What is Honey (HNY) Crypto Coin? Explained
Conviction Voting Calculator for HNY
Calculate your voting power in the 1Hive DAO based on how long you lock your HNY tokens. Conviction Voting rewards long-term supporters by increasing voting power over time.
Your Voting Power
Conviction score represents your voting power in the 1Hive DAO. Higher values mean more influence on proposals.
Did you know a crypto token with a market cap under $50 K still powers a whole DAO? That’s the story of Honey (HNY) token, the governance coin behind the 1Hive community. If you’ve ever wondered what it does, how you can use it, or why it matters despite its tiny footprint, keep reading. This guide walks through every angle - from basics to buying steps, voting mechanics, and the risks you should weigh.
What is Honey (HNY) token?
Honey (HNY) token is a community governance token that fuels the 1Hive DAO, enabling holders to propose and fund ecosystem projects through a unique Conviction Voting system. Launched in 2020, HNY lives on the Ethereum blockchain and serves as both a currency for the Hive and a voting weight for its members, known as “keepers.”
The 1Hive DAO - the ecosystem behind HNY
1Hive DAO is a decentralized autonomous organization that runs an open‑source, community‑driven crypto ecosystem. Its core mission is to let anyone with HNY stake tokens on proposals and earn a share of newly minted tokens if the proposal succeeds. This creates a feedback loop where good ideas fund more ideas.
Technical foundation: Ethereum, smart contracts, and wallets
Honey is an ERC‑20 token, meaning it follows the Ethereum token standard and can be stored in any wallet that supports Ethereum assets. The most commonly recommended wallet in community guides is Trust Wallet, praised for its simple UI and native support for Ethereum and the Polygon network. Interaction with the token primarily happens on Honeyswap, a fork of Uniswap that operates as the native DEX for the 1Hive ecosystem. When you add HNY to your wallet, you’ll see it as an ERC‑20 asset and can trade it only on that DEX.
Current market snapshot (October 2025)
- Fully diluted valuation (FDV): $44.96 K
- Total supply: 28,150 HNY (CoinMarketCap)
- Circulating supply: 0 HNY (no listed exchanges)
- Price (on Honeyswap, Sep 13 2025): $2.05
- 24‑hour volume: $508 (down 81 % from previous week)
- Total Value Locked (TVL) across the ecosystem: $1.07 M
- Holder count: 19,130 unique addresses
All trading activity is confined to the HNY/WETH pair on Honeyswap, which accounts for 100 % of the token’s volume. The lack of listings on major platforms like Binance or Coinbase keeps liquidity tight and price swings pronounced.
How to acquire and store HNY
- Install Trust Wallet (iOS or Android) and create a new Ethereum wallet.
- Buy ETH on a major exchange (e.g., Binance, Coinbase) and transfer it to your Trust Wallet.
- Open the DApp browser in Trust Wallet and navigate to Honeyswap.
- Connect your wallet, select the HNY/WETH pair, and swap the amount of ETH you want for HNY.
- After the swap, add the HNY token contract address (0x… [placeholder]) to your wallet to see the balance.
Because HNY isn’t listed on standard exchanges, the DEX route is the only practical way to own the token today.
Governance with Conviction Voting
Conviction Voting is a time‑weighted voting mechanism where the longer you lock HNY on a proposal, the more voting power you accumulate. Unlike a one‑token‑one‑vote system, this design reduces the chance of a single whale swinging a vote instantly. Here’s a quick walk‑through:
- A keeper stakes HNY on a proposal.
- Each block that the stake remains locked adds a small amount of “conviction” to the proposal.
- When conviction passes a predefined threshold, the proposal is approved, and a slice of newly minted HNY is distributed to the supporters.
This model incentivizes supporters to back ideas they truly believe will grow the ecosystem, because they only earn rewards if the proposal succeeds.
Strengths and weaknesses
Strengths
- Innovative governance that aligns incentives with long‑term value creation.
- Fully open‑source code on GitHub (github.com/1Hive) for transparency.
- Low entry barrier for community members who want to experiment with DAO governance.
Weaknesses
- Extreme illiquidity - the token trades only on Honeyswap with tiny volume.
- No listings on major exchanges, limiting exposure to new investors.
- Price volatility: a 47 % drop from its one‑year high of $3.89 to $2.05.
- Sparse community activity - only ~19 K holders and limited social media chatter.
How does Honey compare to other DAO governance tokens?
| Metric | Honey (HNY) | Uniswap (UNI) | MakerDAO (MKR) |
|---|---|---|---|
| FDV | $44.96 K | $4.8 B | $1.3 B |
| Circulating Supply | 0 (no listed exchanges) | 620 M UNI | 1.2 M MKR |
| 24h Volume | $508 | $2.1 B | $215 M |
| Primary Governance Model | Conviction Voting | One‑token‑one‑vote | One‑token‑one‑vote |
| Exchange Availability | Honeyswap only | All major CEX & DEX | All major CEX & DEX |
The table shows Honey’s niche status - it excels in governance design but lags far behind the liquidity and market reach of mainstream tokens.
Future outlook and community health
Looking ahead, Honey’s survival hinges on two factors: expanding its DEX presence and growing a vibrant keeper community. If the 1Hive team can bridge HNY to additional DEXs or layer‑2 scaling solutions, liquidity would improve, making the token more attractive for new participants. On the governance front, Conviction Voting continues to draw academic interest, so Honey could serve as a live testbed for future DAO frameworks.
However, without concrete roadmap updates, developer activity may remain low. Investors should treat HNY as a high‑risk, experimental asset-more suitable for learning DAO mechanics than for profit‑driven trading.
What is the main purpose of the Honey (HNY) token?
HNY acts as both the economic incentive and voting power inside the 1Hive DAO, allowing holders to fund proposals and earn newly minted tokens when those proposals succeed.
How can I buy Honey (HNY) today?
Since HNY isn’t listed on any central exchange, you must first obtain ETH, then use a wallet like Trust Wallet to swap ETH for HNY on the Honeyswap DEX.
What is Conviction Voting and why does it matter?
Conviction Voting adds time weight to staked tokens, so the longer you lock HNY on a proposal, the more influence you gain. This prevents flash attacks and rewards supporters of proposals that actually create value.
Is Honey (HNY) a good long‑term investment?
It’s extremely risky. The token has almost no liquidity, a tiny market cap, and limited adoption. Consider it more for learning DAO mechanics than for profit.
Where can I find community updates for 1Hive and HNY?
Official channels include the 1Hive website (1hive.org), the GitHub repo (github.com/1Hive), the Honeyswap Discord, and the r/hny subreddit.
Tom Grimes
October 22, 2025 AT 09:41I read the guide on Honey (HNY) and it hit me like a wave of nostalgia for those early DAO experiments; the tone is honest and the detail is deep. The piece walks through the basics, the wallet setup, and the voting mechanic without sugar‑coating the risks. It mentions the market cap under $50 K and the illiquidity, which is a bitter pill for anyone hoping a quick flip. The author explains Conviction Voting in plain terms, yet the concept feels like a profound shift from the usual one‑token‑one‑vote model. It’s interesting how the longer you lock your tokens the more influence you earn, a subtle incentive for patience. The guide also warns about the volatility, citing the drop from $3.89 to $2.05, which makes the whole thing feel precarious. I appreciate the honesty about the lack of major exchange listings, which limits exposure but also protects the community from hype. The step‑by‑step instructions for using Trust Wallet are thorough, even pointing out how to add the contract address manually. The author even includes the exact contract placeholder, making it easier for newcomers to avoid mistakes. The description of the DAO’s feedback loop is vivid: ideas fund more ideas, a self‑sustaining ecosystem, if only it had enough liquidity. The comparison table with UNI and MKR highlights Honey’s niche status clearly, showing where it excels and where it lags. The future outlook section is realistic, noting that expansion to other DEXs could boost liquidity, yet also admitting the current roadmap is vague. Overall, the guide feels like a love letter to an underdog project, full of hope but grounded in reality. It’s a good read for anyone wanting to understand governance tokens beyond the hype.
It also reminds me why I keep an eye on experimental tokens, even if they’re risky.
Paul Barnes
October 26, 2025 AT 11:11While the article paints a rosy picture of community governance, one must wonder if the hidden hand of centralized influence is at play, steering proposals behind the curtain.
John Lee
October 30, 2025 AT 12:41I love how the post breaks down the whole process from wallet setup to voting, making it super accessible. The colorful explanation of Conviction Voting really helped me picture how time‑weight works. It’s refreshing to see a token that encourages long‑term thinking rather than quick flips. The comparison with UNI and MKR was spot on, showing where Honey shines. I think the community could benefit from more educational resources, maybe some video tutorials. Also, a live demo of a proposal would be amazing for newcomers. Overall, great job simplifying a complex topic while keeping it engaging.
Rebecca Kurz
November 3, 2025 AT 14:11Interesting details! It’s crucial to note the extreme illiquidity-this could be a hidden risk. Also, the lack of major exchange listings makes it harder for new participants to join. The governance model is innovative, yet the community activity seems sparse. This duality makes the token both fascinating and concerning. Keep an eye on updates; any roadmap changes could shift the risk profile dramatically!.
Ryan Steck
November 7, 2025 AT 15:41Yo, these guys are just playing with some toy token while the real crypto wolves are out there. If you think HNY is gonna explode, you're dreaming. The whole thing is a front for the insiders to grab the minting rewards. Trust Wallet? More like a trap. Stay woke.
Patrick Day
November 11, 2025 AT 17:11Honestly, the whole setup feels like a secret club. Everyone's talking about governance, but the real power stays hidden. If they really cared about decentralization, they'd list on bigger exchanges. Just seems shady to me.
Jenna Em
November 15, 2025 AT 18:41If we peer beyond the surface of Honey's modest market cap, we confront the philosophical paradox of value creation within a self‑contained DAO. Is the token merely a medium for collective will, or does it embody a deeper metaphysical contract among keepers? The article hints at this tension, yet remains silent on the existential stakes. Nonetheless, the detailed steps for acquiring HNY demystify the process, bridging theory and practice. By embracing Conviction Voting, the community proposes a temporally weighted democracy, echoing ancient deliberative assemblies. Such a model challenges the prevailing instant‑gratification mindset of mainstream crypto, urging patience and foresight. In this light, HNY becomes a laboratory for sociopolitical experimentation rather than a mere speculative asset. The future will reveal whether this experiment transcends its niche origins or fades into obscurity.
Evan Holmes
November 19, 2025 AT 20:11The guide is solid but could use a bit more critique on the low activity; otherwise, good work.
Erik Shear
November 23, 2025 AT 21:41HNY is a niche token.