Where Does HIVE Fit In The Web3 SocialFi & Creator Economy?
Hive is currently one of the most undervalued projects in the crypto space. This, however, has not deterred Hivers from their conviction and belief in the Hive blockchain. For many, myself included, being under the radar gives more time to build something meaningful. Even though HIVE briefly touched a billion-dollar market cap in 2021, it would still not be at fair market value if it were trading in that range.
This is obviously my own opinion and interpretation. There is just so much utility within the network. It is an extremely busy ecosystem with a lot going on! Even though Hive was born from Steemit and originally took on a similar approach and purpose, it has since grown significantly in a very short time. When you look at the Play2Earn aspect of the ecosystem, you can see the tremendous growth it has experienced.
Demand is very important for a blockchain and is often directly linked to use cases. A large ecosystem that is overrun by users taking advantage of a full range of products and services is exactly what you want to see. A study of the ecosystem will reveal just that about Hive: it’s busy, it’s growing, and it’s evolving. Continued growth regardless of market conditions is a positive sign. It’s one of the most important aspects regarding a potential investment.
HIVE’s New Trading Standard
During the recent price surge, many actually believed that HIVE would not be able to hold the dollar mark and would subsequently drop right back down again. What we have seen of late is that HIVE is behaving much like HBD, gravitating towards the dollar. At the time of writing, HIVE is currently trading at $1.05. The ecosystem seems to draw attention to its native token as it continues to expand, and that can only mean one thing!
Furthermore, provided you have staked a few HIVE tokens to Hive’s Delegated Proof-of-Stake protocol, transactions are free, unlike other leading blockchains. So, there is no risk of gas fees exploding, as with Ethereum and other blockchains.
Hive Blockchain’s Next Phase: The Future Of SocialFi, AI & Creator Earnings
Expansion is ultimately providing much-needed traction for HIVE to push higher and reach a new and higher plateau. Whether that will be $1.50 or $2 remains to be seen. What is, however, quite clear is that Hive has spent time becoming established by providing what people are looking for in a decentralized chain. On top of that, there is such a variety of utilities on Hive that it is becoming quite difficult to remain abreast of things.
When I speak of the next plateau, I am not suggesting a price spike to a higher level. I am speaking of a new, higher trading range established by prolonged trading activity within it. In other words, a base price that can be relied upon within a modest yet volatile range. This is particularly important for an asset or token being earned, as with HIVE. If volatility is too high, earnings fluctuate too much. Price stability is crucial.
The Power Of Compounding Growth In Crypto Ecosystems (Why Networks Explode Over Time)
In every chain or ecosystem that succeeds, there comes a time when its foundational achievements begin to carry significant power and influence. At this point, the price moves in multiples of its previous value. Nobody knows where this point is, as it is unique to each project. What is clear, though, is that it happens suddenly! At some point, all that is currently taking place on Hive will compound into an explosive move.
I don’t know when this will be. I am, however, extremely convinced that it will happen sooner or later. One of the key elements is expansion beyond blogging and content creation. DeFi-based initiatives, as well as other Web3 models, play a crucial role in helping shift HIVE into an entirely new, higher price bracket. Expansion is imperative, and thankfully, it is taking place.
HIVE Is All About Building: The Creator Economy On The Blockchain
In this investment approach, one is not trying to catch a wave, similar to a trade. It is more like building a mall in the world’s next shopping capital. This is all about building and preparation. There will come a time when you will wish you did more, trust me! Dedication, commitment, and patience are generally very difficult practices to apply. Consider the end and find encouragement in what that will mean for you!
It’s not only the developers who build on Hive, but also the community. One has to build a reputation, gain a following, and establish oneself within the ecosystem. This can only be achieved over time; there are no shortcuts! To get ahead on Hive, one must have a builder’s mindset and approach. Once the platform becomes more established, it will likely be somewhat easier.
Earning Passive Income With HIVE’s HBD: The Stablecoin Savings System Explained
One of the key areas of Hive’s ecosystem that could onboard a significant number of new users is its stablecoin economy. The Hive-backed dollar (HBD) is a stablecoin on the Hive blockchain, with a savings account that offers 15% annual interest. This is a significant return compared to what is possible with more well-known stablecoins such as USDT and USDC.
HBD can be more volatile than traditional stablecoins, which is an important consideration. However, HBD usually trades between $0.97 and $1.00. A dollar-based savings account can be a great way to gain additional exposure to altcoins, especially PoS coins that can continue generating passive income, ultimately taking the idea even further.
Users who are drawn to the HBD opportunity are likely to consider Hive’s native currency, HIVE, which can also generate passive income in the form of staking rewards as well as curation rewards. Hive uses a Delegated Proof-of-Stake (DPoS) mechanism that incorporates traditional staking rewards (resource/vesting) alongside engagement/curation rewards (content reward layer).
Best Places To Buy HIVE (Hive Blockchain): Exchanges, Options & Guide
The easiest way to acquire HIVE is via the built-in DEX, which supports the HIVE/HBD trading pair. However, to do so, one will require the Hive stablecoin, HBD. This is best suited for existing Hive users, as HBD has limited exchange availability. However, HIVE is available on Binance, widely considered an industry leader. Another strong option is Gate, as well as MEXC.
How To Store Your HIVE Tokens Safely (Wallets, Security & Best Practices)
Ledger is currently one of the most utilized hardware wallets for storing HIVE Tokens safely. It’s important to note that Ledger is the most commonly used because there are very few hardware wallet solutions for HIVE and HIVE-based tokens. Other well-known alternatives, such as Trezor, Keystone, and SafePal, do not support HIVE or tokens within the ecosystem.
Unlike other cryptocurrencies, HIVE has multiple private keys: the active, posting, and owner private keys. Certain on-chain functionality might require a specific private key signature, such as using the built-in decentralized exchange (DEX).
Final Thoughts
The expansion within the Hive ecosystem across DeFi, SoFi, gaming, and other Web3 ideas is gaining traction for the platform. There are very few decentralized Web3 platforms like Hive that offer such a diverse range of opportunities, making it a unique ecosystem within Web3. However, like most decentralized projects, marketing is difficult, which is why it’s up to the community to continue building.
One of the most attractive aspects of Hive is that one can create an account anywhere in the world and begin operating within a truly Web3 economy. Creators own their content and are rewarded for their contributions. Participation in the Hive economy has been instrumental in income generation in many smaller countries and jurisdictions with limited opportunities. Hive makes a difference!
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