This content originally appeared on HackerNoon and was authored by ZEX MEDIA
Honeypot Finance, the creator of the first community-led Proof of Liquidity (PoL) Accelerator on Berachain, continues on its quest to become the leading protocol on bArtio testnet through its Fair Token Offering (FTO) launch model.
\ Attracting more and more users through its anti-rug pull liquidity sourcing mechanism, the Honeypot Finance testnet has facilitated over 3000 launches, attracting 800k+ users to hold tHPOT. More than 1 million swaps have been performed on the testnet so far, offering a major boost to on-chain activity on the Berachain testnet.
\ Coupled with the phenomenal growth on the Berachain testnet, Honeypot has strengthened its position and bolstered its activity even further with several exciting updates recently:
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Integrating DEX and Reward Vaults With PoL
\ Continuing its efforts as a PoL accelerator, Honeypot Finance has integrated its DEX and rewards vault on bArtio with PoL, allowing users to delegate and validators to emit $BGT. With initial validator emissions coming in from Ghost and DOUBLETOP, Honeypot Finance is primed to showcase everything that Berachain's innovative architecture is capable of.
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Key Industry Partnerships To Fuel Increased Awareness
\ Following its recent surge in on-chain activity on Berachain's testnet, Honeypot Finance has formed partnerships with key players in the DeFi space, including Fjord Foundry, InterPoL, Infrared Finance, and YeetBonds, further reflecting its growing success and influence.
Fjord Foundry will combine Honeypot's upcoming Fair Token Offering (FTO) model with their Liquidity Bootstrapping Pools and Fixed Price Sales, unlocking a comprehensive suite of launch mechanisms tailored to the needs of different projects.
\ The partnership unlocks seamless participation in Berachain launches through both Honeypot and Fjord Foundry's platforms. Further, Honeypot and Fjord Foundry have joined hands to identify & support top-tier projects, amplifying the impact of new launches on Berachain through sustained community interaction.
\ On the other hand, Honeypot Finance has integrated with The Honey Jar’s InterPoL to provide enhanced protection for Beras through Bullish Rugproofing. This means whenever a project is launched on Honeypot Finance, its liquidity can be automatically locked into InterPoL, safeguarding the LP against downside risks.
\ Through YeetBonds, Honeypot Finance has eliminated the need to swap tokens via the liquidity pool for big holders. This enables them to sell and buy tokens without swapping, thereby avoiding slippage and price impact.
\ Collaboration with Infrared Finance further enhances Honeypot's offerings with features like boosted yields, liquidity vaults, and a comprehensive suite of launch mechanisms for token launches, driving sustained activity and community engagement on Berachain. The integration involves adding Honeypot Finance tokens to Infrared Finance vaults on bArtio. This allows users to deposit WBERA-tHPOT and unlock $iBGT rewards.
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Community-Centric Approach
\ Honeypot Finance has successfully completed the Request for Broposal (RFB). The platform has decided to allocate 100% of $BERA allocation as a reward for their loyalty and support of the program thus far.
The initial allocations will be split among a massive 20,000 active users, with rewards for NFT holders, early private tastenetoors, public testnet participants, PoL supporters with tHPOT staking, Dreampad launches & Henlo DEX traders. This serves as an additional factor triggering increased platform interaction within the Berachain ecosystem.
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Mainnet Out Soon
\ As the hype around the Honeypot Finance testnet gains momentum, boosting on-chain activity on top of Berachain, the platform is primed for the mainnet launch, but with user security in focus. All of their smart contracts with all FTO models including custom hooks and integration with Henlo DEX are under audit by Hashlock. Once the mainnet is out, it would be interesting to see how the testnet success translates.
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The Road Ahead
\ While there has been sustained hype around the launch of the Berachain testnet, Honeypot Finance, through its lucrative Dreampad, has contributed significantly to sustained activity. The key partnerships with Fjord Foundry, InterPoL, and YeetBonds have ensured a win-win environment for all the stakeholders - retail users, liquidity providers, and projects. At a time when rug pulls and fragmented liquidity engulf DeFi, Honeypot Finance continues to deliver what it promised through its revolutionary FTO. With sustained user activity and a growing list of partnerships, Honeypot Finance is positioned to remain a key player on Berachain over the long term.
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This content originally appeared on HackerNoon and was authored by ZEX MEDIA
ZEX MEDIA | Sciencx (2024-10-21T17:39:12+00:00) Honeypot Finance Emerges As Leading Protocol On Berachain Testnet. Retrieved from https://www.scien.cx/2024/10/21/honeypot-finance-emerges-as-leading-protocol-on-berachain-testnet/
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