Reimbursement Proposal for TeraBlock Hive CrossDEX - Milestone 1

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1.0 Introduction

We're excited to share the completion of Milestone 1 in the Hive CrossDEX project. This post outlines our reimbursement proposal for the costs of achieving this milestone. We've enabled the direct purchase of Hive tokens using over 60+ cryptocurrencies from Ethereum and Binance Smart Chain, directly sent to Hive Blockchain wallets. This significant development enhances the accessibility and ease of use of DeFi on Hive. Let's explore the details and implications of this milestone for the Hive community.

2.0 Milestone 1: Detailed Overview

Milestone 1 of the Hive CrossDEX project focused on enhancing the accessibility and fluidity of transactions within the Hive ecosystem. The primary objective was to enable users to purchase Hive tokens directly using a wide range of cryptocurrencies from major blockchains like Ethereum and Binance Smart Chain. This milestone was achieved successfully, allowing users to transfer Hive tokens to their Hive blockchain wallet with just a single approval.

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Key features of this milestone include:

  • Direct Purchase of Hive Tokens: Users can now buy Hive tokens using over 60 cryptocurrencies available on Ethereum and Binance Smart Chain platforms.
  • Single-Step Approval Process: The entire transaction process is streamlined, requiring only one approval from the user, thereby simplifying the user experience.
  • Automation through Swidge Protocol: TeraBlock's Swidge protocol is crucial in automating complex DeFi processes such as swapping, bridging, and gas calculations. This automation ensures a hassle-free user experience, eliminating the need to navigate through the typical complexities associated with DeFi transactions.

This milestone represents a significant step in making DeFi more accessible and user-friendly, particularly for those new to the Hive ecosystem or DeFi.

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3.0 Impact on the Hive Ecosystem

The successful completion of Milestone 1 has a profound impact on the Hive ecosystem, marking a significant step forward in its evolution:

  • Enhanced Accessibility: Integrating over 60 cryptocurrencies from Ethereum and Binance Smart Chain directly into Hive makes the platform more accessible to a broader audience.
  • Streamlined Transactions: Automating complex DeFi processes like swapping and bridging simplifies transactions, making Hive more user-friendly and appealing, especially to those new to blockchain technology.
  • Increased Liquidity: This milestone potentially increases the liquidity within the Hive ecosystem, as it becomes easier for users to transfer funds from major blockchains to Hive.
  • Community Growth: By simplifying the process of acquiring Hive tokens, we anticipate an influx of new users, contributing to the growth and vibrancy of the Hive community.
  • User Feedback: While specific statistics and user feedback are still being gathered, early indications suggest a positive reception from the community, with users appreciating the ease and efficiency of the new system.

This milestone is just the beginning of a series of enhancements to make Hive a leading blockchain in the DeFi space. The improvements brought about by this development are expected to have long-lasting positive effects on the Hive ecosystem.

4.0 Commitment to Open Source

Our commitment to open-source development remains steadfast as we progress through the Hive CrossDEX project. Project files will be released upon the successful completion of each milestone.

This decision underscores our dedication to transparency and community collaboration:

  • Transparency in Development: Open-sourcing the code ensures that every aspect of our development is visible and accessible to the Hive community. This transparency builds trust and fosters a sense of collective ownership.
  • Community Engagement: By making our code open source, we invite the Hive community to participate actively in the project. Developers can contribute, suggest improvements, and even build upon our work, enhancing the ecosystem's robustness and innovation.
  • Long-Term Sustainability: Open-source code is crucial for the sustainability of the project. It allows for continuous improvements and adaptations by the community, ensuring the platform remains relevant and up-to-date with evolving blockchain technology.

Our commitment to open-source development is not just a promise but a core principle of our approach to building a more inclusive, collaborative, and innovative Hive ecosystem.

Github for Hive CrossDEX Milestone 1: https://github.com/TeraBlock/hive-crossdex

5.0 Next Steps: Preview of Milestone 2

As we progress to Milestone 2, we're gearing up for further advancements:

  • Overview: Milestone 2 focuses on improving user onboarding and wallet management, making transitioning from traditional finance to DeFi on Hive smoother and more intuitive.
  • Goals: We aim to integrate enhanced features for seamless user interaction, including account abstraction for easy onboarding and a comprehensive wallet manager for a more precise overview of users' DeFi assets across HIVE and EVM blockchains.
  • Timeline: We're targeting a completion timeline of approximately six weeks for this phase, ensuring timely and efficient delivery of these new functionalities.

Stay tuned for more updates as we continue to enhance the HIVE ecosystem with TeraBlock's innovative solutions.

For detailed Hive CrossDEX proposal please visit
@terablock-hive/hive-crossdex-proposal

6.0 Call to Action

Join us in shaping the future of Hive CrossDEX:

  • Try It Out: Visit Hive CrossDEX and explore the ease of buying Hive tokens with 60+ cryptocurrencies. Hive CrossDEX link: https://hive.terablock.com/

  • Tokens Listing: Visit our Tokens Listing blog and suggest your preferred tokens. The tokens with the most community support will be considered for listing on Hive CrossDEX.

  • Participate in the Proposal: Your support is crucial for the success of this initiative. By endorsing our proposal, you help expand Hive CrossDEX's capabilities, fostering Hive's growth as a DeFi leader. Hive CrossDEX Backpay Proposal - Milestone 1: https://peakd.com/me/proposals/295

  • Spread the Word: Experience the ease of Swidge and share your journey. Encourage friends and family to try it out and amplify our message across social media platforms.

  • Share Your Thoughts: Your feedback is invaluable. Please share your experiences, suggestions, and ideas for improvement in the comments below. Together, we can continue to refine and enhance the Hive ecosystem.

Your active participation and feedback are vital in driving innovation and expanding our DeFi ecosystem. Let's build a stronger Hive together!

7.0 Milestone 1 Costs

Proposal Amount: 28,080 HBD

This proposal seeks to cover the comprehensive labour costs incurred by the TeraBlock team in the successful development and implementation of Milestone 1. Our dedicated team, including a Product Manager, JS Developer (Blockchain), Blockchain Developer (EVM), Frontend Developer, UIUX Designer, and QA specialist, has worked diligently to bring this milestone to fruition. Additionally, this amount encompasses various operational expenses integral to making Milestone 1 fully operational.

Given the nature of this proposal as a reimbursement, we request a daily disbursement of 290 HBD over 200 days. The excess amount will be refunded back to DHF fund.

Support This Proposal

Thank you for your support!

8.0 Conclusion

In conclusion, Milestone 1 marks a significant achievement for Hive CrossDEX. We've successfully enabled users to buy Hive tokens through 60+ cryptocurrencies on Ethereum and Binance Smart Chain, transferring them to their Hive blockchain wallet with a single approval. This milestone simplifies the complexities of DeFi, offering a seamless and user-friendly experience.

We remain steadfast in our commitment to the ongoing development and success of Hive CrossDEX. Our journey continues with the upcoming milestones designed to enhance further and expand the Hive ecosystem's capabilities.

We look forward to the continued support and engagement of the Hive community as we forge ahead in this exciting venture. Together, we can shape the future of DeFi and establish HIVE as a leading blockchain in the space.

Shivam Tandon,
Founder & CEO - TeraBlock
Twitter | LinkedIn

Get started in five simple steps

Follow these simple steps to purchase Hive tokens through 60+ cryptocurrencies in less than a minute!

Step 1: Access Hive CrossDEX
Visit https://hive.terablock.com

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Step 2: Connect Web3 Wallet

  • Click on Connect Wallet button in top right corner to connect your Web3 wallet.
  • Web3 wallet extension may pop up confirmation for account selection if you have multiple accounts. Select the account you want to connect to and click the “Next” button.
  • Approve the connection to the HIVE CrossDEX by clicking on the “Connect” button.

We currently support MetaMask, Trust Wallet and Coinbase, more wallet will be available after the completion of the next Project's Milestone. Read more

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Step 3: Hive username
Enter the Hive username to receive the tokens following the conversion on the Hive blockchain. Click on the "Continue" button to proceed.

User Verification notification confirms the validity of the Hive wallet connection.

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Step 4: Selection

  • Select the desired blockchain
  • Select the desired token
  • Enter the amount of tokens you would like to Swap to Hive
  • Click on Approve button

We currently support Ethereum (ERC-20) and Binance Smart Chain (BSC BEP-20) blockchains and 60+ cryptocurrencies. More blockchains and cryptocurrencies to be added after the completion of Project Milestone 6. Read more

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Step 5: Approval

  • Approve the “Spending Cap Request”. The minimum amount should be the amount you are swapping. Enter the amount and click on “Next” and then click on "Approve" to sign the transaction.
  • To Approve the Swidge transaction click on "Confirm"

Spending Cap is the amount of tokens you would allow Web3 wallet to use for swaps on the connected DApp.

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Step 6: Fully Automated Execution

  • Swidge protocol will Swap your tokens to a stable coin.
  • This stable coin will be locked on the EVM blockchain and equivalent amount will be released on the Hive Blockchain.
  • Hive tokens will then be transferred to the Hive wallet.

The Swidge Protocol is TeraBlock's proprietary cross-chain technology, enabling users to swap assets across blockchains with a single click. It is designed to handle the underlying complexities of cross-chain transactions, including smart contract interactions, liquidity sourcing, and token conversions.

Customer Support

Whether you have a question about the CrossDEX, or its features, or would just like to share your experience and feedback with us, our team is ready to answer all your questions. Please feel free to get in touch with us.

Help Center: https://terablock.com/help
Telegram Community Group: https://t.me/TeraBlock

Support This Proposal

Thank you for your support!

Important Links

Hive CrossDEX: Milestone 1
Hive CrossDEX: Try now!
https://hive.terablock.com/

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Social Links
Website | Twitter | LinkedIn | Telegram

HIVE CrossDEX Backpay Milestone 1 Proposal Updates

Update 1
Dated: 18/12/23

Update 2
Dated: 28/12/23

  • Following significant input and endorsement from key members of the Hive DHF group, we have successfully made the milestone 1 backpay proposal live. We would greatly appreciate your support, which will help us remain steadfast in our commitment to the ongoing development and success of Hive CrossDEX.
    Support Backpay Milestone 1 Proposal - Vote on Peakd.com | Vote using HiveSigner

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