ApiaryDAO V2 🐝
We are live at http://apiarydao.xyz/ Please read this article in full for detailed information on the launch.
It’s been in the pipeline for a while, but we’re very happy to announce the launch of ApiaryDAO V2! V2 is a big step forwards for the DAO providing a solid platform for building and working with other projects going forward. On the precipice of launch here’s a rundown of all the features to prepare you…
Whats changed?
At its core we’ve moved our reward system to a modified Masterchef contract allowing us to incentivise native liquidity and bootstrap other projects. Our new token, Honeycomb ($HNYC) is issued at a rate of 1 per block and split between all current active pools relative to their weighting.
Migrating from V1:
We considered various options for the best way to do the switch from Hivepoints (HP) to Honeycomb (HNYC). We decided on providing an exclusive farming pool for HP holders, allowing them to deposit HP and earn a % of every HNYC block reward. This pool will be live for 2 months and then be reviewed.
This option means that the HNYC rewarded to V1 users will be distributed evenly over time rather than swamping the supply at the start.
The old interface is accessible from https://apiarydao.github.io/ to unstake your V1 LPs and HP. Make sure to Unstake and NOT CLAIM BEFORE (claiming rewards will lock your LPs for another 3days). Unstaking automatically claims your rewards also as part of the transaction.
New APYD/BNB liquidity tokens
PLEASE DOUBLE CHECK THE APYD/BNB PRICE WHEN ADDING LIQUIDITY TO V2, WITH LOW LIQUIDITY IT MIGHT BE VOLATILE.
ApiaryDAO V2 uses Pancakeswap V2 for APYD liquidity so users will need to migrate their LP tokens from Pancakeswap V1 to V2 if they wish to take part in the new version.
Simply go to https://pancakeswap.finance/liquidity and click the V1 in the bottom left corner to access the old interface and withdraw from there, then switch back to V2 and add the liquidity there.
Say Hello to the new Dashboard! 👀
As products/projects get launched their tiles will be added.
Let’s go through each of these new features…
DAO Pool
The DAO Pool is our special pool for depositing APYD/BNB Pancakeswap V2 liquidity tokens.
In return the pool issues a “DAOPool Share”. This is your ticket to our DAO group “The Hive” and used for governance voting. This pool also rewards HNYC with a Masterchef Weighting of 5.
Honeycomb Farms
These are our farming pools allowing you to deposit selected tokens and earn HNYC in return.
Initial pools are:
- HNYC/BNB (native liquidity) Weighting 5
- HP (reward pool for V1 users) Weighting 2, with a review after 2 months.
- CMP/BNB (component.finance pool) Weighting 1
Honeypot
The Honeypot pools are our way of distributing tokens from other projects to our community. Users can deposit their HNYC into selected pools and earn other project tokens.
Interested in distributing your project tokens to our community? Reach out to us!
Vaults
The vaults allows users to deposit selected tokens and auto-compound rewards based on various strategies. At launch there will be a small number of pools mainly focused on lower risk stablecoin strategies.
We will continually look into adding more strategies/vaults as time goes on.
BTCB Accumulator
These are our special vaults and first product bringing a Bitcoin focused vault to Binance Smart Chain.
These Vaults allow users to deposit selected tokens/LPs with strategies focused on accumulating BTCB at varying levels of exposure to the asset, allowing users to dollar cost average into Bitcoin. There will be the following strategies at launch:
Stablecoin Strategy (least exposure):
User deposits selected stablecoin LPs. Converts yield into BTCB
BTCB/BUSD (medium/high exposure):
User deposits BTCB/Stablecoin LPs. Converts Yield into BTCB
We will continually look into adding more strategies/vaults as time goes on.
Performance Fees
Both regular vaults and BTCB vaults have following performance fee structure designed to reward ApiaryDAO users through buybacks and burns:
- Harvest Caller Fee 0.4% (helps reimburses gas cost to harvest the vaults)
- Vault Fee ($HNYC buyback & burn): 2% (converts from vault yield to buy back and burn HNYC). This is our way of distributing fees to users of the protocol.
- Withdrawal Fee: 0.1% (redistributed to current vault participants)
Tokenomics
HNYC is distributed at a rate of 1 per block. 5% of each block reward is allocated to a treasury fund which, along with the teams holdings of APYD, is to be used at our discretion for development, bootstrapping and incentives.
A very small amount of HNYC was added to liquidity to kickstart at launch and provide a pool for the vault buybacks. Also there was an initial mint of 50,000 HNYC for developer tip and 99,900 for the initial dev fund.
Dual token system
APYD is a fixed supply token with a focus on protocol governance where as HNYC is our value flow/incentive token. By separating the governance token from the yield/value flow token it creates an interesting dynamic between protocol fees and the token emission.
Take our vault buybacks for example…
If the amount being burnt is greater than the emission, HNYC becomes deflationary, and you may decide to farm the HNYC/BNB pair. If the burn rate is lower, HNYC becomes inflationary, in this case APYD/BNB becomes a more attractive option until deflation kicks in.
Ideally an equilibrium can be met where the fees generated by the DAO cancel out the HNYC emission rate (not accounting for speculative trading and other utility) soft pegging it to protocol fees. APYD on the other hand captures the interest in protocol governance while rewarding those that participate with HNYC.
I’ve mentioned this analogy before, but view APYD as the pump and HNYC as the oil that powers the machine.
PLEASE NOTE
As with all experimental tokens/protocols you should treat them as such, and not as investments. Please be very careful. HNYC will likely be inflationary while we work on DAO protocol revenue, apeing in is strongly discouraged. APYD is a fixed supply asset, HNYC is not.
Any APRs on the site should not be taken as any form of guaranteed return. They are a rough guide based on current market conditions which will change and fluctuate.
DAO group / The Hive
We will be moving the DAO group from telegram to discord shortly after launch:
https://discord.com/invite/JZmXNUm8E5
Our current community telegram will remain as a more informal chat channel: https://t.me/ApiaryDAO
Happy farming!
