I bought some Hivemapper Honey tokens
Solana TVL and token price has been totally decimated. The revelations that the Macalinao brothers gamed the system to increase SOL TVL, the crash of FTX, and the predatory tokenomics of vc-backed projects have ultimately resulted in a flight to safety from the L1 blockchain. But, is it possible all the bad actors have been flushed out and it’s now time for the SOL blockchain to flourish? Maybe. Maybe I’m just naive and stupid. We’ll know in a couple of years. Hindsight is 2020.
I’ve spent a lot of time listening to podcasts and trawling through Twitter for alpha. I keep hearing and seeing that the SOL chart and its current woes are similar to that of Eth a couple of years ago. Also, I’ve been following the SOL ecosystem for some time now. To be honest, the only things that have really caught my attention are the launch of the SOL mobile phone (Saga), Helium’s migration to Solana and a new project called Hivemapper.
There’s something quite attractive about a project that has real world fundamentals, whether true or imagined. Hivemapper is one of those projects. I’m not advising you to go buy Hivemapper’s honey tokens. I’m not a financial advisor and I’ve definitely made my fair share of crypto mistakes. For me, there was something attractive about a project aiming to decentralise a mapping service. Will Hivemapper take on Google maps? I don’t know. It may succeed, it may fail, it may never reach its previous all time high of about ten cents. Or it may pull a Matic or a GRT and reach $1 or $2. I can’t see the future. All these are possibilities. And that’s why I decided to put a lil’ summing summing into their Honey token just in case.
A few months ago, some crypto influencers said that the next new 50x coin hadn’t been launched yet. Not that I would make any decisions based on a crypto influencer’s statement, there was also something thrilling about buying a coin launched in the depths of the bear market.
Just as an FYI, the Honey tokens have a maximum supply of 10 billion tokens. So, there’s definitely a possibility to pull a Matic…but not quite in the same way because Matic is an L2 while Hivemapper is a utility token for a project. But, given how GRT performed in the last bull market, I wanted some exposure. It’s all a grand experiment with real-world consequences.
I feel like I have to keep reminding you not do what I’m doing. It could lead to dire consequences if none of my theses play out. So beware, I’m just a random on the internet.
So anyway, what’s Hivemapper and its Honey token? Apparently, Hivemapper wants to put maps on a blockchain. A participant can buy a dashcam, drive around, capturing route images with gps coordinates, puts this on a blockchain for people to use in exchange for map credits. Users burn Honey tokens to access the map data, the drivers get paid and any quality assurance contributors that curate the images – ensuring correctness and adding annotations – also get paid in Honey tokens. This is a simplistic breakdown of how I understand Hivemapper.
Essentially, Hivemapper wants to be Google maps on the blockchain. Seems like a neat idea, right?
One more thing I saw that piqued my interest in the project is that the project has backing from Solana Ventures, Multicoin Capital and one other venture that’s backed by a16z. Obviously VCs haven’t had a great reputation from the last bull cycle, but I know the VCs will market the hell out of this project in the next bull market.
I’m just trying to put a little something every month to accumulate my position. I’m not telling you to do anything, I just couldn’t sleep and decided to write my thoughts down on a phone.
Thanks for reading. Please be sure to follow me on Twitter @observer_kel. I promise I won’t sell you stuff or try to convert you to my religion. At least not yet until I gain more followers.
