Introducing Wrapped Hive - Hive on Ethereum!

in #hive4 years ago

Wrapped Hive


What is Wrapped Hive?

Wrapped Hive (WHIVE) is ERC20 token on Ethereum blockchain. It's backed by "real" HIVE and can be converted ("unwrapped") at any time.

It allows HIVE to be traded on Decentralized exchanges (DEXes) on Ethereum and be used with DeFi platforms.

Informationabout project
Smart Contract0x11d147e8d39F59aF00e159C4b1fe3a31D58A2C66
Hive account@wrapped-hive
Ethereum minting address0x3693f7449bd461f74975d571e7e3bc031ef73586
Token nameWrapped Hive
Token tickerWHIVE
Decimal places3

How does Wrapped Hive works?

Currently, there is an app acting as on oracle that is responsible for minting/burning WHIVE and storing HIVE.

For each HIVE received to @wrapped-hive (if the amount is over threshold and memo is valid ETH address), there will be 1 WHIVE minted on Etherum. When WHIVE is converted back, HIVE is sent to user and WHIVE is burned (well, there will be periodical burns to save money on Ethereum fees).


  • Deposits (HIVE -> WHIVE)

Fixed 0.25% fee + dynamic fee to cover Etherum fees. Every time user tries to convert HIVE, part of the deposit is reserved to cover Ethereum Fees (currently: ~15 HIVE (150,000 gas x gas price), updated hourly).

Only after a transaction is sent, the actual cost can be calculated and fee (+10% of the reserved amount to cover fees when exchanging HIVE to ETH) is used to pay for Etherum fees. The rest of the "fee reservation" is refunded back to the user.

  • Withdrawals (WHIVE -> HIVE)

No fees.


Currently, the app is centralized and as such, there is always some risk. While I wrote code carefully and it was audited by other developers, there is always a chance that there is some security hole.

Hopefully, the need for a centralized oracle will be eliminated soon with atomic swaps on Hive.

How to use Wrapped Hive ?

To get WHIVE tokens, visit website and enter your Ethereum address:


After you click submit (and if the address is valid), you will see a popup asking you for an amount in HIVE (minimum amount is 50 HIVE for now):


Enter some number and click "OK". If you use Hive KeyChain, you will be prompted to use to transfer HIVE, otherwise, you will be redirected to HiveSigner.

You will receive your WHIVE tokens to the specified address in a few minutes. If something went wrong, you will receive a refund. Part of your deposit is reserved for Ethereum fees (you can see the current amount on The amount can be quite high since Ethereum fees are at an all-time high. But don't be afraid, an unused fee will be refunded to you.

There might be a small difference (0.1%) between the amount sent and received due to rounding and fee calculation.

To unwrap WHIVE, visit website again and enter your Hive username:


You will receive deposit details. Send any amount of WHIVE to the given address.

Each address has 7 days use time, after that period, it will expire and will be reassigned to a new (or same) user. This is used to minimize the number of active addresses and reduce the cost of burning WHIVE.

You will get the same address when requesting deposit details until your current address is 2 days away from the expiration date. Then, a new address will be generated (or assigned from expired addresses) and 7 days expiration timer will start counting down again.


How to verify HIVE and WHIVE supply?

To verify HIVE stored in our account, go to and you will see how much HIVE is there.

WHIVE supply is more tricky since you can't just go to and check the number of tokens because some of those tokens are already "unwrapped" and are waiting to be burned.

To get a number of tokens in circulation yourself, go to and you will see a list of "deposit" addresses. Just sum balance of all these addresses and remove the sum from total supply and you have a number of tokens in circulation

Or just check out and our app will do this for you. Note that there is hourly caching (improve website load speed from 1.2s to 4ms), so data might not be 100% correct.

Another option is to use to see a balance for every deposit address (again, there is some caching so data is updated hourly)

For developers

There are no APIs available to fetch data programmatically because the entire site is protected from DDoS attacks by Cloudflare.

The source code will be available in 2 weeks: when I fix some formatting issues and make code beautiful.

But you can request access in our discord before.

Special thanks goes to...


I'm hoping to launch a more decentralized version in 2 months, but it depends on the development of Atomic Swaps since it would be better to have a cross-chain solution directly in the "core" code.

Disclaimer: This app is still in beta, so use on your own risk!

If you find any errors or vulnerabilities, contact admin[at]fbslo[dot]net or join


This is a great first step. Can't wait for the second part of this to make it fully decentralized which I know you & @bobinson are working on. Great work and I will be playing around with what is currently built this week!

Hope the news of these developments gets out quick. Doesn’t look good having steem beating us in price. This competition is personal.

Always has been.

!Atomic Swaps!

CONsider @frankbacon Quote.png

Their modus operandi is like always: market manipulation and shilling. It seems like they are trying to pump price before announcing steem-tron "integration", and then.... well
millions of ninja-mined STEEM powered down and transferred to exchanges already.

If you ask me, they were better off pumping the price then selling the company that held their tokens instead of what they are doing now.

Also, they constantly run campaigns to increase activity. It looks like they are after higher metrics instead of trying to organically and genuinely grow their network.

Soooo awesome, can't wait till I get home and start fiddling with it :D

Now - how can we add it to some first dex? Does uniswap allow to create your own pools? Or some other I have some eth and hive doing nothing :D

By the way - is there a chance for metamask support?

MetaMask support is here!

😲 👍

I already tried to add first pool, still waiting to get ETH transaction confirmed. It should be done in a few hours.

Please let me know when it's done :D

Congratulations on the excellent work provided! This is such a useful tool.

Hey man, your post is again not in my language, but smells good ;).

Congratulation on your achievement and little extra support from my side...

@tipu curate 3

Thanks :)

Great one!
This was fast.

This is awesome! This is great!

Thanks for putting in the work for the community and HIVE! Much love.

Ethereum is a time bomb for me. I am not a friend of it.

It is a stable trasbag, but filled with very very lot of trash.

So Hive in this bag, looks like not to change this mind. :-D


Great! But what to do with those wrapped HIVE?

Currently, main reason is trading on DEXes (Uniswap, etc). But I'm hoping to get in on some other DeFi platforms.

How could you get someone to pay you over 1ETH for 50Whive on Uniswap? I thought the service was auto calculating the cost? is there any way to manually ask for a price?

Someone probably added a liquidity pool with a super high price. I'm still searching how this happened.
I was also the only person trading at the time since it was only few minutes after launch, so it could be bots or someone who did not know how to use uniswap.

If it was bots, the coder better find out the bug soon 😅

Great work. Maybe yield farming? Perhaps create a new token that can only be farmed with Whive?

Thanks a million for all of your hard work!

Our community will very happy.

Hopefully, the need for a centralized oracle will be eliminated soon with atomic swaps on Hive.

Let’s keep moving forward together

This post says a lot, but I am seeing nothing here that (necessarily) adds value to the hive system, just cost that the average Hive User will not want to pay, just to get access to other DEX? But then again I am totally ignorant of the wrapped token process, only read about it early on. I'm invested in the ETH system, but it's still not quite ready for prime time and gas fees are a PITA. Now we have HIVE with GAS. Looks like a possible FUTURE 'good deal' for Hive Whales but a big "meh" for the rest of us. I'm big in Crypto but not so big in Hive, ATM.

TIA @fbslo

Still trying to find some benefits, eh, @fbslo? Yeah me too!

Sub Dollar tokens are unsuitable for ERC20, even the ETH based ones.
So how is a wrapped HIVE going to do anything? Now once we get back
to $8.50 (yes I was here for that) maybe it will be awesome. Now? idk

I agree that infrastructure needs to be built, so this is light years ahead of SMTs...

I will be a crypto millionaire before SMTs are even available.

@taskmaster4450 wrote a nice post about the possible use of WHIVE:

I agree that WHIVE might not be suitable for everyone because of fees (hopefully ETH 2.0 will solve this), but there is no harm to have it.

Awesome, Thanks!
Task and I go way back, he's good at 'Splainin to an old dinosaur like me LOL
I just saw this too, from my good friend @hetty-rowan

Hopefully we can get a hive logo for the icon and some liquidity. I was going to run a bit tonight but the liquidity was so low I'd be paying almost double what HIVE is going for. I'll be watching to see how this evolves.

GOOD, finally a solid data point!

Thanks Clay!

All right, I see we already had Hive <-> ETH pair on uniswap - but his one has 0 liquidity so no one should get confused.

Here's our new wHive <-> ETH pair:
Looking good! Can we add custom token icon?

Also how do you add pools? Can't find this option and I would like to add wHive <-> DAI pool :)

Liquidity is there, don't worry. Price is still 2x than market price (it was ~$12/WHIVE half an hour ago).

Custom icons have to be added on Github, will submit pr soon.

To add pools, use "Pool" -> "Add liquidity", select tokens (or enter contract address for WHIVE), approve WHIVE and than add liquidity.

Liquidity is there, don't worry. Price is still 2x than market price (it was ~$12/WHIVE half an hour ago).

I was reffering to the "old" Hive <-> ETH pool (looks like a fake Hive?)

Also adding wHive <-> DAI now :)

Wll, Hive is a quite generic name. Thanks for adding DAI :)

Holy molly, $70 :D

Does adding liquidity later on costs as much every time? Or just new pair?

Just first pair, I paid over $100 :( Adding liquidity later is ~$5 now.

Hmm, will remember to send you some upvotes to compensate for that ;)

Now, need some guidance on uniswap (probably should have done it earlier :D) - adding liqudity earns user a profit, right? How do you view / collect it?

Looks to me like fees for this dwarf even blocktrades...

I think people wanting Hive Liquidity Pools etc. need to look at
my boi @ackza's work with Hive & Kanda Tokens. He's putting
them on FREE Blockchains, cross chaining with TELOS and EOS.
THIS is how you build cross chain liquidity, IMO.

From what I'm understanding ... similar to Wrapped Bitcoin (which brings BTC into the DEFI). Although the DEFI is slowing a bit due to the very high commissions (gas) paid on the Ethereum network. However, there is the Chi token that allows you to earn if Ethereum gas increases. 100% speculation but interesting.


NOW you are talking.
Gotta have a way to pay for GAS.
I like ETH enough to have the 32
required for ETH 2.0 but no one
here is selling me on this wrapped method.
They used to wrap rotten fish in old newspapers
too dispose of it in the garbage. But no one in
their right mind wants to un-wrap it! 😝

I'd like a way to make my Hive Thrive, but
so far I'm just sending it to Crypto.COM

What is the benefit? Whose going to use it? What is the utility? People are scoffing at eth1.0's gas fees due to over congestion, while hive has no transaction fees.

Currently, Uniswap has almost 200M 24h volume and almost 300M liquidity. 40x more volume than Hive. A lot of investors watching and looking for new coins. by @fbslo

200 million DOLLARS?
Uniswap is crazy, BTW.
Wild West of Crypto :D

I have yet to get my own idea about it, having not yet had any experience... have you already "entered" it, @underground?

What is the benefit? Whose going to use it? What is the utility?
People are scoffing at eth1.0's gas fees due to over congestion,
while hive has no transaction fees.


Yes Indeed! When someone tells you, please
tell me!

Hey, just took a look in the source code, it seems like you're using minter method in order to mint the token right?

Any plan to provide liquidity in Uniswap?

Yes, I'm using mint method. If you want, I can give you early access to the source code for the app.

I don't have any particular plans for providing liquidity (yet).

I don't have any particular plans for providing liquidity (yet).

I wanna help with that :)

Hey @fbslo, I assumed the burn action need to be carried out in the website, if someone did it onchain using burn method, it won't work. I read through the code, is really simple and straight forward on the smart contract code.

I used to have some code written back in the days when Hive first released,

I created a method call burnToBC, where the params accept username so that the token can be transfer back on blockchain

     * @dev Destroys `amount` tokens from the caller.
     * See {ERC20-_burn}.
     * Requirements:
     * - Blockchain `username`
    function burnToBC(uint256 amount, string memory username) public {
        _burn(_msgSender(), amount);
        emit TokenBurnToBC(amount, username);

Very cool! Thanks for all your hard work on this.

So this will attract some ethereum investor into hive platform ? Based on the GAS price, it may not be very lucrative now to convert hive but it will be good to know other use cases, that this can bring on the table on hive chain.

Feel free to noob shame me but im confused why someone would pay gas fees to list a hive pegged token on a dex.

Currently, Uniswap has almost 200M 24h volume and almost 300M liquidity. 40x more volume than Hive. A lot of investors watching and looking for new coins.

Seems like a good reason!
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Pretty amazing news! Thanks for the great work that you do

Great news @fbslo waiting for the development of the project which I know will be fantastic.

This is very cool, DeFi on and with Hive 🚀 next step, getting whive on Uniswap.

This is really amazing. But the decentralized chain of WHIVE network would boost Hive & WHIVE.

As a way of enquiry, can Ethereum users use WHIVE network too? With that we can be open to several options.

Except the risk you have warned/cautioned people against, the project is laudable. Well done 👏🥂

Yes, anyone with Ethereum address can use WHIVE. People will be able to buy/sell WHIVE without having Hive account, only to "unwrap" tokens back to Hive account is needed.

Wow, that’s incredible. I like the initiative. A way to lure people to use WHIVE and indirectly getting onboard with Hive.

It so great to see so fast developments in the ecosystem. The time is very near when HIVE goes mainstream social media for content creators.

Really wonderful job.

Amazing work! So excited to try this out!

Awesome! Excited to see where this ends up!

Congratulations @fbslo! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

Your post got the highest payout of the day

You can view your badges on your board And compare to others on the Ranking
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To support your work, I also upvoted your post!

Do not miss the last post from @hivebuzz:

HiveBuzz supports the Austrian Community Meetup

Congrats for good work! Otherwise I'm not exactly up to date with these Dex-es and DeFi-s but I have some ether in MEW, maybe this is an opportunity to swap first for WHIVE and later for HIVE😃

Solid job guys. Every day Hive becomes stronger. I can't wait to see what Hive looks like 6 months from now 🤑

Posted using Dapplr

Been saying that for 3-1/2 years now...
I've pumped all my disposable/investable income into steem/HIVE
during that time. Never powered down, until recently. 🤷‍♂️

So, this is some sort of a trade gateway for the ethereum?

Yes, it allows trading Hive on Ethereum decentralized exchanges/DeFi platforms...

mila majko ...
Thank you for the clarification. Sounds like a useful tool

How is it useful, and how is it useful NOW?

then what?

Please, I am wanting to like this
but I can't yet...

Good Projekt!

LG Michael


@mima2606 denkt du hast ein Vote durch @investinthefutur verdient!
@mima2606 thinks you have earned a vote of @investinthefutur !

Your contribution was curated manually by @mima2606
Keep up the good work!

Great first step to get Hive into the DeFi ecosystem! Great job!

amazing!! Really thankful.

I have picked your post for my daily hive voting initiative, Keep it up and Hive On!!

Very good work!!!

Cant imagine how cool the decentralized version would be!

It seems very interesting. I don't have a lot of life to play, but when I'm more advanced, I'm sure I'll get into the game.

That's the thing, I've decided that it's time to play HARDBALL with my crypto savings...
I found something that kills wrapping tokens/coins

this is AWESOME

How? Tell me how this is awesome

SRSLY, I cant see much if any benefits?


Very nice. In the long term we definitely need a decentralized system, but unfortunately since the large exchanges seem to have no interest in making cross-chain transactions easy or cheap, it will be up to DeFi and solutions like this to create stop-gaps until they do.
My one concern, and I don't know if this has already been brought up and answered, is how resilient this is with gas fees still being elevated, with no real relief in sight (even though they have decreased quite a bit lately).

It is always good to get something workable out first and then optimize and make it better.

Can't wait for the atomic swap version!


at those days , every crypto try to use the word DEFI to pump their coins however the only real defi coin is compound