The First wHIVE Was Just Minted on the ETH Blockchain
The boom in DeFi and pumping of many Uniswap/DEX coins has seemingly teleported us back in time to the 2017 ICO craze. There are billions of dollars flowing through DeFi ecosystems and there is a lot of money to be made (and lost).
The nature of any cycle is give and take, which is why putting money into DeFi and speculating on the pumping/dumping of various tokens can be extremely lucrative and also extremely dangerous. Throughout the past 4 or so weeks since this craze started, I've wanted to find a good project to invest in - one that has solid fundamentals and also the potential to pump.
Looking for logic among speculators is no easy task. We've joked in the LEO community about how making money in DeFi seems to require you to leave your brain at the door and listen only to greed. I like the fundamentals of HIVE and I've been a part of this ecosystem for so long. It's hard to take the time to really sit down and drill myself on the fundamentals of new projects. Especially as you see people jumping all over them like sharks.
Position Your Project In Front of Speculators
@theycallmedan posted a tweet about 1 week ago and said we should get HIVE on Uniswap:
Uniswap is a DEX swapping protocol. From the user perspective, it allows you to swap ETH and ERC20 tokens. Many utilize this as a way to simply convert across coins when there is a particular value proposition in mind - i.e. staking those coins into a DeFi platform, trading or some other purpose. Users can also participate in liquidity pools which allow them to earn passive ROI on tokens that they contribute to the swapping protocol.
Wrapped Coins allow you to seamlessly convert your mainnet coins into a wrapped version on another blockchain. This can allow you to hold the value of the original coin, but adopt the features of an ERC20.
A good example is wBTC. Wrapped Bitcoin (wBTC) allows you to maintain the value of Bitcoin (it tracks and is backed by actual BTC) but utilize wBTC tokens in DeFi protocols like MakerDAO CDP Vaults - something that I utilize regularly.
Dan's idea to wrap HIVE would give HIVE token holders the same features. It would also likely attract a lot of investors to HIVE who otherwise wouldn't buy the token.
A wrapped version of HIVE would allow you to convert your HIVE into wHIVE and then use the wHIVE to participate in DeFi protocols. Once you want to go back into mainnet HIVE, you can easily "unwrap" your wHIVE and get HIVE back.
The potential use cases are endless. The key thing to understand is that you maintain the original value of the main chain (HIVE, in this case) and adopt the features that are made available by the Ethereum blockchain (i.e. DeFi - MakerDAO, Uniswap, etc.).
Creating wHIVE could position the HIVE token and blockchain ecosystem in front of speculators. Solid fundamentals meets rampant token speculation and large investors.
wHIVE is Born
Today - August 15th, 2020 - the first wHIVE was minted on the Ethereum network:
I'm keeping a close eye on the developments here and I'm excited to see further tests of wHIVE. In just 7 days we went from idea to reality.
You can see the first wHIVE being born on ETH here:
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