Proposal: Whitelist Hedera (HBAR[eth]) with 100,000 BNT trading liquidity limit
- Proposal to whitelist HBAR[eth].
- Proposed co-investment is 100,000 BNT.
- The HBAR[eth] token does have a freeze function that is safeguarded by multisignature via the hashport validator swarm where HBAR[eth] is minted/burnt.
- The freeze function requires a minimum threshold of 7 out of 9 signatures to be used. USDC requires 1 signature in contrast.
- There is no reason to doubt the legitimacy of the Hedera public network or Hashport.
- The benefit to Bancor is clear. $5 Billion Dollars of untapped liquidity residing on Hedera that now has an easy migration path to Bancor via hashport.
HBAR[eth] is a representative version of Hedera’s native HBAR token residing on Ethereum.
Currently there are no DeFi applications on Hedera that allow holders to earn yield. As a result there is approximately $5 billion dollars of idle liquidity that could potentially be captured by Bancor if HBAR[eth] were to be added to the protocol.
The HBAR[eth] token is minted and burnt via an interoperability platform called hashport (hashport.network). The validator set that is responsible multi-signing minting and burning transactions of HBAR[eth] on hashport is formed by the following industry leading companies: FIS from Worldpay, Animoca Brands, Hex Trust, BCW Group, Polygon, Limechain, The HBAR Foundation, Stablenode, & Calaxy.
The HBAR[eth] token has the ability to be frozen should an emergency situation arise, such as a theft or a hack. This freeze function requires signatures from 7 of the 9 aforementioned validators prior to a freeze transactions submission.
As a point of reference, USDC is part of Bancor, has the ability to be frozen, and requires no multi-signed transactions to have this functionality enabled. 1 organisation controls this function.
HBAR[eth] token address: 0x14ab470682Bc045336B1df6262d538cB6c35eA2A
Project Website: https://hedera.com/
Neither HBAR nor HBAR[eth] have an elastic supply, or rebase mechanism. The HBAR[eth] contracts do not have permissions that grant administrators unrestricted mint/burn
capabilities and are interacted with via a multi-signatured validator swarm. The HBAR token supply is fixed at 50,000,000,000, of which 15,169,582,423 are in current circulation. The addresses with the highest concentration of HBAR tokens are predominantly Binance exchange wallets, and team held multi-signed wallets, The team wallets are discussed here: (Hedera Treasury Management Report | Hedera)
Obtained via dragonglass.me
The Hedera public network provides technology for the settlement of fast, fair, efficient 100% final transactions; within seconds. Hedera is a distributed network, rather than a single trusted entity and is governed by the Hedera Governing Council. As with any distributed system, hedera is extremely resistant to any kind of attack, as the adversary must control the majority of the network to influence its behavior; The hedera multi signatured treasury, held equally by council members currently controls more than ⅔ of the total token supply, making the network nearly impossible to compromise. Therefore, Hedera offers a compelling solution to trustless network interactions. The Hedera public network utilises the hashgraph consensus algorithm; developed by Hedera’s creator Dr. Leemon Baird. The algorithm provides for fast throughput (10,000 tps throttled) of 100% immutable transactions. The algorithm is also asynchronous byzantine fault tolerant; making it arguably the most secure consensus algorithm in existence. The Hedera public network employs the consensus algorithm in its Hedera Consensus Service offering that allows any entity to plug into the Hedera network to obtain fair ordered transactions that are 100% immutably logged. To see an extensive list of companies and dApps that are leveraging Hedera and its consensus service, please see here:
Hedera’s native token, HBAR, is required to access, and participate in the network. Node operators stake HBAR with the network, for the purpose of helping to validate transactions and safekeep the network. HBAR is also the native currency of the network; holders must pay HBAR in order to use the features and service of the Hedera network. Therefore, the HBAR token is a utility token, and not merely a symbolic representation of the project. To learn more about the role of HBAR in the Hedera network please see here.
Hedera is active on Reddit, Telegram, Discord. The Hedera team also operates official Twitter and YouTube accounts. Activity on GitHub is frequent, with new updates appearing every 2–3 days. The development team and advisors are presented on the team tab on the Hedera website. Dr. Leemon Baird, the co-founder and CTO of Hedera, is the project’s creator alongside his counterpart CEO Mance Harmon. The Hedera website includes a mailing address in Richardson Texas:
Hedera has been audited no less than 5 times between Carnegie Mellon, Quantstamp, and FP Complete over the last 3 years. Full and complete information with respect to audits can be found here: (Audits and Standards | Hedera). Hashport has been audited via Omniscia. The results of this audit can be seen here: (Omniscia LimeChain Audit).
- HBAR’s price at the time of writing is $0.258721 (Feb 15, 2022)
- All-time high: $.569229 (Sept 15, 2021)
- All-time low: $0.00986111 (Jan 02, 2020)
- Price 90 days ago: $0.403667
- 19,389,577,881 tokens in circulation
- 50,000,000,000 maximum supply.
- The current market capitalization is $5,024,758,551
- The HBAR token is available on major exchanges, including Binance, Etoro, HitBTC, Huobi Global, Gate.io, Upbit, Bittrex, KuCoin, Bitstamp, and dozens of others.
- The 24-hour spot volumes range from $297,295 (Bittrex) to $30,867,924 (Binance).
Benefits for HBAR[eth]:
Adding the HBAR[eth] token to Bancor will provide HBAR holders with one of the only ways of generating yield on their assets and as a result could unlock access to a new $5 billion dollar market for Bancor. This will bring in new traders and greater brand and platform awareness to Bancor.