Introduction
In 2023, ZK and AI projects gathered at hackathons, and DeFi was no longer a development hotspot. However, Honeypot Finance stood out at the ETH-Beijing hackathon with Batch-A2MM and quickly took root in the unique innovation soil of Berachain. Starting from the product and user ends, Honeypot Finance created a positive flywheel. This article takes you deep into understanding Honeypot Finance.
Innovative Soil of BERACHAIN
Berachain is an L1 public chain based on Cosmos SDK and compatible with EVM. It adopts innovative consensus mechanism - Proof of Liquidity (POL) and a innovative Tri-token three-generation token economic model.
Proof of Liquidity (POL): This is a new consensus mechanism that coordinates network liquidity, equity centralization, and protocol and validator coordination through mechanisms such as liquidity providers, liquidity mining, liquidity proof, and liquidity governance.
Tri-token three-generation token economic model: Berachain's three-generation token model draws on the experience and lessons of many DeFi projects. It combines token output of the public chain with liquidity to create a Pareto structure with high liquidity and high capital efficiency.
As of now, there are over 70 ecological projects deployed on Berachain. The Berachain ecosystem has not only attracted some EVM ecological projects, but also spawned a batch of native projects. With the recent launch of its public testnet "Artio," the total number of active addresses on the testnet has risen to 8 million.
Innovative soil, user enthusiasm, and the design of the Pareto model, along with Berachain's unique governance reward mechanism, are attracting more excellent projects to embrace Berachain.
Positive Flywheel of HONEYPOT FINANCE
Standing on the innovative soil of Berachain, many DeFi projects can be seen flocking to Berachain, while Honeypot Finance found the pain points of DEX and created a positive flywheel for Honeypot Finance.
From the product end: Starting from the characteristics of the Berachain chain and the innovation of DEX, Honeypot proposed four aspects of innovation:
DreamPad: A launchpad with a built-in trust layer (DAO), balancing community-driven, deep liquidity, and fair launch mechanism (FTO), allowing users to avoid insider trading, prevent developers from dumping, and immediately obtain tradable liquidity after launch.
HelonDEX: A trading protocol with low slippage and anti-MEV (Batch-A2MM), which won an award at the ETH-Shanghai hackathon. HPOT DEX will bring higher liquidity efficiency and a better trading experience.
HiveNode: Deeply integrating Berachain's PoL consensus mechanism, guiding consensus mechanism rewards from our product's liquidity and simplifying the PoL mining process.
DeFi-Hub: DreamPad, HelonDEX, and HiveNode together form a full path for introducing, retaining, and incentivizing liquidity, driving the positive flywheel of Honeypot Finance.
From the user end: Honeypot uses DreamPad's fair launch as the entry point for liquidity, and tokens launched can be directly injected into HelonDEX for trading and providing liquidity. Ultimately, users can obtain liquidity proof (PoL) incentives through HiveNode nodes, maximizing user profits.
3. HONEYPOT FINANCE Team and Ecosystem
The Honeypot Finance team consists of senior practitioners in the crypto industry. The project's CEO and CTO are organizers of the largest developer community of Berachain, and other key members of the project team come from developers of projects such as Trisolaris, Tencent, and IoTex.
Currently, the ecosystem project partners of Honeypot Finance include: Axelar, Chainlink, and more. With the opening of the future testnet, more projects are expected to join the Honeypot Finance ecosystem.
4. Conclusion
In summary, we believe that the Honeypot Finance team has the ability to deliver mature products, business development capabilities, and operational capabilities. The team members have a deep and unique understanding of the innovation of Berachain and DEX, and we look forward to Honeypot Finance bringing a brand new DeFi user experience.
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