Platform Migration from Ethereum to Hedera Using hashport: The DOVU Use Case
DOVU is a tokenised data economy for DeFi carbon credits and carbon offsetting. Implementing carbon sequestration practices, landowners cantokenise their land, granting businesses and individuals the ability to offset their carbon emissions through DOVU’s decentralised marketplace.
This article presents how hashport can help applications migrate from their native networks to explore other ecosystems while efficiently onboarding their users.
The DOVU token
$DOV Token Utility
• Fee reduction: Holding $DOV entitles stakeholders to a fee reduction on the marketplace;
• Audit Trail: The DOVU audit trail allows users and customers to assess the quality of the carbon offset. Leveraging the Guardian, $DOV will track and audit transactions in the ecosystem;
• Liquidity: Liquidity Pool fees and rewards to help improve liquidity;
• Access: Users can access tools such as “Carbon Market Cap” and claim $DOV tokens through DOVU’s “Carbon Calculator”;
• API: Access only available to $DOV holders;
• Staking: The DOVU Staking Program has launched, enabling individuals and businesses to benefit from holding $DOV. $DOV holders can stake the tokens for rewards and access limited-time campaigns such as Tokens Held Multiplier.
The DOVU Vision:
DOVU’s Main Products:
1 — Carbon MarketCap
DOVU’s Carbon Market Cap tracks the carbon debt of every active Ethereum project in one convenient place.
When we see substantial debt figures attached to Ethereum projects, as shown above, the benefits of tokenised carbon become apparent. Tokenisation of ESG assets allows companies to carry their debt.
DOVU is ideating a new form of staking by enabling a project to claim its debt and pay it down with the aid of its community. They call it Carbon Offset Staking, functioning through a mutually-beneficial relationship between communities and companies. Communities help companies meet their carbon neutrality targets and in return, organisations or companies provide value to their communities through social tokens, NFTs, and more.
With such a heavy carbon footprint, it would only be reasonable to expect a lot of dApps to migrate soon, using hashport, to take advantage of the greener environment the Hedera network provides.
2 — Carbon Marketplace
Now that a project has calculated its emissions, it can choose a project from DOVU’s ever-growing list of partner projects (Farms, Forestry, Conservation, etc.) to offset its carbon footprint emissions on DOVU’s Carbon Marketplace.
DOVU launched its Carbon Marketplace in December 2021 with a small amount of carbon sourced directly from small farms in the U.K. and Bulgaria.
DOVU is pursuing a goal of bringing 300,000 tonnes of verified carbon on-chain this year.
Users can easily access the staking platform through the marketplace.
The next step is the Guardian integration, where DOVU will use Hedera’s tools to ensure an auditable trail attached to the life cycle of carbon removal credits.
Ethereum projects seeking carbon neutrality can choose to explore Hedera today. Using hashport, they can easily port their tokens and explore many carbon offsetting tools and projects emerging within the Hedera ecosystem.
3 — Carbon Calculator
DOVU allows you to connect your crypto wallet to determine your carbon debt.
The calculator reviews your wallet’s transactions and gas fees and tallies the emission factors accordingly. The output is a value for the carbon footprint of that wallet, measured in CO2e.
CO2e is the standard unit of measurement for a carbon footprint, and it stands for “carbon dioxide equivalent.” One CO2e represents one tonne of carbon dioxide. It is also used as a unit of measure for other harmful greenhouse gasses.
The carbon calculator will be a critical tool for DOVU’s planned DAO distribution event this year — rewarding interactions with other ESG projects on the Ethereum network.
4 — Liquidity Pool V3
To participate through liquidity pools, users provide equal amounts of $DOV/$ETH into the DOVU liquidity pool on Uniswap. Contributing to the pool allows you to earn swap fees and gain tokens from your commitment to hold the token.
The current rewards are 116,666 $DOV every week. Liquidity providers are rewarded based on their percentage of Uniswap-V2 LP tokens in the staked pool.
DEXs will soon be launching on Hedera, operating with faster execution times and lower gas fees than their Ethereum counterparts. Using hashport, more $DOV holders will soon be incentivised to port over and enjoy these benefits.
From Ethereum to Hedera:
Migrating the DOVU App
DOVU needed a cost-effective, secure, and scalable way to issue and create a marketplace for tokenised carbon credits. It needed to ensure that project managers and landowners could update investors on their projects’ status transparently.
Public blockchains/DLTs can potentially solve the carbon credits exchange challenges (double-spending, greenwashing, etc.) through the issuance and tracking of ESG tokens and the subsequent logging of events on the immutable blockchain.
Ethereum failed to meet DOVU’s requirements for the criteria below:
a) Low throughput performance / cannot scale
b) Expensive gas fees to mint and exchange tokens
c) Uncertainty in its governance structure
Instead, through hashport, DOVU decided to port its non-circulating token supply to Hedera to utilise the “Hedera Token Service” (HTS).
The cost of tokenising land as an NFT on Hedera is $1 paid in $HBAR, and the cost of transactions on Hedera is less than $0.01.
Compared to gas fees on Ethereum; costing around $80 to $100, Hedera not only offers lower fees by several orders of magnitude, but those fees are pegged to fixed USD values making using the Hedera network highly predictable from a costing perspective. Fluctuations in the price of Ether depending on the network usage at a given time will determine a platform’s overall cost structure Ethereum. Not the case with Hedera; fees always remain fixed for a given transaction type.
Another reason DOVU utilised hashport to migrate to Hedera was to leverage the power of the Hedera Consensus Service (HCS).
HCS ensures that bids and asks are executed based on the fair timestamps that the carbon credits transactions receive using the Hashgraph algorithm, not the amount of gas paid by the marketplace participants.
HCS is also used to immutably log a project documentation’s entire chain of custody. Measurement, reporting, verification procedures, policies, verifier sign-offs, lab reports, etc., are all documents that get hashed and logged onto Hedera to prevent data manipulation providing full transparency to the life cycle of a carbon credit token.
From Ethereum to Hedera:
Migrating DOVU’s Users
Bridging $DOV to Hedera using hashport will allow $DOV holders to fully benefit from the expanding set of tools that DOVU is planning to integrate into the Hedera network.
Staking is one such powerful tool.
DOVU has implemented four additional multipliers in addition to the base rate APY, so let’s break them down:
1 — Carbon Hands Multiplier
Hold your $DOV in your staking account for 30 days, and receive this multiplier, which increases the longer you hold the position, and maxes out after six months.
2 — Buy Carbon Multiplier
To incentivise purchases of carbon, DOVU gives you access to a % boost whenever you buy a certain amount of carbon stock from its marketplace.
3 — Lifetime Staking Bonus Multiplier
Users who signed up before 16th May access this boost, set at 1.2x (or 20%)
4 — Tokens Held Multiplier
DOVU is partnering with token/NFT projects to support projects and artists building on Hedera.
The recent one was a collaboration with artists Creets and LittleInkStain.
Owners of a complete set of 5 NFTs were eligible for a 1.3x Multiplier from the 6th to the 20th of June, 2022.
DOVU Staking Beta:
Prior to opening staking to the public, DOVU ran three “Staking Beta” phases:
• Phase 1 (February 28): 50 users
• Phase 2 (March 28): 100 users
• Phase 3 (April 11): 350 users
The staking beta phase was open to a total of 500 beta users.
Users joined a waiting list, and once selected for each phase, they started migrating their $DOV tokens from Ethereum using hashport, signed up to the Carbon Marketplace, staked their $DOV and immediately earned token rewards.
DOVU Earth Week: (18th to 22nd April)
A day before Earth Day, April 22, the DOVU team announced that the team would take a snapshot of all $DOV[hts] tokens for early adopters that ported their tokens through hashport. It didn’t matter if you were whitelisted or not during the three previous beta staking phases. If you held $DOV[hts], you were eligible for a 10M $DOV allocation to be claimed on Blood Moon Day, in proportion to your % holding.
(Total $DOV[hts] you hold/current $DOV[hts] Supply) *10,000,000
Ex: If you held 10% of $DOV[hts], you got 1M $DOV tokens.
Public Open Beta Staking: May 16th
Public staking went LIVE on May 16th.
Those who ported $DOV using hashport before Earth Day were eligible to claim their share of the 10M $DOV on May 16th.
For those who missed out on the early action, DOVU is currently onboarding users to their staking platform in 2 ways:
1) MetaMask users who have already transacted on Ethereum and accrued a carbon footprint can connect to DOVU’s Carbon Calculator and claim $DOV[hts] on Hedera against their Ethereum carbon debt for free.
A marketplace account is created automatically for them through the calculator.
No gas costs, no requirements to port.
2) If you’re new to DOVU and interested in staking, you’ll need to buy $DOV first on Ethereum and port them over to Hedera using hashport.
Then you’ll easily be able to sign up to DOVU’s marketplace, navigate the drop-down menu, click on staking, and you’re done! You will start earning rewards!
How to buy $DOV:
The native version of $DOV is an ERC-20 token minted originally on Ethereum.
Since, it has been ported to Binance Smart Chain, as well as to Hedera ($DOV[hts]). $DOV is not currently available on a centralised exchange for users to buy. You can only acquire it by swapping it with ETH on a decentralised exchange (DEX) like Uniswap on Ethereum, using a few wallets, the most popular being MetaMask. Follow the steps in this video to buy some $DOV: https://youtu.be/0gJYwSMJmmE
Porting $DOV using hashport:
Now that you’re a proud holder of $DOV, porting your $DOV to Hedera should be a breeze. Make sure to have both your MetaMask and your Venly wallets connected to hashport, and follow the easy steps below: https://youtu.be/9vv4fSY3tLE
Congratulations! You are now in greener pastures and ready to take advantage of the many tools DOVU has to offer.
hashport can help you migrate your operation base from your native network to a foreign network of choice.
If you’re interested in learning more about migrating your dApp to another supported network, the hashport team would be happy to assist!
hashport is the enterprise-grade public utility that facilitates the movement of digital assets between distributed networks, extending their functionality in a quick, secure, and cost-effective way. In order to remain platform-neutral, hashport functions without the use of a proprietary token. The network is built on a robust and performant architecture, secured and operated by a group of industry-leading validator partners from around the world. hashport has passed a rigorous security audit and follows industry best practices; regularly performing comprehensive network tests to ensure the integrity of the network.
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