This article will provide a step-by-step guide on how you can buy the HNY token.
HNY is the digital currency of the 1Hive DAO and is domiciled on the xDai chain. HNY being on the xDai chain means you pay close to nothing in fees and transactions are literally processed in a few seconds.
Honeyswap is the only exchange where you can purchase HNY, beware of scams!
Honeyswap is a decentralized exchange (DEX) that runs on the xDai chain, it works exactly like uniswap.
What You Need: A web3 wallet(Metamask highly recommended). $0.01 or more worth of xDai(xDai is the Dai stable coin but on the xDai chain)
- Configure Metamask wallet
Ok, first things first. Before you can interact with the xDai chain you need to configure your metamask wallet, it is basically just adding the RPC for the xDai chain, don’t worry it extremely easy, just a couple of copy and paste actions. If you don’t already have metamask installed on your browser you can download it here https://metamask.io/.
Open metamask and click on “Ethereum Mainnet” at the top center
From the drop-down menu select “custom RPC”. It’s usually at the bottom.
Now fill in the fields with the info as shown below then click save. And voila! you are all set to interact with the xDai chain.
Network Name: xDai Chain
New RPC URL: https://xdai.poanetwork.dev
Chain ID: 100
Currency Symbol (optional): xDai
Block Explorer URL (optional): https://blockscout.com/poa/xdai
2. Bridge your crypto over to the xDai chain
Now that your metamask can interact with the xDai chain it's time to cross tokens over to it.
Just like other crypto exchanges you need to have a crypto asset or crypto assets that you intend to swap for HNY. Before you cross over the erc20 token that you intend to swap for HNY, it is probably wise to check honeyswap https://info.honeyswap.org/tokens to confirm if the token you intend to trade for HNY is listed on the honeyswap DEX.
If you already own some erc20 denominated crypto assets on the Ethereum mainnet, it is easy to bridge them over to the xDai chain.
First, the tokens have to be in your metamask wallet and the network should be on the Ethereum mainnet.
Next, go to https://xdai-omnibridge.web.app/
Since you are bridging the token over from the Ethereum mainnet select mainnet in the top right corner of the page.
Choose what token you want to bridge over, in the example above, we are bridging over WETH.
Enter the desired quantity, then click transfer.
Approve and confirm the transaction on metamask. You’ll have to pay the Ethereum mainnet gas fees since you are still on the Ethereum mainnet. And that’s it! Your tokens should be in your wallet after network confirmations, the time it takes for the transaction to be confirmed so it appears in your wallet will depend on Ethereum mainnet network congestion.
Switch your metamask to the xDai chain network and you should see the token, it is now on the xDai chain.
IMPORTANT: since ETH is not erc20, it must be wrapped before bridging over. You can wrap your eth here https://weth.io/
If your transaction is successful and confirmed but the token does not appear in your wallet then you might have to custom add it. Make sure you are getting the correct xDai contract address for the token you want to custom add. You can do this by heading on over to https://blockscout.com/poa/xdai/ and searching for the token. There is also a list of tokens that are on xDai here https://tokenlists.org/token-list?url=https://tokens.honeyswap.org displayed along with their contract addresses. But the best place would probably be honeyswap https://info.honeyswap.org/tokens since any token you find there means it is tradable on the honeyswap DEX.
IMPORTANT: You can bridge over erc20 tokens to the xDai chain via the omnibridge https://xdai-omnibridge.web.app/ except for the erc20 Dai token. Bridging over erc20 Dai to xDai requires a special bridge here https://dai-bridge.poa.network/. Also, note that xDai will appear as eth in your metamask wallet, don’t worry its still xDai, this issue has to do with a bug in metamask.
3. Get some xDai
Now that we are on the xDai chain and have bridged over our tokens there’s only one more thing to confirm before you proceed to honeyswap for some HNY. You need to make sure you have some xDai so you can pay for fees. If you had already bridged over some DAI then you are good. Remember xDai will appear in your wallet as eth.
If you did not bridge over Dai it’s ok. You can head on over to the 1Hive discord here https://discord.gg/RKvUfFD and request for some xDai absolutely free of charge! Just type the command $$faucet your wallet address and you will be sent $0.01 worth of xDai to the wallet address you provided, this should be more than enough for dozens and dozens of transactions on the xDai chain.
Alternatively, there is a fiat-on ramp here https://ramp.network/about/ through which you can directly purchase xDai with your local currency and have it sent to your wallet. This service is powered by the Ramp team https://ramp.network/about/
4. Proceed to Honeyswap
Finally, now that we are all set up, it's time to go get your hands on some HNY. Simply proceed to https://honeyswap.org/#/swap and swap your token of choice for HNY and that’s it!
In case you run into any trouble, all you have to do is hop on to the 1Hive DAO discord here https://discord.gg/SDW5CYf it's an amazing community and there are loads of people that’ll be more than willing to help you out over there.
