A new Stable Coin on Hive-Engine
I'm quite often on Tribaldex. It's my go to platform when I deal with Hive-engine tokens. I also like to go into tabs on the page that most people won't touch with a pole.
Today, I was surfing the Contracts page and I found this interesting new entry called „BEE Dollar“.
I had already read some things coming from the Hive-Engine Witness chat regarding it and I wasn't totally surprised.
Bee Dollar Stablecoin Contract
What I could gather from all the information I've found is that the BEE Dollar is the new native stablecoin of the Hive-Engine platform. The only way to get BEED is to burn BEE tokens. It's the same concept as SPS/DEC in Splinterlands. source
How to mint BEED?
There is now a page on Tribaldex where you can swap BEE for BEED. When doing such a swap, new BEED is created and the according amount of BEE tokens is burnt.
When swapping BEE for BEED, you actually burn BEE and there is also a fee of 1% attached to the process.
What can you use BEED for?
At the moment, there are not many use cases for BEED. You can simply keep the token as a store of value if you believe that Hive prices will drop even more.
There is also a Diesel Pool BEED:SWAP.HBD that has been created. There are no rewards attached to it and there is very little liquidity in this pool at the moment. However, the pool generated a lot of fees in the last days. I think this was rather the result of some testing. However, I suppose that this pool will play a major role in keeping the BEED token at peg.
The BEED richlist is pretty empty for the moment and most of the BEED is in the liquidity pool BEED:Swap.HBD
What impact does the BEED token have on the ecosystem?
First of all, I don't really know how the BEED token will keep it's peg. That's something that needs to be explained in more detail. However, it offers a new option for BEE holders. They can now either stake their BEE or swap them for BEED. I believe this could have a positive effect on the BEE token because with every BEED token in circulation the number of BEE tokens will be reduced. At the moment, it's not possible to convert the BEED back to BEE, so this conversion is a way to indefinitely reduce the BEE supply.
The introduction of BEED could be good for BEE and indirectly also for the Workerbee token that is minting BEE. But of course this is my own point of view and you should do your own due diligence :-)
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We’re having so many tokens now
I’d check this out
Also, what is Bulbapp all about?
You can check Bulbapp through the link. It's a kind of social media network on Solana.
I checked it already
I’m interested and will register but how do I navigate the app?
still need more information as it's just BEE to BEED and BEED: SWAP.HBD for now. Without no BEED to others or any use cases, it'll have a stacked-for-no-reason effect. I wait for what they will do with that token first, I think. Tyfi 👍
!PIZZA
There will probably be more use cases in the future when the project will be launched officially.
$PIZZA slices delivered:
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Thanks for the heads up. They won't abandon BEE, right? I will hold my tiny BEEs, rather than burning those!
#aliveandthriving
!PIZZA
No they won't abandon BEE and it will actually a nice add-on to the BEE ecosystem because BEED can only be minted by burning BEE. So with every BEE token burnt, the supply of BEE will be reduced.
This is really great to see
I will definitely check this out actually
Great to hear that.
Hmm HBD is pretty superior for its track record and interest. I wonder how is BEED going to challenge HBD.
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I believe that it can be helpfull to have a second stable coin on the 2nd layer. Especially if HBD loses it's peg because of low hive prices, it could represent an alternative.
https://x.com/Edger_K/status/1831371503893709109
!WINE
Thanks for sharing!
Thanks for sharing! I wasn't aware of the existence of BEED yet. However, I hope some use cases will come up. The diesel pool with two HIVE-related stablecoins is a start.
I think that the whole thing hasn't really been launched officially yet so I'm confident that more things will follow.
Looks like it got launched by accident without any announcement. That's what aggy said in discord.
Let him/them cook 😄
Came here from @hivetoday
My go to newsletter at the moment.
@hivetrending ;)
I have been following achim for a long time. There is no official" post about BEED yet, so I chose this one. :)
Thanks for the mention!
Thanks for stopping by!
It will be interesting to see if it can stay stable. I don't trust it as much as HBD though. It reminds me of how CENT wanted to be priced near one cents but it couldn't maintain it. I think it depends on how they plan to maintain the price.
I honestly wonder how the peg will be kept. I can imagine that through price changes in the swapping mechanism and buys on the diesel pool, it could be managed quite well on autopilot.
Fascinating, @achim03, thank you so much for sharing this information! Very cool! 😁 🙏 💚 ✨ 🤙
!HOPE
!INDEED
!STRIDE
!WEIRD
You are welcome :-)
😁🙏💚✨🤙
!HOPE
!INDEED
!STRIDE
!WEIRD
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I love that it is a stable coin and thanks for the information, I will look into it.
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