HoneyFarm Finance is a layered delegated yield farming project on BSC with deflationary tokenomics of a maximum supply of 24,650 HONEY tokens.ADVERTISEMENT
Introduction
Abstract
Recognizing the limitations of a yield farming project, because a deflationary mechanism cannot beat nature inflation, they researched a variety of projects using their experiences as investors and managers of various DeFi projects, and came to the conclusion that a deflationary tokenomics with limited supply on layered farming mechanism is the best option.
Because of the restricted supply, inflation will be controlled and deflationary processes will be more effective, allowing the price of a native token to be more stable.
They have previously disclosed the complete quantity of their native token, $HONEY, so that everyone is aware of it and may devise ways to maximize profit from it.
Key Feature
A maximum cap of 24,650 tokens
0.05 emission rate
Deposit fees will be used for burns, advertising, and dev fees.
Layered farming approach ensures continuous profits for their 1st generation investors; the HONEY holders
In addition to that, they’re going to introduce the below features to maximize the deflationary mechanism.
– Honey Keeper Protocol (HKP): Fixed Price / Random Buy-Back program
– Lottery: Drawing numbered tickets at random for a big prize
– Working Bee: Automated compounding for native farms/pools
– Transfer Tax: Every transaction except HKP related will need to pay tax
Fair Launch
Token Launch (Deposit Start, Tradable, Initial liquidity supply): July 30th 9:00 UTC
Farming Start: July 30th 12:00 UTC
Countdown Clock: honeyfarm.finance
Aside from the negative market situation and the downward atmosphere of the DeFi sector, automated bots are destroying the fairness of innocent consumers’ investments.
To prevent bots from purchasing ahead of users when first liquidity is introduced, they will notify the token contract when the initial liquidity is added.
They also claim that transfer tax will simply but effectively ban arbitrage bots and front-run bots.
They will declare the maximum supply of native tokens with a set emission rate at the end of the fair.
Then, users can forecast when the emissions will peak and devise an investing plan based on it.
Roadmap
The HoneyFarm team has a transparent and well-defined marketing and operations strategy.
This road map will be useful for DYOR on HoneyFarm. Their top aim is to increase the sweetness of HoneyFarm.
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Listings
VFAT
dAppRadar
Coingecko
CoinMarketCap
HoneyFarm Operation
Landing Page Launch
Audit
Meme Contest
Website Launch
Initial liquidity supply to Honey-BNB and Honey-BUSD pools
HONEY Contract Announcement
Farming start
Honey Keeper Protocol Launch
Advertising and Promotion
Partnership
Teaser of sweet Layer 2 farm features
Layer 2 Farm Launching just prior to 24,650 tokens being minted with Honey pools and Farms
Tokenomics
Name: HoneyFarm Token
Symbol: HONEY
Contract Address: To be announced at the time of adding liquidity
Chain: Binance Smart Chain(BEP-20)
Total Supply: Limited to 24,650 HONEY
Transfer Tax
Burn Rate: 3% of transfer tax will be burned immediately
Total Transfer Tax Rate: 3%
Emission Rate
0.05 HONEY / block
9.09% dev fee for project growth and cooperations. 9.09% HONEY commission from emission will be used exclusively for future partnerships with other farms and vaults. None of this commission will ever be sold, which would negatively affect the price of the HONEY token.
Deposit Fee
When users deposit on HoneyFarm, a 4% deposit fee will be charged.
40% of Deposit Fee will be used for buyback/burn and HKP
60% will be used for advertising, infrastructure and dev fee
100% of deposit fee will be used for buybacks on new pools
Honey Keeper Protocol
Honey Keeper Protocol, abbreviated as HKP, is HoneyFarm’s one-of-a-kind Buy-Back mechanism that rewards holders while effectively deflating Honey circulation.
Parameters
Epoch Duration: 12 hours
Apply Fee: 0.5 Honey
Lock-up: 2 Epochs (12~24 hours)
EX) An applicant during epoch 1 will be locked until the end of epoch 2.
Buy-back Reward Explained
Following the expiration of the lock-up period, each applicant (wallet) will be chosen at random and the applied amount will be repurchased.
On each application, a random selection is made. (One wallet with ten applications has ten chances of being chosen.)
If the selected wallet applies less than the current buy-back amount, the smart contract will hold another raffle and choose another wallet to buy back. It continues until the current epoch’s buy-back money is depleted.
If the selected wallet applies more than the current buy-back amount, just the current amount will be purchased, and the remaining Honey will be refunded to the participant.
To participate
Apply the quantity of Honey that you wish to stake for Buy-Back.
Apply at least 0.51 honey or more when the “Apply Fee” is taken into account.
If you win, the BUSD amount will be displayed in the ‘Rewarded’ column. Honey allows you to withdraw at any moment and get a great ROI.
If you miss out on the opportunity, you may ‘Re-apply’ or ‘Withdraw’ your Honey.
A charge of 0.5 Honey is also required for re-application.
You can apply more Honey even before two epochs have passed.
When you apply for or withdraw Honey, you will not be charged a 3% transfer tax.
Source : bscdaily
