DEFI is all the rage, and as it turns out Hive-Engine has a lot of the components that make it up. You can create your own token, enable staking, and even build your own website for it. On top of that you can start using those tokens in regular commerce sites like Woo Commerce, which is WordPress compatible.
It's taken a bunch of time to build all this stuff out, but this ecosystem is starting to get fleshed out and the pieces put in place.
Today I'm really happy to let folks know about DSWAP. This is a project that we've been working on for about 4 months, and we're nearing various launch points for it.
Cryptomancer is the brains behind the market maker smart contract, and someguy123 is the brains behind helping the crypto token converter be used more dynamically to allow trading between various pairs. Bait002 helped design the sites that will be launching, and lion200 will help "wire" them up and release them.
What's a DSWAP
DSWAP is a place where you'll be able to swap tokens easily using Hive-Engine, but not have to go through all the steps manually. You put in the starting token, and the ending token and the smart contracts will go through the steps for you to convert between them. Some similar services will be more expensive. Other may be less expensive, but many of the less expensive ones come with KYC and big brother. Here's an alternative that's still KYC free and will let you move between various cryptocurrencies on and off of Hive-Engine. It's also fast because of Hive's 3 second block times, and there's no gas fees.
Why should I care? Lower Fees and Financial Opportunity
Well, there's two parts to this. There's the ability to swap between cryptos and the ability to market make while people do that. If you're swapping you'll be happy because the fees are pretty low compared to other services. I'm used to paying as much as 10% to swap between currencies. Here it should be half of that or less.
But the piece I'm really excited about is the ability for you to make money while people are switching back and forth.
Jane wants to convert from BTC to EOS. She's going to the use the exchange. It converts her BTC to SWAP.BTC. Then trades to SWAP.HIVE then trades to SWAP.EOS, and lastly ships out to an EOS address. There's a few opportunities in there for people to take trades on tokens. SWAP.BTC <-> SWAP.HIVE and SWAP.HIVE<->SWAP.EOS.
If Jimmy is running the market maker he could be getting profits when Jane is converting between SWAP.BTC <--> SWAP.HIVE and SWAP.HIVE<--> SWAP.EOS.
More volume, more projects, more eyeballs, more people, more incentive
In general my business plan is always "find ways to help other people make money, and I'll make some too." In this case by allowing our community members to be market makers the incentive to use the system is largely with the market makers. The system is setup for it. There's no fee on every transaction like there are on other exchanges. You pay once to come in and once to go out, but every transaction in the middle are free. This is a great situation for the market makers to operate.
By bringing in market makers that even non-techies can use I hope to see a large increase in the volume of transactions, I hope to see more people working to bring people to this exchange (since they'll profit if it happens), I hope to have more eyeballs on this project and other Hive based projects, and I hope to grow this ecosystem.
Project roadmap and timeline
The market maker backend is already done, and functioning now. There's several accounts using it. There's potential that the front end is ready this week, but we're probably looking at next week for the release of the market maker.
The swapping back end isn't quite done, but much of the front end is already designed and ready to implement. We're mostly at the stage where the finishing touches are coming together.
So, I can't tell you the exact day, but I hope that by the end of September everyone in the ecosystem can easily and inexpensively swap cryptos while also profiting from trades when others are making them.
Please consider changing the fees system - I've got a feeling that 1% deposit and 1% withdraw fees are kinda holding back the service :)
I do agree with this !
In addition you hinted at 5% fees for swap, did I get this correctly ? It seems a lot even for the convenience. But oh well, people might still use the service for convenience 😉
I can't guarantee the fee, because a good portion of it is based on the spread available on the exchange. If there are lots of market makers it should be 2-3% total.
Understood ! I thought this was a fee you charged in addition to the already wide spread. Makes absolute sense then.
Thank you 🙏 for the quick answer.
Now we're talking! Although hive-engine alone could also get some love in this matter :)
The fee has been my #1 gripe for a while now, with #2 being that the site only works sometimes.
Posted using Dapplr
Use leodex (leodex.io). As long as they have a balance, the fee is 0.25%. Only problem is that they might not always have the balance for large deposits/withdrawls.
Interesting will have to check it. Thanks!
A truer statement has never been uttered.
The 1% in / out HE tax is a big issue.
this is not true ... This is infact Making the service stronger if you look at it from a traders point of view... aka the ppl who bring the steady volume. Imagine u want to do a swap on unidex... that will cost you god knows how much now a days i donteven fathm . and if you are doing them consecutivly then your kind of getting burried.
Even a normal dex... with an order book is killing you when your doing more then 1 trade.
trade volume fees turn into WAY MORE then 1% withdrawal.
No hate to the king but yea its one of the only reasons i trade on hive-engine
@aggroed,
Do you mean trading token on HE agains the SWAP.TOKEN on HE or real cross-platform trades, e.g., HE-tokens <-> SE-tokens (at the beginning). Guess it could be done and would be nice.
I.e. in a gold rush, sell shovels. :-)
Good news, there can be some use out of DeFi after all ;)
This is very good news @aggroed! I have been searching for alternatives to Bittrex and having used Hive Engine to move away from Steem... well I couldn’t be more pleased! Streamlining that process is brilliant. I’m confident your hard work is going to shine!
LOVELY . Like it when it is easy.
We will be making money like others were grabbing toilet paper in the beginning of lock down
Dont read so much swedish newspaper !
Would it be possible to list DSwap and hive-engine on hivedapps.com and also add a DeFi category :)
Can their be some etc DeFi tokens listed?
The gas fees suck so much on buying them 😅😂😂
Cool and rehived.
Sweet HIVEs first liquidity pool, this is huge! Uniswap has been killing it with this so hopefully HIVE can thrive on it too
Wow, that are great news
Things are moving faster.
Yeah this is pretty amazing. I could really see Hive becoming my gateway into defi
So this will be like Uniswap for Hive-Engine, including liquidity pools, do I get this right?
That's great!
Thank you!
Excellent. I have Hive and I have DEC, just need some Bee to power it all.
Looking forward -how this service is adopted by hiveians. It is promising but all will depend on how much liquidity is provided by market makers which will depend on incentives provided to them.
!hw ban
Main account of mass plagiarism scam-fraud group.
Banned @actnearn.
why is that?
I'm trying to understand what a "market maker" is and how with them being in middlemen is profitable for them.
Is this someone who kind of just runs a ma decentralized exchange and they profit from the coins going in and out, or are they the people who just buy low and sell high?