pre-IDO HONEY, also referred to as pHONEY was rewarded to early users in the protocol. $pHONEY is not tradeable on any exchange and is not officially officially backed by any liquidity.
Eventually, all pHONEY will be converted into HONEY. The conversion ratio between the two depends on how the tokens are converted. pHONEY can be converted into either locked or unlocked pools.