In a really awesome and fair world that's exactly how it should work right? That projects and companies will flock to Hive with a business model that would profit from interacting with Hive users. This is not our reality... YET! I think we all know that the present state of Hive users fees generated would never cover the cost of more complex development projects.
So the question then is are we willing to kickstart a few unique tools that the community may want at reasonable costs? If so then is this one of those tools we think will benefit the community? Will it be good for our hopes in expanding this community and hopefully new people coming in today or years into the future, is it a good long term investment. This is what i want to hear discussion on. To me it seems we aren't in a position where we can lure a lot of cool financial products for our community that are self sustaining and that maybe is a gut punch to the reality of our community... but we still want them right? So maybe we need to pay for them to come here. BUT BUT... the question is ... is this one of those products.
I use simpleswap and stealthex.io and i'd like to understand better how this product is better than those.
It's important to clarify the distinction between the fees generated from transactions and the purpose of the DHF grant.
The fees we collect from transactions are primarily used for the ongoing improvement and maintenance of the product. This includes launching new features, regular updates, and covering operational costs to ensure the platform remains efficient, secure, and user-friendly. These fees are crucial for the long-term sustainability of the project.
On the other hand, the DHF grant is specifically aimed at covering the initial development costs of the Hive CrossDEX. Building a robust DeFi infrastructure from scratch, especially one that doesn't currently exist on Hive, involves significant upfront investment in terms of resources and manpower. The grant allows us to undertake this extensive development work without compromising on quality or scope.
Moreover, our vision extends beyond the initial 6 milestones outlined in our proposal. The grant helps us lay a strong foundation, but the journey of enhancing and expanding the DeFi infrastructure on Hive is an ongoing process. The fees generated will support this continuous evolution, ensuring that we can keep adding value to the Hive ecosystem over the years.
We believe this approach balances the need for initial support with the long-term viability and growth of the platform, ultimately benefiting the Hive community.
Thank you for your engagement and for allowing us the opportunity to explain our funding structure.
While it's true that our services generate revenue through fees post-implementation, the initial phase of integrating and maintenance of a complex system like CrossDEX requires significant resources overtime.
Isn't that the whole point of owing a business/launching a product that's for profit? Take a risk in the hopes that the product succeeds and the revenue from that exceeds the cost to develop and maintain the product?
I appreciate your perspective, and you raise a valid point about business risks and rewards. Indeed, launching a for-profit product typically involves risk-taking with the hope of future success. However, for a project like Hive CrossDEX, the scenario is a bit different.
Developing a comprehensive DeFi infrastructure for Hive is a substantial undertaking, requiring significant investment in resources, time, and expertise. While transaction fees will eventually sustain the platform's ongoing maintenance and improvement, the initial development phase presents considerable financial challenges.
The DHF grant plays a crucial role in this early stage. It enables us to cover the upfront costs and kickstart the project, which would be challenging without community support. This grant isn't just about funding. It's about community involvement and ensuring that Hive CrossDEX aligns with the needs and expectations of the Hive community.
Our goal is to build a platform that thrives commercially and significantly contributes to the Hive ecosystem. With the DHF's support, we can achieve this balance, creating a product that benefits the goals and objectives of both TeraBlock and the Hive community for the project's long-term success.
Thank you for engaging in this conversation and helping us clarify our approach.
Thank you for your comment. I want to address your concerns about centralisation and clarify our approach with Hive CrossDEX.
Firstly, decentralisation is fundamental to our operations, and we're transitioning to a DAO structure. This move aligns with Hive's core principle of decentralisation, which is a key reason we're committed to the Hive CrossDEX project.
Regarding the centralisation aspect you mentioned, our current focus is on enhancing the security and efficiency of our bridge watchers. We're collaborating with ICP (Internet Computer Protocol) to shift our core bridge event watchers to ICP canisters. This transition is crucial for bolstering our decentralised security framework.
Additionally, we're working with Partisia Blockchain to integrate Multiparty Computation (MPC) into our infrastructure. This integration aims to enhance the Hive blockchain's privacy, scalability, and security, further aligning with our decentralisation goals.
Lastly, in response to community feedback, we plan to open-source the codebase upon completing all six project milestones. This decision underscores our commitment to transparency, community engagement, and long-term sustainability.
We understand the importance of maintaining a decentralized ethos, especially in a community-driven ecosystem like Hive. We aim to uphold these values while delivering a robust and efficient DeFi platform.
so many words...
What about competition?
How many projects like that are there, cause it's nothing special? 10-30?
Is it something you made in cooperation with splinterlands and generally made money and now ask for more money?
Thank you for your comment. Let's address each of your concerns individually.
Competition
While many projects are working to solve cross-chain interoperability in DeFi, TeraBlock's CrossDEX stands out with its unique features. With the help of Swidge Protocol, TeraBlock enables seamless liquidity transfers across blockchains with a single click. Which results in the following
→ Zero Learning Curve: Instant Fiat to DeFi onboarding
→ Universal Liquidity: One-click multi-blockchain access
→ Streamlined Execution: Fewer transactions and wait times
→ Inclusive Financial Future: Making DeFi more accessible
→ Ironclad Security: Trustless, compliant, & secure
→ DAO Governance: Community-driven and transparent
What is the Swidge Protocol?
TeraBlock's Swidge Protocol is a cutting-edge one-click solution that simplifies cross-chain transactions in DeFi. It automates complex blockchain interactions like swapping and bridging, making DeFi accessible and user-friendly. Users can effortlessly transfer assets across different blockchains with just a single approval, lowering the technical barriers and learning curve typically associated with DeFi transactions.
We are unique in terms of our technology and DEX offerings. We have the required expertise and more than 2yrs of experience in the Hive ecosystem to make this happen.
Hive has a vibrant and active community, and decentralisation is at the heart of the blockchain. However, the irony is that to purchase Hive tokens, users have to rely on centralised exchanges. There is an urgent need for decentralised finance (DeFi) infrastructure.
If there is nothing special about our offering and the technology readily available, why is there no DeFi infrastructure on Hive? Please elaborate.
You should try out a transaction, and then you will realise how seamless it is to bridge liquidity from EVM chains to Hive directly, without centralised exchanges.
Let me clarify the differences between what we've already built and what we're proposing with the CrossDEX on HIVE:
Existing Bridges: Currently, we have six custom-built bridges for SPS & DEC tokens, including BSC <> HIVE, ETH <> HIVE, and BSC <> ETH. We also have the Swidge Protocol for SPS & DEC tokens.
CrossDEX on HIVE
• Expanded Blockchain Support: We plan to add over 10 blockchains, including both EVM and non-EVM chains.
• Fiat Gateway: This will include both on-ramp and off-ramp functionalities.
• Extended Liquidity Pools: Beyond HBD & HIVE, we aim to list various EVM & non-EVM tokens.
• One-Click Swidge: Seamless switching between all supported blockchains.
• Standalone Platform: CrossDEX will have its own dedicated domain, distinct from our current interface.
• Web2 User-Friendly: Account abstraction for easy onboarding, automating complex Web3 processes to present a simple Web2 frontend.
• Diverse Wallet Connectivity: Users will be able to connect various EVM and non-EVM wallets to the DEX.
• Liquidity Staking Provision: A key addition is enabling users to provide liquidity in these pools, which is a major draw for DeFi enthusiasts and can significantly boost user engagement.
Building on Existing Foundations: Our work with Splinterlands and the upcoming GLS lays the groundwork for creating a DEX on HIVE. This move is strategic for attracting liquidity from leading chains and simplifying Web3 onboarding.
In essence, while our existing products have laid a solid foundation, the CrossDEX on HIVE is a significant leap forward, offering broader blockchain integration, enhanced liquidity options, and a more user-friendly experience, especially for those new to Web3.
In a really awesome and fair world that's exactly how it should work right? That projects and companies will flock to Hive with a business model that would profit from interacting with Hive users. This is not our reality... YET! I think we all know that the present state of Hive users fees generated would never cover the cost of more complex development projects.
So the question then is are we willing to kickstart a few unique tools that the community may want at reasonable costs? If so then is this one of those tools we think will benefit the community? Will it be good for our hopes in expanding this community and hopefully new people coming in today or years into the future, is it a good long term investment. This is what i want to hear discussion on. To me it seems we aren't in a position where we can lure a lot of cool financial products for our community that are self sustaining and that maybe is a gut punch to the reality of our community... but we still want them right? So maybe we need to pay for them to come here. BUT BUT... the question is ... is this one of those products.
I use simpleswap and stealthex.io and i'd like to understand better how this product is better than those.
Hi @gtg,
Thanks for your vote and question.
It's important to clarify the distinction between the fees generated from transactions and the purpose of the DHF grant.
The fees we collect from transactions are primarily used for the ongoing improvement and maintenance of the product. This includes launching new features, regular updates, and covering operational costs to ensure the platform remains efficient, secure, and user-friendly. These fees are crucial for the long-term sustainability of the project.
On the other hand, the DHF grant is specifically aimed at covering the initial development costs of the Hive CrossDEX. Building a robust DeFi infrastructure from scratch, especially one that doesn't currently exist on Hive, involves significant upfront investment in terms of resources and manpower. The grant allows us to undertake this extensive development work without compromising on quality or scope.
Moreover, our vision extends beyond the initial 6 milestones outlined in our proposal. The grant helps us lay a strong foundation, but the journey of enhancing and expanding the DeFi infrastructure on Hive is an ongoing process. The fees generated will support this continuous evolution, ensuring that we can keep adding value to the Hive ecosystem over the years.
We believe this approach balances the need for initial support with the long-term viability and growth of the platform, ultimately benefiting the Hive community.
Thank you for your engagement and for allowing us the opportunity to explain our funding structure.
Isn't that the whole point of owing a business/launching a product that's for profit? Take a risk in the hopes that the product succeeds and the revenue from that exceeds the cost to develop and maintain the product?
Hi @rishi556,
I appreciate your perspective, and you raise a valid point about business risks and rewards. Indeed, launching a for-profit product typically involves risk-taking with the hope of future success. However, for a project like Hive CrossDEX, the scenario is a bit different.
Developing a comprehensive DeFi infrastructure for Hive is a substantial undertaking, requiring significant investment in resources, time, and expertise. While transaction fees will eventually sustain the platform's ongoing maintenance and improvement, the initial development phase presents considerable financial challenges.
The DHF grant plays a crucial role in this early stage. It enables us to cover the upfront costs and kickstart the project, which would be challenging without community support. This grant isn't just about funding. It's about community involvement and ensuring that Hive CrossDEX aligns with the needs and expectations of the Hive community.
Our goal is to build a platform that thrives commercially and significantly contributes to the Hive ecosystem. With the DHF's support, we can achieve this balance, creating a product that benefits the goals and objectives of both TeraBlock and the Hive community for the project's long-term success.
Thank you for engaging in this conversation and helping us clarify our approach.
They also have their own token. It is just a centralized exchange & business.
Hi @mahdiyari!
Thank you for your comment. I want to address your concerns about centralisation and clarify our approach with Hive CrossDEX.
Firstly, decentralisation is fundamental to our operations, and we're transitioning to a DAO structure. This move aligns with Hive's core principle of decentralisation, which is a key reason we're committed to the Hive CrossDEX project.
Regarding the centralisation aspect you mentioned, our current focus is on enhancing the security and efficiency of our bridge watchers. We're collaborating with ICP (Internet Computer Protocol) to shift our core bridge event watchers to ICP canisters. This transition is crucial for bolstering our decentralised security framework.
Additionally, we're working with Partisia Blockchain to integrate Multiparty Computation (MPC) into our infrastructure. This integration aims to enhance the Hive blockchain's privacy, scalability, and security, further aligning with our decentralisation goals.
Lastly, in response to community feedback, we plan to open-source the codebase upon completing all six project milestones. This decision underscores our commitment to transparency, community engagement, and long-term sustainability.
We understand the importance of maintaining a decentralized ethos, especially in a community-driven ecosystem like Hive. We aim to uphold these values while delivering a robust and efficient DeFi platform.
so many words...
What about competition?
How many projects like that are there, cause it's nothing special? 10-30?
Is it something you made in cooperation with splinterlands and generally made money and now ask for more money?
Thank you for your comment. Let's address each of your concerns individually.
Competition
While many projects are working to solve cross-chain interoperability in DeFi, TeraBlock's CrossDEX stands out with its unique features. With the help of Swidge Protocol, TeraBlock enables seamless liquidity transfers across blockchains with a single click. Which results in the following
→ Zero Learning Curve: Instant Fiat to DeFi onboarding
→ Universal Liquidity: One-click multi-blockchain access
→ Streamlined Execution: Fewer transactions and wait times
→ Inclusive Financial Future: Making DeFi more accessible
→ Ironclad Security: Trustless, compliant, & secure
→ DAO Governance: Community-driven and transparent
What is the Swidge Protocol?
TeraBlock's Swidge Protocol is a cutting-edge one-click solution that simplifies cross-chain transactions in DeFi. It automates complex blockchain interactions like swapping and bridging, making DeFi accessible and user-friendly. Users can effortlessly transfer assets across different blockchains with just a single approval, lowering the technical barriers and learning curve typically associated with DeFi transactions.
We are unique in terms of our technology and DEX offerings. We have the required expertise and more than 2yrs of experience in the Hive ecosystem to make this happen.
Which other projects are offering to solve the DeFi infrastructure on Hive? Please list 10-30 projects so we can learn from their technology.
@gerber
Hive has a vibrant and active community, and decentralisation is at the heart of the blockchain. However, the irony is that to purchase Hive tokens, users have to rely on centralised exchanges. There is an urgent need for decentralised finance (DeFi) infrastructure.
If there is nothing special about our offering and the technology readily available, why is there no DeFi infrastructure on Hive? Please elaborate.
@gerber
You should try out a transaction, and then you will realise how seamless it is to bridge liquidity from EVM chains to Hive directly, without centralised exchanges.
https://hive.terablock.com/
@gerber
Let me clarify the differences between what we've already built and what we're proposing with the CrossDEX on HIVE:
Existing Bridges: Currently, we have six custom-built bridges for SPS & DEC tokens, including BSC <> HIVE, ETH <> HIVE, and BSC <> ETH. We also have the Swidge Protocol for SPS & DEC tokens.
CrossDEX on HIVE
• Expanded Blockchain Support: We plan to add over 10 blockchains, including both EVM and non-EVM chains.
• Fiat Gateway: This will include both on-ramp and off-ramp functionalities.
• Extended Liquidity Pools: Beyond HBD & HIVE, we aim to list various EVM & non-EVM tokens.
• One-Click Swidge: Seamless switching between all supported blockchains.
• Standalone Platform: CrossDEX will have its own dedicated domain, distinct from our current interface.
• Web2 User-Friendly: Account abstraction for easy onboarding, automating complex Web3 processes to present a simple Web2 frontend.
• Diverse Wallet Connectivity: Users will be able to connect various EVM and non-EVM wallets to the DEX.
• Liquidity Staking Provision: A key addition is enabling users to provide liquidity in these pools, which is a major draw for DeFi enthusiasts and can significantly boost user engagement.
Building on Existing Foundations: Our work with Splinterlands and the upcoming GLS lays the groundwork for creating a DEX on HIVE. This move is strategic for attracting liquidity from leading chains and simplifying Web3 onboarding.
In essence, while our existing products have laid a solid foundation, the CrossDEX on HIVE is a significant leap forward, offering broader blockchain integration, enhanced liquidity options, and a more user-friendly experience, especially for those new to Web3.