HNW Refinery – Is this the new Drip?
As mentioned in one of my other posts a while ago, I will start to explore some high risk DeFi projects going forward. Here is another journey I started only today.
Have you ever heard about Drip? Pretty sure you did: Invest into Drip, buy some tokens, deposit them and you will be rewarded with 1% on a daily basis. You either re-invest this amount or you take profits and claim it. Drip also used a referral system, where you can profit from your ‘team’ which led to quite a lot of Drip articles on Medium and everywhere.
I have to admit, I never used Drip myself. Looking at the current price chart of it, I decided to not choose Drip for my experiment (or better experience), but use one of the new similar and hopefully improved systems instead: HNW refinery. Let me take you on my journey. Keep in mind, I am just learning about this system together with you. Should we get started?
Overview
The team behind HNW is, as per their Whitepaper, a “team of professionals who want to change the crypto space through hard work, ingenuity, and trust.” And this is intended to be achieved by community building the best offers to clients and investors. It is mentioned a several places that the teams mission and number on priority is to keep the investors money safe. That is a good starting point I would say.
HNW is collaborating with many so called alliance partners like Sidekick Finance, Crypto-Logic, Crypto-Hunters, etc. and offers various services in the area of NFT integration, community building, fund raising, anti-bot & other safe launch measures, smart contract consultancy and much more which adds utility to their tokens.
The foundation of the whole platform are 3 tokens:
- HFUEL: To keep it short, this is actually the only token you need to start earning with the refinery. You deposit HFUEL tokens, which will allow you to earn rewards from your deposit.
- HNW (xHNW): Mainly used for team leaders, or wingmen, as they are called here. Staking of these tokens is required to increase the maximum payout of your wallet. See picture below.
- Sidekick (xSK): Staking of xSK can increase your daily reward from 0.8% up to 1.2%. See picture below too.
Tutorial – how to get started
Lets keep this article a bit shorter then intended first, a follow-up is planned, lets have a look at the steps I took to get started. Feel free to use it as tutorial for yourself too.
I bought 100 HFUEL as a starting point and received 95 tokens in my wallet. There is a tax of 5% on any buy, sell, deposit, transfer transactions. I then deposited the 95 tokens in the refinery and ended up with 90 HFUELs. So in other words there is a 10% tax to start with the refinery. Keep that in mind if you like to deposit a certain amount of tokens.
Prerequisite:
- Metamask using the Binance Smart Chain
- Some BNB (or BUSD) to buy HFUEL tokens and then also some BNB’s to pay the gas fees obviously
Steps to deposit in the refinery:
- Head over to the HNW dashboard.
- On the left side click on HFUEL to open the menu and then click on “Buy”. This directs you to PancakeSwap and you can add directly the HFUEL token to the token list to swap. Just accept adding the token to your list.
- Swap your BNB or BUSD for HFUEL tokens.
- Head back to the HNW site and click on “Refinery” and then on “Pipeline”.
- As a first step here you have to select your “wingman”. This is your team leader in the system. Either do your own research for your preferred wingman or feel free to add my address to support my journey in this area: 0xb3C253D80578f569cFd4fe2E916EDbF01B384577. Make sure to confirm the transaction.
- Then it is time to deposit the HFUEL tokens. Either hit “Max” or enter the number of HFUEL tokens you like to deposit. Once the number is added, click on “Approve” and then “Deposit”.
- As soon as your deposit is done, you will see your number in the dashboard in the section “Available” starts increasing.
Claim or refuel?
Once you deposited your HFUELs in the refinery you start earning rewards. As mentioned, depending on your stake of xSK between 0.8 and 1.2% daily. You can claim (5% tax) these and sell (15% tax) your tokens if you like.
Probably the better option at the beginning, and this is where the power of compound interest will show its strengths, is to refuel your earnings. So you will end up not only earning on your initially deposited tokens, but in addition also on your reward.
Lets assume you deposited 100 tokens and you earn 1% (for simplicity) you will earn 1 token after a day. If you refuel, you will earn 1% on 101 tokens the next day, which is 1.01 tokens. The next day 1% on 102.1 tokens, and so on. If you do your math, this sums up nicely for you.
And now?
So is this the new Drip? Before jumping to conclusions yet, lets explore the system further, lets see how the deposit growths, lets refuel to gain more. And lets have a follow-up to see if this investments was worth it.
Again my wingman address, if you like to use it:
0xb3C253D80578f569cFd4fe2E916EDbF01B384577
