HoneySwap crypto exchange is a decentralized cryptocurrency trading platform that operates on the xDai blockchain. In fact, Honeyswap is an xDai-based 1:1 deployment of Uniswap V2. In addition to that, it is compatible with the Polygon protocol, and there are future plans to combine it with the Arbitrum chain.
The HoneySwap cryptocurrency exchange was developed with the help of liquidity pool contracts by using several chains that are compatible with EVM (Ethereum Virtual Machine). The majority of these chains make use of a comparable or standard user interface that is maintained by the 1Hive community.
A decentralized exchange such as HoneySwap is free of formal constraints and has no KYC requirements. However, users from nations sanctioned by the United States government may be blocked. Cuba, Iran, Zimbabwe, Iraq, Crimea, Syria, Sudan, Belarus, and the Democratic Republic of the Congo are among these nations.
HoneySwap is available on both – mobile devices and computers.
Markets
There is no leverage or margin trading available on this exchange. However, HoneySwap spot trading is available. Though note that the exchange offers crypto-only trading. Overall, there are 98 markets, with the most popular HoneySwap trading pairs being AGVE/XDAI, XMOON/XDAI, and FOX/XDAI.
The HoneySwap crypto exchange, much like the majority of other decentralized exchanges, does not impose any deposit or withdrawal fees, apart from the HoneySwap exchange fee charged for token swaps.
The aforementioned HoneySwap exchange fee is 0.3%. 0.05% of this fee is the protocol fee that is paid to the 1Hive Common Pool, while the remaining 0.25% is redistributed among liquidity providers in proportion to the stakes they have in the liquidity pool.
HoneySwap makes use of the Honey token (HNY). The exchange is able to maintain a level of equilibrium between the markets with the help of this token, and it also contributes to a rise in the amount of liquidity and the HoneySwap crypto price. The HNY token is used for transactions and the governance of the exchange, which is managed by the 1hive community. It operates as an automated process for handling liquidity and maintains a consistent product formula for HoneySwap volume.
Other Services
Apart from swapping, HoneySwap employs the Honeycomb feature of the 1Hive ecosystem. It essentially is a yield farming pool that uses the COMB token as an incentive. If you add your LP tokens to the farm, you will be eligible for further rewards on those tokens.
Also, developers have the ability to build various integration on the HoneySwap using smart contracts. These integrations are called "money legos."
About the Company
The HoneySwap exchange was launched in September 2020 as a fork of Uniswap V2.
The exchange is managed by the 1Hive community in a way that is resistant to censorship and is carried out in a manner of a DAO. HNY tokens are what's needed to cast a vote on various governance issues.
Aragon is responsible for developing the software that forms the basis of the 1Hive protocol, which is the backbone of the exchange. Aragon is a decentralized autonomous organization (DAO) infrastructure platform that was started by a non-profit organization in Switzerland called the Aragon Association.
