there. When I went back to check on them a few months ago, it said I needed Keychain from the google app store. I said no way, I'm not touching that. But more recently, a friend suggested I try again. I finally decided to install Keychain, but it wouldn't accept my key (although the key was correct). Now I see the steem-engine site is completely different.
Anyone know where my funds might be at this point?

it is now on .net domain, most tribes are disabled, tokens are depreciated

Okay thanks. Is depreciated another way to say unavailable?
Is there somewhere this was announced? I never saw it mentioned on the platform. A warning that people's funds would soon be "depreciated" seems prudent. This doesn't look good for people thinking about getting involved in such ventures.

saw only a couple of announcements about the tribes moving to the hive, the disconnections of the sites always happened suddenly, now a bunch of links to posts do not work. About depreciation - complete silence. Now I want to create tribes and buy tokens only where protection mechanisms are spelled out

Hmmm, that doesn't sound promising. Thanks for the info.
I have funds in steem-engine and hope something like that doesn't happen there.

hope only for swap on tribaldex, when it becomes profitable for someone:)

Will there be an option to charge a trading fee like Uniswap has?

Why not just introduce little fees on using Diesel Pools? I am not really a fan of introducing more BEE inflation.

Great nice and nice to see things moving ahead with new solutions on Hive blockchain. Will this still remain centralized or are you planning to make it like the other DEXes?

Posted Using LeoFinance Beta

tribaldex.com/witnesses. This baby is already decentralized. Where you been?

This is all French to me. Hopefully when it's ready, there will be a layman's version (assuming a layman would be capable of participating).

All I know is that I value steem-engine, and hope it continues to be available to desktop PC users (not just smart devices). I also hope the cost to make trades remains zero. I don't think the 1% fee to move funds on or off is too high, but if there's going to be a fee on every other little click, the free market will produce a competitor that doesn't do so.

Will we be able to add liquidity to the HIVE-LEO pool and earn BEE?

Posted Using LeoFinance Beta

that's not the initial setup for BEE but if the stakeholders vote for it then yes.

Bee will go to vanilla crypto pairs first. HIVE/BEE, BTC/BEE, LTC/BEE, BTC/LTC etc. Projects can reward their tokens to their pools, but I don't have an inflation pool of BTC or LTC I can pull from. So, we'll start with BEE inflation as the reward. how much I have to work out with the witnesses.

So good!

Posted Using LeoFinance Beta

sounds amazing! I am still confused with all the sites now, we have hive-engine. tribaldex and another front end? Which site should I use?

which ever you feel better or comfort with, almost all do same things but some have extra features for normal token buy/sell leodex or hive-engine are good, for NFT's and other stuff you may wanna look at tribaldex.

But it would be great to have a single dapp including all features because it is more Userfriendly and makes new people onboard easily,

okay thanks! and yes I agree, user-friendliness is key

That's great! !HYPNO !WINE


Is there a way for us to get data from the contract (pools, liquidity, etc)?

Tried doing like this (similar to the "market" contract), but I'm not sure if the contract name is "marketPool", and I couldn't find info about that on the Wiki.

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Congratulations, @dannychain You Successfully Shared 0.100 WINE With @aggroed.
You Earned 0.100 WINE As Curation Reward.
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wine-greeting


WINE Current Market Price : 1.300 HIVE

P.S. Just found out. The contract name is actually marketpools.

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Hey @aggroed, here is your HYPNO ;)

Thanks for the news @aggroed. This is great news for all of us. The price potential for HIVE just got bigger because of this huge update. :)

This can be awesome, looking forward to using it. That being said, 99% is execution here. People will need to be willing to trust you guys, which means it will be especially painful if you screw up.

Awesome, this is going to be a game-changer!

Next level Hive action right here! Apppreciate you all building this stuff!

deposit/withdrawal fees really need to go, combined with IL you can lose too much to make this interesting for LPs in my opinion

hmm pretty interesting and if this goes well, we will be talking about a huge success for hive!

Posted Using LeoFinance Beta

This is phenomenal! The devs on this platform are really building something spectacular. I can't speak for everyone but I really see all this concentration on infrastructure not necessarily paying huge dividends in the short-term, but over the next four years I think it could pay off in a massive, massive way. Like I said, I'm not sure how long this bull cycle will last but I see this platform being in a perfect position to absolutely skyrocket when the next one comes around. And there will be no one even close to being able to compete because of the herculean effort you guys are putting forth now. The future is very bright indeed! Thank you!

4 years from now is 8 years too late.

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Check out the last post from @hivebuzz:

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Uniswap model has been proven on multiple chains. And they have trading fees, which are shared with LPs.

No fees on trades may lead to many transaction by bots flooding Hive blockchain with many records with little value.

Deposit/withdraw fees of 1% are too high by industry standards. Even Leo’s 0.25% is still high.


Posted by Waivio guest: @waivio_foodie

Awesome, this is going to be a game-changer