Decentralized Finance is a hot segment nowadays, and we’re constantly seeing a lot of innovations in this space. One such project that captured our interest is DeHive.
We recently caught up with DEHive’s team and spoke to them about their journey and what can be expected from them going forward.
TK: Blaize.tech has launched multiple projects in the blockchain ecosystem. What were the major takeaways from the journey so far?
Sergey Onyshchenko: CEO and co-founder: Right, Blaize team has more than 4 years of experience in blockchain technology development and has gathered a team of real experts in the field. I have understood that the team is the core for any activities and is extremely important while launching blockchain and DLT projects. The synergy of team members is important.
One of the most difficult cases on our way was carried out for our partner Remme. The challenge was to modify the whole mechanics of a DPOS (Delegated Proof of Stake) network, which meant that we had to rebuild the DPOS network. We had been doing it for 4 months along with a team of 5 people. It was difficult, but at the same time, exciting task.
TK: Which has been your most successful project till date and how is it shaping up?
Sergey: Blaize partners with several prosperous projects like Zokyo, Remme, Everstake, Breaker. Naming them as partners does not mean delivering one successful project, this is ongoing cooperation daily. Therefore, I can say that Blaize is so pleased that we can make our small contribution to the prosperity of those we are partnering with right now.
I see the delivery of SnglsDAO as one of the biggest achievements so far. snglsDAO represents a DAO governance layer for the SingularDTV project. Blaize team has to perform both back-end and front-end development and blockchain-based part for this project and create a convenient and useful UX. So, I think this might be one of the greatest jobs we have done since it needed the maximum involvement from both dev and management teams.
TK: What does Dehive do?
Taya, CMO, Dehive: Easy questions are the most difficult to answer. Let me first highlight that we are not a newbie in the in blockchain space.
Our journey started in 2016 when our parent company Blaize started developing products for different partners under the leadership of Sergey Onyshchenko, who is our CEO and Co-founder. When I joined Blaize, it was a team of blockchain enthusiasts united by the idea of decentralization. We did a lot of good projects together. We gathered so much knowledge and skills. We have developed some amazing projects: Solana, Remme, Breaker, YieldApp and many more.
After getting so much experience, we were sure that we could make something really valuable for DeFi. Around 2019 we started toying with an idea of an in-house project where we wanted to make something that the market will benefit from, not just a single token with no utility.
The market of DeFi assets management and crypto portfolio management was still in its nascent stage and grabbed our attention.
After numerous brainstorming meetings and marathon programming sessions, DeHive – the hive of crypto assets – finally took shape in 2020.
So, what does DeHive do? It provides users with the platform for easy DeFi asset management. The assets are combined and represented by an index or different indexes representing different market segments. So such an index can be perceived as a tool for market assessment and reasonable DeFi portfolio management.
DeHive platform is a truly decentralized crypto index protocol. The platform allows anyone to become a holder of the top DeFi tokens packed into one index. This index comprises leading DeFi assets that serve as a benchmark for the economic health of the crypto market.
TK: What is unique in your problem-solving approach?
Pasha Bergman, CBDO, Dehive: Developing a new project is not a big task but if you can solve a unique problem in a simple way that is what makes a project awesome. So, what’s unique about our project? DeHive does not use the AMM-based concept.
Let me explain.
I talk about this because, unfortunately, all of the presented quasi- index solutions are based on AMM, and as we know, AMMs are not reliable tools. They are not correct in terms of creating an index. With DeHive we want to change it and bring the authentic protocol.
We provide the true and reasonable portfolio management of top DeFi assets, which also goes to the partnering Yield farming protocols to give you the additional yield.
Portfolio diversification plus extra yield for your funds, doesn’t sound bad right?
TK: What’s the commission structure for DeHive?
Pasha, First of all, there is no commission needed to acquire any of the DeHive indexes. The commission system is simple:
1) There is a small amount of DHV required for index redemption. That amount goes to the treasury. Also, if the user does not have DHV, he pays extra ETH, and the platform buys DHV itself and sends it to the treasury.
2) There’s a performance fee for yield farming upon staked indexes within the platform. This commission goes either to the protocol treasury for economy stimulating (for platform indexes) or incentivising for custom indexes creators.
TK: Why should people trust you?
Pasha: Gaining trust is a long process, but thankfully our good work has earned the trust of partners and users. From day one, we have been transparent, and the team was never anonymous.
We have been fortunate enough to work with real blockchain gurus during our journey so far, who have developed some amazing products one after another and that too on time. Isn’t that a rarity?
You can even check out the roadmap and whitepaper and cross-check our timelines.
TK: So, what’s next?
Taya: We listen to the community and try to adjust to their needs and market needs. So we have extended the functionality a lot, so much more to come very soon. We are working on the cross-chain integrations and level-2 alternatives as many of our receivers want to go cross-chain and do not want to be limited to ethereum.
The platform launch is targeted for July, so stay tuned!
TK: Your product is almost ready. Tell us something about it.
Aleksei Korobeinikov, Co-Founder & CTO, — DeHive : Of Course! If we don’t share what we have achieved with Dehive so far, you will not believe it.
Our alpha and the core platform functionality are ready, and we have also finalized the front-end part and contract testing. I guess now you should watch our demo to know more.
TK: If users are holding the DeHive Index would they need to hold/subscribe for a minimum duration before they can cash out?
Aleksei: No, we only have a cooldown period of 1 day after the index purchase. It is done to prevent assets rebalancing and any arbitrage possibilities which can affect holders.
TK: Will the tokens be bought by the platform itself and then made available in the index or the tokens will be available as per the requirement of the buyers?
Aleksei: The DeHive mechanism of index issuing will look as follows:
The user will make an initial contribution in ETH. The system accepts and calculates how many indexes he will get. This process is driven by the set of in-built decentralized oracles that checks for the actual prices of tokens included in the chosen index.
Then, the algorithm recalculates the weights of the underlying and issues index (or indexes) in the corresponding amount. The algorithm redeems the underlying assets and stores them on the platform assigned to the user.
So, yes – the tokens are bought by the platform itself and security kept bound to the user. The user can always check the values of underlying which back his amount of index.
TK: Your roadmap mentions NFT Index in the pipeline. Tell us a bit more about it. Can you share any timelines?
Aleksei: Yeah, sure. NFT is rocking right now, and we are sure this will continue in the future as well. According to our roadmap, we plan to start developing the NFT index model at the mid-end of Q3, 2021. Then, the world should see the MVP in Q4, 2021. Apart from that, we are examining several permutation and combinations as well.
Currently, we are working on the core part of the product and focusing on meeting the deadlines. So, we can’t say much, and we do not want to disclose solution details at such an early stage. But we can say that we are thinking in several directions: indexing of NFT protocols, using NFT as a tool of index representation and providing utility value for NFTs within the protocol.
Currently we are meeting all deadlines we have established in our pipeline, will do our best to keep up with everything in the future.