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October 31, 2020

How to Get HUB Token & Earn on Liquidity

HUB is an ERC-20 token on the Ethereum network intended to be used in Minter Hub. The only use-case scenario for the HUB token as of now is the right to cast a vote when the Minter Hub sidechain's genesis will be forming. It is this sidechain that Developers' DAO will be launched on, among other things.

The first 30,000 coins were distributed among three Minter address categories 10,000 HUB each:

  1. The top 1,000 delegators
  2. Self-staking validators (those delegating to their own nodes)
  3. 1,000 random addresses

The next 20,000 HUB will be allocated to the following two categories:

  1. Q3 2020 contributors
  2. All-time contributors

After that, 50,000 HUB will be credited to those Minter members who show the most interest and engagement in evolving the network. They will also get to participate in the very first Minter Hub vote.

Why Ethereum?

The HUB token was issued on the Ethereum network so that smart contract-based voting could determine the initial settings of Minter Hub.

The Minter Hub network will bridge the Minter mainnet (a global network of rewards and loyalty points) and leading blockchains such as Ethereum and Cosmos Hub, at the same time providing BIP and all other tokens with decentralized liquidity and access to financial services (exchanges, collaterals, loans, etc.).

Minter Hub will be developed and managed through the HUB token-powered voting in the Developers' DAO. The network will be running on its own EVM, that is, you will be able to execute almost any smart contract, again using BIP and custom coins.

Thanks to Minter Hub, coins will not only be swappable for USDT, ETH, wBTC, and many other top currencies, but all processes will take place in the Console and wallets you're used to, in the most simple form.

Businesses launching their loyalty and rewards programs on the Minter blockchain will be able to give their users one-click access to decentralized finance by customizing scenarios for their products.

About DAO

With Minter already upgraded to version 1.2, the Team can now focus on the more important part: DAO. Key points:

  1. One of ours. There will be no random participants. Anyone who gets votes for staking or improving the network will have an opportunity to keep them forever without losing economic benefits. At the start, only small amounts of the token will be released, and the community will independently decide whom to give the remaining part.
  2. Investments, not grants. Today, there's already over 300 million BIP held in the DAO, and all these coins will be used less for grants and more for providing reserve and paying fees. The real funding for platforms, technologies, and promotion will come from crypto investors, who, through Minter Hub, in an understandable and trusted environment, will pick the teams they want to build their blockchain businesses with. If you've heard of AngelList, that's exactly what we aim to achieve: connect investors directly with the founders.
  3. Smart contracts. The DAO will become part of the Minter sidechain, in which the EVM we were testing at the beginning of the year will be launched. Teams will be able to build complex processes, managing mainnet coins from within the Hub, and more . . .
  4. Decentralization at its best. Most importantly, both of our networks—Minter Mainnet and Hub—will integrate with Ethereum and Cosmos to enhance decentralized liquidity. Users should be able to open their BIP Wallet and right from there, use their rewards and loyalty points (that is our broad priority for the next couple of years) to execute all major DeFi commands: convert into almost any ERC-20 token, farm, issue collateralized stablecoins, and so on.

To sum up, the Hub will enable Minter's best developers, managers, and evangelists to work on the DeFi market-integrated platforms, with the potential to build full-fledged businesses backed by global investors and funds.

The Team has always relied on those who're ready to create something new, on developing platforms for businesses, on achieving the highest decentralized liquidity possible. The DAO will be at the center of all of this, and decisions will be made by those who have earned their right to vote.

How do I get my HUB tokens?

Since addresses on the Minter network utilize the same BIP39 standard (a mnemonic phrase coding method that uses a 2,048-word dictionary) as Ethereum, one seed phrase gives access to identical addresses on both networks (with only prefixes different: Mx and 0x, respectively).

In plain English: the same addresses share the same seed phrase. For example,

  • Mx2923860d5213ccd093626c3fbec2f6318cc60349 on the Minter network
  • 0x2923860d5213ccd093626c3fbec2f6318cc60349 on the Ethereum network

Because HUB tokens were accrued to the Minter participants' mirrored Ethereum addresses, in order to get them, it's enough to sign in to any Ethereum wallet (supporting the BIP39 standard) by entering a seed phrase from your Minter address. The most easy way to do that is with Trust Wallet:

  1. Download
  2. Go to "Settings"
  3. Then, "Wallets"
  4. Add Wallet (+)
  5. Choose "I already have a wallet"
  6. Ethereum
  7. Enter your seed phrase

Once there, you'll get into your mirrored Ethereum address that already has your HUB tokens ready for you (if, of course, you were meant to receive them in the first place). If you just want to check if there's any HUB on your balance at all, simply go to the Etherscan.io explorer and paste your mirrored 0x address in the search bar.

In the same way, you can use other wallets as well, for example, MEW or MetaMask (after signing up). If the HUB token hasn't showed up in the list automatically, add it manually with the following parameters:

  • Smart contract: 0x8e9a29e7ed21db7c5b2e1cd75e676da0236dfb45
  • Symbol: HUB
  • Decimals: 18

How do I earn on providing liquidity?

If you have HUB tokens, you can start providing liquidity to pools for a fee. This implies receiving commissions from the transactions made by other users. All you need to do is send the tokens below to the HUB/USDT trading pair's pool:

  1. HUB (50%)
  2. USDT (50%)

Note that you can't supply HUB (or any other coin, for that matter) alone as the trading pair always has two coins (in the HUB/USDT pair, they are HUB and USDT).

  • Choose whichever option you prefer:
  • After logging in, your coins will be auto-filled into the exchange form. In my case, it's 10 HUB, and that's also the amount I'll be sending to the liquidity pool:

Having typed the desired available amount of HUB, I see how much USDT the system tells me I should supply. In my case, it's 43.8435 USDT.

"Share of Pool" shows how much of the transaction fee I'll earn (in %). The liquidity provider fee is set at 0.3%.

Example 1: someone sells 96 HUB, meaning the total fee to be earned by everyone who's supplying liquidity is 96 * 0.003 = 0.288 HUB. Because my share is 2.19%, I stand to get 0.288 * 0.0219 = 0.0063072 HUB.

Example 2: someone sells 27 USDT, meaning the total fee to be earned by everyone who's supplying liquidity is 27 * 0.003 = 0.081 USDT. Because my share is 2.19%, I stand to get 0.081 * 0.0219 = 0.0017739 USDT.

  • Hit the "Approve HUB" button and confirm the amount and fee in the connected wallet:
  • Once done, click "Supply" to send 10 HUB and 43.8 USDT to the liquidity pool:

After there are enough confirmations, you will see your pool share under the exchange form:

You can check all the general information about the liquidity pool, prices, and transactions on the HUB/USDT pair's info page: https://info.uniswap.org/pair/0x3796fee2b555DA1356cdcD3e1861263B351A58A0

How do I track my pools and withdraw liquidity?

To see your liquidity, go to the pool page. If it's empty, import your pool specifying HUB and USDT tokens in the addition form. If the pool has been imported before, it'll be displayed here:

By clicking on the dropdown arrow next to "Manage," you can see the current state of your coins and add or remove liquidity. Here you can also view your HUB and USDT balances and pool share.

To withdraw, press "Remove" and specify the amount:

If you want more detail, tap "Detailed."

You can get more data-rich stats by visiting a dedicated analytics page:

How do I buy or sell HUB tokens?

If you have no HUB tokens but want some, you can purchase them on Uniswap as well. The process is just as straightforward as the one we've already walked through.

  • Go to Uniswap
  • Make sure that the HUB token matches the correct address, tick the "I understand" box below the warning, and press "Continue":
  • I'll show you an example of buying 10 HUB. For that, I'll click on the down arrow and flip the exchange direction so it looks like this:
Here I sell 43 USDT and buy 10 HUB.
  • The rate is shown in the "Price" field. Now click "Approve USDT" to lock your USDT into the system (43 USDT in my case)
  • After I confirm the amount and pay the fee via the wallet I've connected before, I can carry out an exchange operation by tapping the "Swap" button:
  • Double-check that the displayed data is correct. For each field, there's an explanation (hiding under the ? tag) in case you need more clarity on something:

Almost there! Now wait for the transaction to be confirmed by the network and for the HUB tokens to arrive in your wallet.

P.S. In case you're using MetaMask, add a user token manually via a smart contract: 0x8e9a29e7ed21db7c5b2e1cd75e676da0236dfb45

2z
October 31, 2020, 00:41
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