Their new $XOXO token could pump big time this week
For one year, HunnyFinance has been establishing its DeFi brand and services. However, HunnySwap just took the next giant step. This morning, the protocol rolled out a fully-fledged decentralized exchange operating on the Avalanche blockchain.
HunnySwap already sports yield farming, i-gaming, and P2P poker products.
Contrary to decentralized exchanges on Ethereum, users of an Avalanche (Avax) DEX enjoy extremely low fees and attract users who aren’t into paying $50 US, or much more, for a single transaction.
What is a DEX (decentralized exchange)?
This type of cryptocurrency exchange is peer-to-peer (P2P). It connects people to facilitate buying and selling of tokens without needing another party as we are used to in CeFi (centralized finance). However, contrary to banks (CeFi), users remain in control of their assets and private keys.
Why has HunnySwap chosen Avax over Binance Smart Chain (BSC)?
The HunnyFinance team believes it will be able to reach a large segment of Avax users because of a lack of specific services on the blockchain. Furthermore, BSC is becoming more and more saturated with thousands of projects, resulting in increased costs.
However, on Avax, transaction execution time is permanently below one second, and fees are very low. In addition, there are only roughly 300 projects on Avax so far.
What’s in it for you?
The most significant selling point right at this moment is the release of the native $XOXO token, which launched simultaneously with the DEX itself.
Historically, native DEX tokens such as $CAKE have seen gains of 10x and more, so this could be an excellent opportunity to get this token cheap from the getgo.
Native DEX tokens such as $SUSHI, $CAKE, $BAL, $1INCH, and $UNI saw dazzling gains ranging from 7 to 40 times in value.
So, hopefully, we’ll witness a similar increase here.
Although the bear market is more or less confirmed, in my opinion, that does not make this opportunity any less attractive.
DEX volume has exploded during the last 1.5 years and is set to continue that trend. Why? People cannot ignore Decentralized Finance (DeFi) and the vast advantages it brings with it.
Looking at these charts, it is clear that adoption is on the rise and most likely will continue to do so.
Source: The Block Crypto
We can confirm the upwards trend by glancing at the chart below. It shows the Total Value Locked in DeFi, which peaked at $107 billion in November 2021. Now the value sits at around $54 billion.
Source: DeFi Pulse
Looking at these charts should make it clear to everyone where the trend is heading in the future. Unless some improbable event should disrupt this whole industry off the face of the earth, I cannot imagine this trend stopping anytime soon. Do you?
How you can start using HunnySwap in an easy few steps
Unlike a bank, HunnySwap will not require you to produce an id-card or proof of address. Also, there are no office hours, and definitely, nobody will be scrutinizing your finances to deny your participation.
That’s just the nature of DeFi. If you will, it is replacing the banks with smart contracts or code.
It can be intimidating if you’ve never used a DEX because it’s new and unknown. Yet, it is straightforward, and once you are comfortable with the concepts, it will be a no-brainer.
Below, I have linked to a guide that sets you up with a reliable Web3 wallet step by step. It’s called Metamask and has been around since 2016.
Heads up: Never ever share your seed phrase with anybody or any website; this is your key and your key only.
- Step 1
Create a wallet (if you haven’t got one already)
- Step 2
Add Avalanche (AVAX) to Metamask
- Step 3
Bridging to Avalance and Bridging FAQ (If you are transferring tokens from one chain to another)
What else is the $XOXO token offering users?
After acquiring $XOXO, you have the option to hodl the token, or you can lock it in for some time to earn gXOXO tokens. The longer the locking period, the greater the APY and amount of tokens earned. The options range from locking your $XOXO for one week to three years.
Note: Be aware that the tokens will remain locked, and you won’t be able to exchange or use them in another way for the time you choose.
If you’d like to see a good video breaking down some of the aspects of HunnySwap and additional developments, you can check out this video made by AJC on YouTube.
HunnySwap social links:
Source: HunnySwap documentation
Conclusion
- HunnySwap deployed a DEX on Avalanche 8am UCT on June 7th.
- Because this DEX lives on AVAX the fees are affordable.
- DEX tokens such as $SUSHI, $CAKE, $UNI, Etc saw gains ranging from 7 to 40 times in value.
- DeFi is gaining popularity despite a looming bear market.
- The HunnySwap team has a great track record and a dedicated community that stands behind it.
Thank you for reading!