Hive-Engine Diesel Pools: CONTRACT DEPLOYED!!!!

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I'm extremely excited, honestly I'm giddy, to announce that the Diesel Pool Contract has been deployed to Hive-Engine!!!

What's Hive-Engine?

Hive-Engine is a decentralized layer 2 smart contract platform built on top of Hive. Moving money on or off the exchange incurs a fee, but to date all transactions on Hive-Engine incur no fees.

What's a contract on Hive-Engine?

You may be used to Hive where any change to Hive requires a Hardfork to upgrade it. Hive-Engine may at times require hardforks to upgrade the system, but we also have contracts. The smart contracts are separate bits of code that literally live within Hive Posts. The contracts allow us to program additional capabilities into the overall platform or certain tokens.

What's a Diesel Pool?

You may be familiar with Uniswap. Diesel Pools are similar to Uniswap (except there's no GAS required). A general term for this type of pool might be a "market pool." Essentially people are able to deposit two tokens in equal value into a pool and traders are able to switch between them.

What went live today?

Last night the smart contract for Diesel Pools was deployed. So, now it's possible on Hive-Engine to create these pools and start trading. Two things about this.

  1. Our front end isn't quite ready. These will first appear on tribaldex.com, but we need a few more days before non-dev users can create a Diesel Pool (aka market pool ).
  2. These are still fairly experimental at this stage. We've done a ton of testing on these, especially in a very short amount of time, but there's still more to do. So, if you do start messing around with this please start with small amounts rather than dive right with giant stacks.

Ok, there's actually three things. The rewards and incentive piece isn't done either. So, there aren't quite incentives for contributing to Diesel Pools right now. What we're actually doing is modifying some of the other contracts we have (token inflation and gamified token inflation) to create the Diesel Pool Incentive Contract.

Since we're modifying an existing contract it shouldn't be that long before it's ready. I expect a few weeks.

So, when is this thing fully and really deployed?

Well, backend V1 is done and out.
Front end V1 should be out in the next few days.
The contract to award Diesel Pool liquidity providers should be ready in the next few weeks.

Wait... why does anyone care about any of this?

Well, this has the potential to be exceptionally powerful for Hive overall. You'll notice that Hive-Engine's main exchange pair is Hive. So, I'm expecting many of the Diesel Pools to be built with SWAP.HIVE as a trading pair. That means that people will be moving Hive into these pools and hopefully it's going to be pulled off of other liquid exchanges, pumped into Hive-Engine and then staked into these Diesel Pools.

What happens to price when supply starts drying up?
If price accelerates what happens to the number of pool on Hive?

This thing has the potential to create an upward spiral of diminishing token supply, increasing price, bringing in new users, and accelerating that process all while in a bitcoin bull market. Diesel Pools, I think, will be the most drastic price increasing tool to ever hit our chain.

This is also feeless. There's no gas fees. So, if you're thinking about how you're going to exchange $50 worth of tokens when there's $120 of ETHEREUM GAS fees paid to miners then you're not alone. I think we can siphon off a ton of small traders from ETHEREUM to Hive-Engine because it's literally impossible to function for small traders.

As for liquidity providers there's a mixed blessing here. There's no fees for trading. Or at least there's no fees for the starting point. That might be bad initially, but the incentive has to come from Hive-Engine when trading cryptos, and from token creators when trading tokens. In the end these rewards have to be worth it to stake tokens into these pools. But that said, there's a lot of inventive at least to get the small traders here and going.

BEE

On Uniswap there's the UNI token. When you stake on UNISWAP you can earn the UNI token. I'm planning on doing this same approach with BEE. I'll be introducing new inflation (will be looking for consent from the witnesses) to pay people BEE who choose to stake BTC, LTC, EOS, ETH (coming soon), and other cryptos into Diesel pools to ensure there's lots of liquidity on the Hive-Engine exchange.

The bad news is that there's going to be new inflation. The good news is that I imagine there's going to be lots of sinks for BEE as people want to stake it to earn the inflation. They'll also want to stake it regularly instead in addition to the pools because at some point we'll have a system where stakeholders of BEE will be able to vote on which pools they would like BEE inflation to go towards.

Again, this is modeled exactly on how UNI works for UNISWAP and look how well that token is doing.

Aggroed I like this, how can I support this?

  1. Buy BEE
  2. Buy WORKERBEE
  3. Buy Farm Farmer and/or Mythical Farm tokens
  4. Create a token
  5. Create a tribe
  6. Talk about the services here
  7. Create new NFT projects
  8. vote for Hive-Engine and Hive witnesses that are involved in these projects

Good times ahead

I don't have a crystal ball, but feeless liquidity pools I think is an incredibly powerful tool in our toolbelt and one that should greatly benefit Hive and Hive-Engine. Please celebrate with us, cheer us on, and buy our stuffs.

In the meantime, hang out a few days as the front ends go live and give us a few weeks as the rewards get built in and go live.

Should be fun. HIVE on.

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