I'm quite often on Tribaldex. It's my go to platform when I deal with Hive-engine tokens. I also like to go into tabs on the page that most people won't touch with a pole.
Today, I was surfing the Contracts page and I found this interesting new entry called „BEE Dollar“.
I had already read some things coming from the Hive-Engine Witness chat regarding it and I wasn't totally surprised.
What I could gather from all the information I've found is that the BEE Dollar is the new native stablecoin of the Hive-Engine platform. The only way to get BEED is to burn BEE tokens. It's the same concept as SPS/DEC in Splinterlands. source
There is now a page on Tribaldex where you can swap BEE for BEED. When doing such a swap, new BEED is created and the according amount of BEE tokens is burnt.
When swapping BEE for BEED, you actually burn BEE and there is also a fee of 1% attached to the process.
At the moment, there are not many use cases for BEED. You can simply keep the token as a store of value if you believe that Hive prices will drop even more.
There is also a Diesel Pool BEED:SWAP.HBD that has been created. There are no rewards attached to it and there is very little liquidity in this pool at the moment. However, the pool generated a lot of fees in the last days. I think this was rather the result of some testing. However, I suppose that this pool will play a major role in keeping the BEED token at peg.
The BEED richlist is pretty empty for the moment and most of the BEED is in the liquidity pool BEED:Swap.HBD
First of all, I don't really know how the BEED token will keep it's peg. That's something that needs to be explained in more detail. However, it offers a new option for BEE holders. They can now either stake their BEE or swap them for BEED. I believe this could have a positive effect on the BEE token because with every BEED token in circulation the number of BEE tokens will be reduced. At the moment, it's not possible to convert the BEED back to BEE, so this conversion is a way to indefinitely reduce the BEE supply.
The introduction of BEED could be good for BEE and indirectly also for the Workerbee token that is minting BEE. But of course this is my own point of view and you should do your own due diligence :-)
Image generated in canva.com
Let's connect ! You can find me on these platforms:
