Wrapped Hive

[whive.network](https://www.whive.network)

![logo_fbslo2.png](https://images.hive.blog/DQmQK1UaKEj6acGWivcRPuHX4EwAcnH4EdyvTVwiAEEUiL4/logo_fbslo2.png)

--- ***What is Wrapped Hive?*** Wrapped Hive (WHIVE) is ERC20 token on Ethereum blockchain. It's backed by "real" HIVE and can be converted ("unwrapped") at any time. It allows HIVE to be traded on Decentralized exchanges (DEXes) on Ethereum and be used with DeFi platforms. Information | about project ------------ | ------------- Smart Contract | [0x11d147e8d39F59aF00e159C4b1fe3a31D58A2C66](https://etherscan.io/address/0x11d147e8d39F59aF00e159C4b1fe3a31D58A2C66) Website | [whive.network](https://www.whive.network) Hive account| @wrapped-hive Ethereum minting address| [0x3693f7449bd461f74975d571e7e3bc031ef73586](https://etherscan.io/address/0x3693f7449bd461f74975d571e7e3bc031ef73586) Token name | Wrapped Hive Token ticker| WHIVE Decimal places | 3 --- ***How does Wrapped Hive works?*** Currently, there is an app acting as on oracle that is responsible for minting/burning WHIVE and storing HIVE. For each HIVE received to @wrapped-hive (if the amount is over threshold and memo is valid ETH address), there will be 1 WHIVE minted on Etherum. When WHIVE is converted back, HIVE is sent to user and WHIVE is burned (well, there will be periodical burns to save money on Ethereum fees). --- ***Fees*** * Deposits (HIVE -> WHIVE) Fixed 0.25% fee + dynamic fee to cover Etherum fees. Every time user tries to convert HIVE, part of the deposit is reserved to cover Ethereum Fees (currently: ~15 HIVE (150,000 gas x gas price), updated hourly). Only after a transaction is sent, the actual cost can be calculated and fee (+10% of the reserved amount to cover fees when exchanging HIVE to ETH) is used to pay for Etherum fees. The rest of the "fee reservation" is refunded back to the user. * Withdrawals (WHIVE -> HIVE) No fees. --- ***Security?*** Currently, the app is centralized and as such, there is always some risk. While I wrote code carefully and it was audited by other developers, there is always a chance that there is some security hole. Hopefully, the need for a centralized oracle will be eliminated soon with atomic swaps on Hive. --- ***How to use Wrapped Hive ?*** To get WHIVE tokens, visit [whive.network](https://www.whive.network) website and enter your Ethereum address: ![slika.png](https://images.hive.blog/DQmNPFg2UiMtmgbjp6oqAbPs1tCJUnT2CQgjfUsz2gEqaPj/slika.png) After you click submit (and if the address is valid), you will see a popup asking you for an amount in HIVE (minimum amount is 50 HIVE for now): ![slika.png](https://images.hive.blog/DQmYpX63LYfLjrC61FVkwLMqEKQUP29Ej8GjxWswAvWnwBD/slika.png) Enter some number and click "OK". If you use Hive KeyChain, you will be prompted to use to transfer HIVE, otherwise, you will be redirected to HiveSigner. You will receive your WHIVE tokens to the specified address in a few minutes. If something went wrong, you will receive a refund. Part of your deposit is reserved for Ethereum fees (you can see the current amount on [whive.network/status](https://www.whive.network/status)). The amount can be quite high since Ethereum fees are at an all-time high. But don't be afraid, an unused fee will be refunded to you. ^{There might be a small difference (0.1%) between the amount sent and received due to rounding and fee calculation.} --- To unwrap WHIVE, visit [whive.network](https://www.whive.network) website again and enter your Hive username: ![slika.png](https://images.hive.blog/DQmb23xUQiUT4WzgBAFoRwtBWpG6SAwczgYAvSmSLxQrcm7/slika.png) You will receive deposit details. Send any amount of WHIVE to the given address. Each address has 7 days use time, after that period, it will expire and will be reassigned to a new (or same) user. This is used to minimize the number of active addresses and reduce the cost of burning WHIVE. You will get the same address when requesting deposit details until your current address is 2 days away from the expiration date. Then, a new address will be generated (or assigned from expired addresses) and 7 days expiration timer will start counting down again. ![slika.png](https://images.hive.blog/DQmQcndr4pfiFYi9fmdmmWPjcyNvJpADRqAgipsTtNR2189/slika.png) --- ***How to verify HIVE and WHIVE supply?*** To verify HIVE stored in our account, go to [hiveblocks.com/@wrapped-hive](https://hiveblocks.com/@wrapped-hive) and you will see how much HIVE is there. WHIVE supply is more tricky since you can't just go to [etherscan.io](https://etherscan.io/token/0x11d147e8d39F59aF00e159C4b1fe3a31D58A2C66) and check the number of tokens because some of those tokens are already "unwrapped" and are waiting to be burned. To get a number of tokens in circulation yourself, go to https://whive.network/get_addresses and you will see a list of "deposit" addresses. Just sum balance of all these addresses and remove the sum from total supply and you have a number of tokens in circulation Or just check out https://www.whive.network/verify.html and our app will do this for you. Note that there is hourly caching (improve website load speed from 1.2s to 4ms), so data might not be 100% correct. Another option is to use [whive.network/balances](https://whive.network/balances) to see a balance for every deposit address (again, there is some caching so data is updated hourly) --- ***For developers*** There are no APIs available to fetch data programmatically because the entire site is protected from DDoS attacks by Cloudflare. The source code will be available in 2 weeks: https://github.com/Wrapped-Hive when I fix some formatting issues and make code beautiful. But you can request access in our [discord](https://discord.gg/ebQHNatv) before. --- ***Special thanks goes to...*** * @theycallmedan for supporting the project. * @cardboard for creating awesome frontend. * @arcange and @ederaleng for reviewing code. * @faddat for advice about ERC20 tokens. * @doze for letting me use his artwork as WHIVE logo. ---- ***Future...*** I'm hoping to launch a more decentralized version in 2 months, but it depends on the development of Atomic Swaps since it would be better to have a cross-chain solution directly in the "core" code. --- ***Disclaimer: This app is still in beta, so use on your own risk!*** --- If you find any errors or vulnerabilities, contact `admin[at]fbslo[dot]net` or join https://discord.gg/ebQHNat.

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