What Is The BEE Token And What To Do With It?
So a few months ago when I founded @dunksocial, I was surprised to find out that the funding process did not happen using Hive tokens, but rather with BEE tokens.
What Is The BEE Token?
The BEE token is the native token of the Hive-Engine, a sidechain on the Hive blockchain where a lot of development is done.
Here is a look at the current price of BEE via Tribaldex:
What Can You Do With BEE?
Well as I mentioned before, BEE is the token of choice for payments to create tribes and tokens here on Hive. If you want to create your own token it costs 100 BEE, which is about equivalent to $44 right now. If you want to create a rewards pool, make the token delegatable or do anything relevant to creating a tribe, you'll need to start stacking up some BEE. Due to the price increase of the BEE token, it has become more expensive to create a tribe than when I did it, but I think that there could possibly be a decrease in the amount of BEE charged sometime in the future.
A newer feature that I was made aware of recently is that you can use your BEE as a token in what is called a diesel pool. As far as I can tell, this functions like most DeFi liquidity pools and you'll make returns via the pool. So now your BEE tokens are not just for payments and building but are stakable to earn passive income. You can also mine BEE tokens by staking WORKERBEE tokens to the Hive network.
I have also noticed some BEE coming to my account that I am unsure of where it is coming from. There is a small possibility that the BEE token is now being paid out when using the Hive-Engine tag, but I may be wrong on this; another explanation is some kind of staking dividend.
Should You Buy BEE?
Well I will never go and say you should buy anything, you should be doing your own research. I will say that the price of BEE should grow as the use cases multiply and the ecosystem grows, but this may or may not be the case as we have all learned by now. Give it a look and see if there is a pool that is calling your name, but make sure to check everything out before making any decisions with your
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I love the bee token and have been wondering on how to minn it.
Thank foe sharing this.
Good explanation -- thanks!
Sure! Thanks for reading
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I had been wondering about BEE but had not found much info, although I didn't look very hard. Thanks for the explain.
Of course! They just added rewards in BEE for using the tag "hive-engine"
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I also noticed some arriving in my wallet and have no idea where from.
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Looks like "hive-engine" allows for BEE tokens to be rewarded
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The tag Hive-Engine sorry
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I had no idea what the BEE tokens were for until now.
Your post is really helpful, thanks so much for sharing
Maybe I'll think about opening a dancing community in the future, let's just see how things go
That would be an awesome community to add, let me know if you have any questions, I'm happy to help out
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Well I am not sure where those small BEE tokens are coming from but I do get some of it from drips such as DHEDGE.
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The Hive-engine tag is now paying BEE rewards on posts
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