Yesterday, the LEO team published a post where they announced and described step-by-step their integration of inbound transactions from Maya-listed tokens to HIVE, as well as the integration of xDefi wallet to LeoDex, for those waiting for it.
I decided to go through the process myself. Instead of connecting with xDefi, I preferred keystore, because xDefi still doesn't have support for Firefox, which is my primary browser (why use the same browsers as everyone else, right? 😄 ).
The first and probably the only difference between using Keystore and xDefi as the connection method for this process was that with Keystore, you don't have an additional confirmation window at the beginning of the process, to swap RUNE to LEO. Once you hit Swap Tokens, the process starts, without an additional confirmation window.
I don't know if that's good or not for you. It's something to be mindful of if you use Keystore and are used to having an additional confirmation popup. That doesn't come, the transaction is executed right away.
For the number of interactions needed to swap from an L1 coin supported on Maya (in our case, RUNE), and L1 HIVE, it's one less with a Keystore than with an xDefi wallet.
[ADDED] Important Note: Make sure you have enough ETH on Arbitrum for fees or the process won't work and you'll get stuck with Arbitrum LEO until you have ETH to pay for the fees! I suggest you use the "Arbitrum Gas Faucet" like in the image below (you need 60 LEO on your Hive-Engine account for that).
So, let's see what I did. First of all, I checked the dollar prices of RUNE and HIVE and wanted to see what the ratio was. RUNE was 5 USD, HIVE was 0.3188 USD (both on CMC), so the ratio was 1 RUNE = 15.683814304 HIVE via the dollar amounts.
Let's see what a swap via LeoDex would have given me.
The dollar price of 1 RUNE is slightly above, $5.02, but maybe it just fluctuated a bit between the two moments. But check out how much dollar-worth of HIVE it would give me: $5.13 (or 15.99+ HIVE). Yep, 11 cents more. Yep, that happens through rebalancing of the LEO-CACAO and/or SWAP.HIVE-LEO pools.
I continued with the swap, not for the extra HIVE (although I didn't mind), but because I wanted to see the full process.
I loved that now you could see every step of the transaction between the source and the destination coins.
This is how it started. I didn't catch the first step because it executed too quickly.
The second step took some seconds, but I didn't count... Up until now, there was no need for interaction on my side.
The third step means unwrapping Arbitrum LEO as LEO on Hive-Engine. Again, I had nothing to do but wait for a few seconds.
Now is when Hive Keychain enters the picture. First, we need to confirm the swap between LEO and SWAP.HIVE. It will wait until you confirm it...
I'm curious about what happens if you cancel the transaction at this point (by mistake?), after all these steps. Will the process backtrack until the source coins, or will you need to contact support? #feedback I don't suggest trying this except at your own risk, because there are fees involved and you will probably end up with lower amounts at the end.
Again, we need Keychain confirmation when converting SWAP.HIVE to HIVE.
And finally, here's what I received, after all the steps, confirmations, and fees:
That's even better than the initial estimation of 15.997 HIVE. Of course, no one says things can't go the other way around, and you get less than the initial estimation.
Overall, it was a relaxed process. I'd say it was easier than using a CEX (although I haven't used one in a long time), provided that you already had the source coins (and not fiat).
Going forward, what is even more important than iterating on the current process (although SPS, DEC, and HBD will be great additions), is to make sure it remains stable and doesn't go haywire with time, for whatever reason.
Want to check out my collection of posts?
It's a good way to pick what interests you.
Posted Using InLeo Alpha
I had less luck. I wanted to swap 20 RUNE to Hive and the transaction stuck since 10 hours here:
For me the experiment Leodex is now officially over. This was my last try.
Sorry to hear about it! Knowing the LEO team, I take a warning of transacting with small amounts more than seriously. I would have, even if they wouldn't have made it explicitly.
The image didn't upload for some reason, but I hope things will get resolved.EDIT: I see the image now. It took a long time to show up (on PeakD). So, it's the unwrapping process that is hanging for some reason...I hope you contacted support!
Not yet, at least I found where it was stuck, In my wallet I have now some Arb-LEO which were not processed as my wallet is lacking Arb-ETH. I need to send 60 LEO to the faucet to get some of them!! 😒
Yeah, that must be it. I already had it. I wonder if there is a way they can know if there are enough tokens for fees to complete the process from one end to the other without slowing the process down significantly. #feedback.
You can complete the process manually, even without support, if LEO is in your account on Arbitrum, but after you get the ETH fees for Arbitrum.
I sent 60 LEO to that faucet, and it shows still (after >1h) that I need ETH-Arb to swap.
Have you checked the Arb ETH in your wallet to see if it arrived? If it's there, maybe you should refresh that page.
No, also after refreshing nothing arrived so far. 60 LEO just vanished ☹️
Thanks for sharing your results.
It's probably not perfect, but it's a great innovation by the Leo team, they can probably improve on it. I I wonder what happens too when you mistakenly cancel the transaction.
Until then, I think they need to find a way to not start the process if the account doesn't have enough tokens to pay for fees (particularly Arbitrum ETH).
I realized what happens if you click cancel. Or what it should. The process should stop there. If you cancel it at the LEO >>> SWAP.HIVE swap, you'll have LEO in your Hive-Engine account, instead of native HIVE. If you stop it at the next step, you'll have SWAP.HIVE on Hive-Engine, instead of HIVE on the base layer.
So, basically, you can choose to swap native RUNE (or BTC, or whatever) to LEO on Hive-Engine. Or to SWAP.HIVE. Instead of following the whole process to native HIVE. That's how I see it. And I hope that's how it works.
wow, it's an easy process and also relaxed as you said. You also got some extra hive ;) enjoy.
Seems it wasn't as relaxing for others. Hopefully, any issues will get nailed soon.
This looks very user friendly and nice. This is how swaps should be like; I want to swap 1 coin to another, the system should find/do the optimal routes and swaps to get there. I had to stop a bit when I read ETH fees. Were there ETH fees for every step there? Were you able to determine how much? ETH fees are usually high, so that can be a deterrent for me using it.
ETH fees are on the Arbitrum blockchain. They are not the kind of fees paid on Ethereum, quite the opposite. They are less than on Polygon. A few dollars worth of Arbitrum ETH lasts for a few dozen transactions.
Of course, if you transfer ETH from Ethereum, then you pay ETH fees on Ethereum. But I was talking only about this type of transfer I made.
Oh, that's better then. Thanks for the clarification.
It looks like an easy process to do but I do think that the faucet is a bit misleading in crypto terms. About how long did it take for the steps to complete? I am guessing a minute or so?
I agree.
Yep, about so, but I haven't counted seconds.
I also love the interface that shows the swap process, step by step. You can follow it in real time and know where a problem lies(if/when it happens). Overall, I think it's a great development from the InLeo team and excited to see how it evolves!
It was almost a must from the UX point of view in a multi-step process that can take a while, depending on the route involved. I'm glad they put it together so quickly.
The process was relax and following up with the way you do it, I think anyone who wishes to swap Rune to Hive can follow up by looking at this post.
It's not only for RUNE. You can do it with BTC if you prefer.😀 But that's what I had available for an easy test trade.
I am using Brave. How to earn RUNE? I usually buy HIVE using XRP. Is there such an option on LeoDex?
Staking, LP rewards.
No, I haven't seen it.
Thanks!
It was an easy process swapping RUNE to Hive
Thanks for showing that to us
Sure, you're welcome!
Quite a lot of steps tough
Well, yeah... But from RUNE to HIVE it takes about a minute and pretty low fees. Pretty easy to use too, in my opinion, if you don't run into issues as stayoutoftherz did for not having ETH on Arbitrum for fees.
The number of steps is not important for the end user, if they don't have to do almost anything. What is important is the ease of use and the fees and slippage. And to not have any issues.
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Thank you @gadrian for your post on buying HIVE with RUNE on LeoDex! It gives me an idea how it all works. Barb !BBH !CTP #ctp