Ultimate Guide To LEO Power

finguru (73)in LeoFinance • 2 years ago (edited)

Leo Power.png

What Is LEO Token?

LEO is the social & utility token of the Leo Finance Community. It is built as a second-layer protocol on Hive which is a DPOS Blockchain perfect for developing scalable Web3 Dapps, Tools, and Tokenized Communities. Similar to Tokens built on Ethereum Blockchain like USDT, USDC, etc.

What Is LEO Power?

LEO Power is simply the number of tokens staked in your LEO Wallet. It's similar to Hive Power which gives you influence on the platform. You can distribute LEO rewards through your voting power by giving upvotes to content you like. Your vote value will depend upon the amount of LEO Power you have and it keeps changing depending on the price of the token. The more power you have, the bigger your upvote value is going to be. Your curation rewards also grow with your LEO Power.

Both author and curation rewards on LeoFinance are liquid, unlike Hive which gives 50% liquid and 50% powered-up Hive. You can power down to get liquid LEO in 4 equal installments that will be credited to your wallet every week.

What Is Your LEO Voting Power?

Whenever you make an upvote, you can choose the percentage to adjust your vote weight. This helps you to manage your voting power on LeoFinance which depletes with each vote your make. Go to the rewards section of LeoDex to see your voting power or checkout LeoFinance.io and find the percentage under your username and profile pic on the top navigation panel.

_LeoDEX

_{LeoFinance.io}

Earning Opportinities From Leo Power

There are two different ways by which you can earn more LEO tokens using your LEO Power:

Curation Rewards: Curators on LeoFinance get 50% rewards from the total number of upvotes a post or a comment gets. It means when you upvote someone, 50% of your vote value will come to you. It's a unique way to reward curators which is unique to Hive Blockchain.
Delegation Rewards: If you don't want to do curation yourself then, you can delegate your LEO Power to other curation projects to earn passive rewards in LEO. @meowcurator, @leo-curator, @india-leo & @hodlcommunity are some of the accounts which provide such service.

How To Buy LEO Token & Power Up?

There are four ways to buy LEO Token:

LeoDex or Hive Engine On Hive Network
Uniswap On Ethereum Network
Pancakeswap On BSC Network
Sushiswap On Polygon Network

In this guide, I will only cover the 1 & 4 because they are the cheapest ways to buy LEO. Buying on Pancakeswap and Uniswap is similar to buying on Sushiswap, so in a way, I am covering all of them in one place.

Buy LEO Via LeoDEX

STEP1: Go To LeoDEX and login with your Hive Account via Hive Keychain. It is a browser extension and a secure method of interacting with various Dapps on the Hive blockchain. Just like Metamask. Setting up Keychain is an easy and you can follow the linked guide to set it up. Once logged in, you will see the below screen:

STEP2: Add SWAP.HIVE to your LeoDEX wallet. You can do this by clicking on the "Deposit" button on the top right of the Homepage. You can specify the amount of Hive you want to deposit and press "Deposite Hive" button as shown in the below screenshot.

I already have some Hive in my LeoDEX wallet so I am not depositing any. A keychain popup will ask you to sign the transaction and confirm it. Do that and you will get SWAP.HIVE in your wallet after reducing the 0.25% fee.

STEP3: Go to the homepage or visit this link https://leodex.io/market/LEO. You can buy LEO by placing a Limit or Market order. In a limit order, you specify the price & amount you want to buy and your order gets filled only at the price you mentioned. A market order will buy LEO as per the current price available in the market. If you can wait and not lose money, choose limit order. If you are in a hurry, then choose market order.

That's it. You are done with buying LEO. Check your LEO Balance in the LeoDEX wallet or LeoFinance.io wallet. You can follow similar steps on Hive-Engine if you prefer buying from there.

Buy LEO Via Sushiswap

You can also buy LEO on Polygon Network (pLEO) and send it to Hive Network via Multi Token Bridge.

STEP1: Go to Sushiswap and connect with your metamask. You need to set up the metamask wallet and add polygon network before this step. Once logged in, you will see the below screen:

STEP2: In the first dropdown, select the token you want to exchange for pLEO, in my case I am selecting MATIC. In the second dropdown search for "0xF826A91e8De52bC1Baf40d88203E572DC2551aa3" to get pLEO as an option.

You can buy MATIC or USDT/USDC on any of the exchanges like Binance which allows withdrawals to Polygon Network. Send those tokens to your Metamask before this step so that you have enough crypto to buy pLEO.

STEP3: Fill in the amount in MATIC to see what you will receive in pLEO or alternatively, fill in the amount of pLEO you want, to see how many MATIC tokens are required. You will have to Approve MATIC transactions in your Metamask for the first time.

Click on Swap and then "Confirm Swap" to proceed and "confirm" the transaction in Metamask. Done!

STEP4: Go to the Multi Token Bridge to convert pLEO into LEO that will be visible in your Leo DEX wallet.

Fill in the amount of LEO you want after conversion and press "Transfer" Button. Metamask will ask you to confirm the transaction. Do it and you are done. Check your Leo DEX wallet or LeoFinance.io Wallet to see your balance.

Power Up LEO

You can power up LEO from both LeoDEX and LeoFinance.io wallets. It is similar to staking your token and locking it up. If you click on the closed lock icon against your LEO Balance as shown in the above screenshot, then you will get this pop-up:

You can specify the number of LEO Tokens you want to power up and hit "Stake LEO" button and confirm the transaction via Hive Keychain.

How To Delegate Your LEO Power?

You can delegate your LEO power via Leo DEX and LeoFinance.io. Just visit the wallet and you will see the power up button as shown in the below screenshot:

As we know, delegating to @meowcurator lets you earn passive income in LEO. After clicking the delegate button you will see the below pop up. Just fill in the details, hit "continue" button and confirm the transaction.

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_{Not financial advice. For infotainment purposes only.}