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HoneySwap: The Decentralized Exchange In xDai Chain

HoneySwap is a decentralized exchange and Automatic Market Maker (AMM) for xDai Chain, whose development, support and maintenance is carried out by the 1Hive community. At HoneySwap, you can trade any ERC20 token on the xDai blockchain with an incredibly low-commission spending.

How HoneySwap works

The HoneySwap Dex is a fork of Uniswap v2, implemented in xDaiChain. Every time someone makes an exchange, as in any other web3 platform, you will need to connect your wallet to access the exchange functions and build liquidity pools.

  • Firstly, you have to visit to https://honeyswap.org/ and connect a wallet that supports xDaiChain such as Metamask, AlphaWallet, TrustWallet, among others.

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Liquidity pools

From HoneySwap, you will also be able to provide liquidity to the various swap pairs. Liquidity providers (LP) within the decentralized finance ecosystem are those who contribute funds to a pool of cryptocurrencies in order to create a market. In exchange for providing their funds, users will receive commissions for the operations carried out within their pool. Liquidity providers earn a 0.25% Swap Fee on all trades in proportion to their share of the pool. These fees are added to the pool, increasing your participation automatically, allowing you to claim them when you withdraw your liquidity.

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To add liquidity, you must first select a pair. It's important to note that the same amount has to be added in each token of said pair.

Yield Farming

To provide liquidity to the HoneySwap pools, 1Hive has created farming platforms with very attractive returns that encourage the creation of liquidity pairs by users. In yield farming, users obtain profits by betting their generated tokens in the liquidity pool (LP).

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How to configure the xDai network on Metamask

  1. Open Metamask

  2. Click on "Ethereum Main Network"

    2.1 and then Custom RPC.

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  1. Enter the xDai network information in the following order:

                                      Network name: xDai
                                  New RPC URL: https://rpc.xdaichain.com/
                                  String ID: 0x64 (100)
                                  Symbol: xDai
                                  Block Explorer URL: https://blockscout.com/poa/xdai

  2. Lastly, save and connect by changing from Ethereum network to xDai

AlphaWallet

Through this link you will find a digital wallet created for Android and iOS, built natively in xDai.

Required Readings

Practical Evaluation

  • Set up xDai Network in your Metamask wallet

  • Make an xDai exchange for HNY

  • Add liquidity to the xDai/HNY pair

Resources

Honeyswap

Metamask

Testing

Message a test administrator on telegram or discord to book a test. You must be verified to withdraw rewards.

Reward: 3,000 Devcash.