Honeyswap Decentralized Exchange Review

Honeyswap is a decentralized exchange that looks simplified. The developers hid from us the liquidity pool function if we don’t connect our wallet to it. So, we can’t simply overview pools profitability to be sure that they match our expectations. The Honeyswap belongs to the 1Hive group that manages all activities. So, Honey holders can vote for changes. 

Honeyswap overview

• 1Hive is a service that focuses on providing features based on decentralized protocols.
• They try to build the service with the Honey crypto assets.
• 1Hive isn’t a company, there is no core team, and there has never been a crowd sale to raise funds to operate.
• The devs introduce this data as a pro, but we’d like to note that this is a con.
• They want to create a future that will be more free, fair, open, and humane. ‌
• To join the gov we have to start contributing to the project.
• Alas, the distribution of Honey concentrated only among early contributors.
• The community is rewarded by Honey on the weekly basis.
• So, the intel in docs sounds ridiculously bad. There’s no founders revealed or legal registration proceeds. We have no road map. Everyone should work for free who wants to be involved in service development. 

How does Honeyswap work?

• The service provides us with a possibility to swap tokens within the HoneySwap functionality.
• The service is built around the xDai Chain blockchain.
• It also supports the Polygon blockchain.
• There are no mentions why the devs choose this one.
• Liquidity providers earn a 0.25% of the swap fee from all trades proportional to their share of the pool.
• Those fees added to the pool in real time.
• The government takes 0.05% and converts it into Honey.
• They are going to support other blockchains in future.
• Swap fees on Honeyswap are split 1/12 to Honey, 1/12 to the local Comb token for that chain, and 5/6 directly to the pool of liquidity providers facilitating the swap.
• We have to pay 0.15% fees to trade ETH on Polygon.
• The system is able to support routing trades to third-party liquidity pools.
• We can connect to the Honeyswap site from other blockchains and still be able to work with the pools.
• Honeyswap Analytics  provides an open source interface for analyzing liquidity, volume, and trading history.
• We can manage DeFi positions that include depositing and withdrawing from farms.

What can you buy on Honeyswap?

We can swap any supported tokens quickly.

Is Honeyswap safe?

We can’t claim this for sure. The documents lack much information about safety and risks. The 1Hive group unites the following services under a single roof: Gardens, Celeste, Quest, Honeyswap, and Agave. Agave works under the Agave open source DeFi protocol.

Honeyswap fees, compatible wallets, and transactions  

• The platform charges 0.3% fees where 0.25% goes to liquidity providers and 0.05% to the government.
• We can work with the following wallets: MetaMask, Coinbase Wallet, and WalletConnect. 
• The transactions go quickly.

What are the ways to trade on Honeyswap?

The only possible way to trade is to swap tokens.

Customer support

We can receive welcome and quick support in the next places: Github, Discord, Discourse, and Twitter.

Should you buy a Honeyswap token?