DeHive is a decentralized protocol that allows the user to become a holder of the top DeFi tokens packed into one index with one click.

Today we have Mike Morhulets as COO of DeHive joining us to answer our questions for the next hour.

Mike Morhulets, DeHive COO
I started my career as a Product Owner and Product Manager in big IT companies.
Since 2017 I work with Blaze in analytics and marketing departments

Question from the CryptoRank team

#1. Could you please tell us more about yourself and your experiences?

Mike: – I work with Blaize since 2017 on different positions. Have built analytics and marketing departments. When we cooperate with GEO Protocol I was responsible for marketing there. Before Blaize, I have worked as a Product Owner and Product Manager in big IT companies.

#2. Can you tell us about DeHive? What problems do you solve, both in the space and for the community?

Mike: – To describe DeHive is one sentence I can say that DeHive is a multi-chain crypto hive full of the top DeFi tokens.
In further explenation DeHive provides an economically sound index of assets with additional yield from DeFi protocols.

Therefore, while holding DeHive Index user will be able to get the picture of DeFi sector development and assess the market health in general.

In addition, in contrast to the centralized market tools, in DeHive users will benefit from liquidity mining and yield farming to get an additional profit.

#3. Could you shortly describe the milestones DeHive has achieved, and about your upcoming plans?

Mike: – We have just achieved one of the biggest goals for our project, meaning launching a public beta for DeHive users. This is a huge milestone to be delivered and a big achievement for the whole DeHive&Blaize teams.

The beta includes all of the core DeHive platform functionalities and is running on two blockchains – Ethereum and Polygon, what makes DeHive a first multy-chain index protocol.

We have recently made a huge step to get the right place in the DeFi market – meaning the renovated concept of DeHive – and introduced the concept of cluster of assets.
We have revealed the first DeHive cluster on Ethereum – ETH-CORE that contains tokens from the fundamental protocols built on Ethereum blockchain.

Questions from Twitter

#1. While the idea of creating a DeHive Index is a good idea, there is also PowerIndex offered by PowerPool as your competitor on the market.

Well, what are the most important differences between you and your competitors, what are your better quality aspects than them?

Mike: – First of all, we are not relying on AMM Balancer model as PowerPool (or PieDAO) does. There are more information in related article. Hope it will give more clearance for everyone why DeHive is first-to-market authentic decentralized crypto index.

Number two: our main product is not an index itself. We are providing fast and user friendly tool in order to divercify users’ portfolio and generate maximum APY from yield farming.

That is why issuing of new indexes is under users control in form of autonomous DAO.
Big benefit for overall DeHive project is a fact that issuer of index will earn part of APY from yield farming of his index stakers.

#2. When users seek to redeem their indexes, what are the processes involved? In addition, are users allowed to decide the Cryptocurrency they want in exchange for the redeemed index or is there a particular cryptocurrency that users are paid in, perhaps in $DHV tokens?

Mike: – We enable the redeem (or disamble) for all DeHive clusters.

In order to exit, the user contributes the cluster or clusters to the platform and provides a certain amount of DHV tokens that will go to the protocol treasury and participate in subsequent rounds of liquidity mining, rewards distributions, etc.

That way you can be sure that you will be supporting the protocol’s economy. The user receives ETH in exchange for redeemed clusters (or indexes) at the current market price, which is provided by the system of integrated oracles.

As for now we implemented our mechanism so that you will recieve ETH in return, yet we are constantly working and enhancing our protocol capabilities so probably such feature will be possible in the near future.

#3. Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?

Mike: – Сouse. DeHive is developed by Blaize where we provide a very severe security process.
First of all, we provide CI/CD for security, so each feature implemented in smart contracts goes through several checks with security tools like Slither, Echidna, etc.
We have a requirement for 100% unit test coverage for all features. Also, we have an in-house team of experienced auditors which provide cross-check of newly developed features.

However, even the best blockchain developer and/or auditor will not neglect the double check. That is why DeHive has made a strategic partnership with Zokyo. Zokyo’s security team will take care of the DeHive platform’s general protection from malicious actions and attack resistance improvement so that we can ensure the highest level of security for users’ assets.

The full system audit will be carried out soon and published before the main playform launch.

Questions from Telegram

#1. What is the target market currently being targeted by DeHive? What plans do you have for rapid growth in terms of users, global markets and partners?

Mike: – Thx! We think that market we are playing on is all DeFi market.
After product launch we will start marketing compaign to grow user base. So general business development will move to projects with already active DeFi user base such as wallets, DEXes, FarmProtocols.

#2. Why is DeHive choosing BSC Blockchain now?

Mike: – We plan to integrate to BSC in the Q4 (or may be early). It has a large ecosystem of DeFi projects already.
We are aimed to be the first cross-chain indexing protocol, we have started with Polygon already, and BSC will be the next goal.

Moreover, we are currently thinking of implementing a cross-chain index as an alternative feature. This is an interesting idea, and we will surely concentrate on it a bit later after fulfilling the strategic steps from or pipeline.

#3. What are your plans on GLOBAL adoption? Which country is presently focused on?

Mike: – We are not focusing on countries and markets we ain to general DeFi audience. We plan to integrate to the most popular blockchains, like we did with Polygon recently.

Also we will be added to BSC and Polkadot (or another blockchain, we will follow DeFi market trands) using a bridge.

We are aim for long term comminment and want DeHive to grow organically, but at the same time by creating hype to attract global adoption, as well as partnerships to bring more experienced users.