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RE: The First wHIVE Was Just Minted on the ETH Blockchain

in LeoFinance3 months ago

Hi
This is fascinating:

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.

I have read of wrapped Bitcoin. It’s certainly a good idea to wrap your coin for which you have longterm interest. Do you plan wrapped LEO? Or is that impossible for Hive-Engine Tokens?

This is news indeed.

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:

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Or is that impossible for Hive-Engine Tokens?

It's possible.

Actually, it's possible to wrap anything into the token. Someone made an ICO from himself, and then let his "shareholders" to decide about his life. Wrapped tokens are just a (fancy) way to say that tokens represent someting else (assets on other chains, fiat, gold, etc..).

Thank you. I assume someone has to volunteer or be paid to write the code for each new coin to be wrapped?

Coins itself are usually standard ERC20 tokens and anyone can create them (e.g https://vittominacori.github.io/erc20-generator) but someone has to build an "oracle" to exchange wrapped tokens and another asset.

Thanks for the information. I will check out the link to see what I can learn there.