HireVibes migration to Stacks, Bitcoin’s biggest sidechain: why, when & how
- Stacks: innovation, security & opportunities
- Migration bridge, HVT to VIBES will open on Monday, September 26th
- VIBES to list on StackSwap DEX with Yield Farming option available
- Once live, HireVibes DAO will be activated using StackerDAO, unlocking DAO treasury
HireVibes is launching its token and smart contracts on Stacks; the most active blockchain layer anchored to Bitcoin. As Bitcoin’s emission schedule halves every 4 years, transaction fees will become a much greater source of revenue for Bitcoin miners. By storing hashes of its transaction ledger into each Bitcoin block, Stacks incentivizes higher transaction fees for Bitcoin miners and therefore overtime, Stacks can play a key role in enhancing Bitcoin’s security and performance by incentivising more revenue for miners.
Building and focusing on Bitcoin innovation is one of the key reasons why we believe Stacks has a very positive future as a Bitcoin data & application layer.
To take a brief look back at where we’ve come from, HireVibes Development Ltd launched a utility token on the EOS blockchain in 2019 via a free airdrop (no token sale) using an open-source software license.
Migration bridge to convert HVT to VIBES 1:1
- The HireVibes Token is now being rebranded from HVT (it’s ticker on EOS), to VIBES (it’s new ticker on Stacks)
- The migration bridge to begin converting HVT to VIBES will open on Monday, September 26th and will be available on HireVibes official website: https://www.hirevibes.com/
- Users that have staked HVT will be able to claim VIBES without needing to unstake
- When the migration begins, a bridge powered by an EOS smart contract will be set up. Users will deposit HVT tokens to Bridge Smart Contract and will be required to insert their Stacks blockchain address into the EOS transaction memo. When received; the token balance in the user's Stacks wallet will update the balance accordingly using a watcher service.
- A Stacks wallet address creation service will be available from within the HireVibes migration page, however, it will be each user's responsibility to generate their own Stacks address and store their private keys securely.
- The migration portal will remain open indefinitely and the HVT token contract on EOS will not be paused when the migration begins until further notice
- A progress dashboard will be displayed on the migration page
VIBES Listing & Yield Farming on Stackswap DEX
The first exchange that the VIBES token will be listed on is Stackswap - a decentralized finance (DeFi) platform and DEX with an AMM that enables users to exchange and launch tokens, mint and trade NFTs, borrow, yield farm and more.
Once the VIBES-STSW liquidity pool is created, users can buy/sell VIBES against STX, USDA, etc. without creating additional pools.
For reference, the EOS DEX that HVT has been listed on for the last two years, Newdex, has an average 24 hour volume of ~$8K. According to the Stackswap team, Stackswap’s daily average transaction volume from June 1st until July 5th was ~$365K USD.
Once listed, VIBES will be added to the yield farming list in Stackswap to incentivize VIBES holders to lock their LP tokens. The yield farming rewards will be paid in STSW, Stackswaps native token.
Further listings on ALEXGo, Arkadiko, OKcoin and more are also being worked on.
Future outlook - a global workforce DAO
Using StackerDAO, a modular DAO creation tool built on Stacks, HireVibes DAO will be activated after the VIBES token is live on Stacks. With StackerDAO, every DAO core contract can own and trigger external contracts. We are in direct dialogue with the StackerDAO team to design HireVibes DAO, it’s voting and proposal system, it’s quorum for reaching consensus etc
There are 12.7M VIBES (~$39,600 as of 28/7/22) tokens held in the HireVibes DAO Treasury - all generated from successful hires made on the platform. This represents 3.6% of the total supply. VIBES token holders will be able to submit proposals to access Treasury funds, which can only be approved by the other VIBES token holders.
One strategic use case of these funds may be to propose starting a HireVibes Startup Accelerator where Bitcoin, Stacks, Lightning and other Web3 projects could apply for funding. HireVibes has a unique competitive advantage in that it can provide access to talent as well as capital - the two key ingredients every startup needs.
With freelancing tools powered by ultra secure smart contracts (written in clarity - Stacks decidable programming language) on the horizon to transform HireVibes into a Gig economy DAO anchored to Bitcoin - combined with multiple HireVibes-powered job boards and talent portals being integrated across web3 on Stacks, Laguna - a PolkaDot chain and with more in deployment across other major crypto networks, the future is looking vibey!
If you have any questions or would like to connect with other builders and hirers in the ecosystem, HireVibes Discord is now open - come and say hi. Stay tuned for more updates as we get closer to the migration date.
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