In the current cryptocurrency market, many investors are still chasing zero-sum games, while DePIN (Decentralized Physical Infrastructure Network) is opening up a whole new path for value creation. With the rapid development of Web3 technology, the deep integration of DePIN and DeFi (Decentralized Finance) is reshaping the development landscape of the blockchain industry. This integration not only enhances the liquidity of physical assets but also brings substantial innovation to the entire blockchain ecosystem.
Recently, the Hivemapper Foundation announced a strategic partnership with Kamino and Jito Labs to jointly launch the HONEY-JitoSOL liquidity vault incentive program. This innovative liquidity solution is built on the Orca trading platform and aims to provide liquidity providers of the HONEY token with an unprecedented user experience and additional benefits.
In this regard, Tushar Jain, managing partner of Multicoin Capital, commented: "This is a strong example of the composability between DePIN and DeFi. Solana's dominance in the DePIN space is a significant boon for Solana DeFi."
Project background and development status
Before delving into this collaboration, it's essential to understand the development history of Hivemapper. As a decentralized mapping network built on the Solana blockchain, Hivemapper has rapidly developed since its launch in November 2022 and has mapped 29% of the world's roads in just two years. Through innovative 'Bee' dashcam devices and AI technology, the platform captures over 28 million kilometers of street-level images each month, growing at five times the speed of Google Street View. According to official data from Bee Maps, the project has completed over 390 million kilometers of decentralized mapping.
In addition, Hivemapper adopts a HONEY token incentive mechanism to attract users to participate in data collection while serving a multi-billion dollar enterprise mapping market. It has currently attracted investments from renowned institutions such as A16Z and Binance, and has established partnerships with several global mapping giants, working to provide solutions to the challenges of developing and maintaining high-precision maps through the innovative model of AI + DePIN.
Innovative liquidity solution
In this collaboration with Kamino and Jito Labs, Hivemapper has launched an innovative liquidity solution built on the Orca trading platform. This solution will provide up to $17,000 in JTO and HONEY rewards each month, offering multiple benefits to liquidity providers of the HONEY token:
Automated trading fee income
HONEY token incentives
JTO token incentives
ORCA token incentives (an additional reward of 2,500 ORCA each week for the first two weeks)
Automated design that lowers participation thresholds
Considering that many DePIN users may be encountering DeFi projects for the first time, Kamino has specially designed a fully automated vault infrastructure:
All fees automatically reinvested: trading fees are automatically reinvested into the user's position
Smart rebalancing: the system automatically adjusts the asset allocation to optimize returns
Professional analytical tools: real-time tracking of investment performance, helping users cope with the impermanent loss risk caused by price fluctuations of HONEY and JitoSOL
Market response
The market has responded positively to this innovative collaboration. According to official data, the HONEY-JITOSOL liquidity pool has performed impressively:
Currently, the Boosted APY is as high as 36.02%
TVL exceeded $500,000 within the first 4 hours of launch
TVL is about to reach the maximum capacity limit of $1 million
These data not only validate the market's recognition of the DePIN and DeFi integration model but also demonstrate the immense growth potential of this innovative model.
Industry insights and future outlook
The significance of this innovative collaboration lies in pioneering a new model of deep integration between DePIN and DeFi. In stark contrast to the numerous zero-sum games currently in the market, Hivemapper is bringing a new direction for industry development through substantial innovation, as noted by the famous venture capital firm a16z crypto: "DePIN represents the most promising direction for innovation in the crypto space."
With the introduction of more innovative mechanisms, Hivemapper is paving new ways for the deep integration of DePIN projects and the DeFi ecosystem. This innovation not only enhances user experience but also brings sustained growth momentum to the entire ecosystem.
For users who want to participate in blockchain innovation, the HONEY liquidity vault provides a low-threshold, high-efficiency entry point, allowing users to easily enjoy the benefits brought by DeFi innovations. This is a model of how blockchain technology empowers the real economy, showcasing the infinite possibilities of decentralized finance.
