Okay frens the time has finally come! As of 5 minutes ago, LeoDex has officially launched Hive Inbound Swaps, XDeFi Integration and several other key changes.
In this post, we'll focus primarily on the launch of HIVE Inbound swaps and also talk about XDeFi. The other changes will be subject to a separate post.
HIVE L1 Swaps
Up until now, we've allowed testing of HIVE Outbound swaps. This means that you could swap HIVE into other L1 assets listed on Maya. For example (but not limited to):
- HIVE -> BTC
- HIVE -> ETH
- HIVE -> RUNE
- HIVE -> CACAO
- HIVE -> USDC (Arbitrum)
- HIVE -> GLD (Arbirum)
- and many others!
Outbound swaps were the first notch in our belt for the HAT - Hive Aggregation Technology.
While we got some much needed feedback on the outbound swaps, we built inbound swaps and have been internally testing them for the past week. We're confident to release them to Public Open Beta now that we've done over a hundred swaps internally with great success.
Now you can visit https://leodex.io and swap the above routes + now the Inbound (Buy HIVE with other Assets):
- BTC -> HIVE
- ETH -> HIVE
- RUNE -> HIVE
- CACAO -> HIVE
- USDC (Arb) -> HIVE
- GLD (Arb) -> HIVE
- and many others!
Why This Matters
I've written dozens (probably hundreds over the years) of blog posts about why I believe it's vital for HIVE to have DEX listings. As a team, we've attempted this in many ways. We've wanted to see HIVE trading on L1 DEXes for a long time.
It wasn't feasible... until now. Native HIVE can be traded across L1 DEX rails using this technology. There is no wrapped HIVE. It's L1 Native HIVE getting aggregated across LEO Rails and into the Maya Protocol rails. It works seamlessly and it's so easy.
Depending on which route you choose, it can take a few seconds or a few minutes to fully submit a trade.
Now that we have both Hive inbounds and outbounds, we expect more fluid arbitrage which also means better price efficiency on both inbounds and outbounds.
Try it out and give us your feedback! Please keep in mind that this is a beta product. We highly recommend you test with SMALL amounts before moving to larger swaps. Get familiar with how it works. LeoDex is less than 10 days old in the public eye. We're still building relentlessly.
Thank you for your patience and incredibly valuable feedback.
How to Swap With L1 HIVE
We've radically improved the UI for swapping into and out of HIVE. If you tried a HIVE swap before and try one now, you'll see that it is 10x leap forward from a user-friendliness standpoint.
Let's walk through one swap and see how it works. In this example I will use L1 Native RUNE to buy L1 Native HIVE... and I'll do it at a profit and I'll do it faster than CEX (less than 5 minutes) Sound to good to be true?
1). Login With XDeFi
For this, I will login with XDeFi and I will also use the new Hive Keychain login method we added (which remembers the last Hive Account I signed in with).
if you don't use xdefi, you can also sign in with keystore + keychain to perform the same swap.
I click "Connect", sign the login message and bam. Logged in with my XDeFi wallet + Hive Keychain wallet.
2). Select RUNE input and HIVE output
Now I simply select RUNE from the token menu as my input and then HIVE as my output in the token menu.
Below you can see the estimated amount of HIVE I'll receive. The fees are negative which indicates that I will actually make money by performing this swap.
How is that possible? When you use the aggregator, you are performing a simultaneous swap in the LEO:CACAO and the LEO:SWAP.HIVE pool. If these pools have a price imbalance, then you can potentially benefit from that price imbalance when performing your swap, allowing that imbalance to not only cover your fees but actually give you a profit on the end swap.
3). Click Swap and Start the Swap Process
You'll then see this window pop up. This is the new step-by-step window we created that walks you through every single step of the HAT swap (L1 Native HIVE to or from any other L1 token).
The 1st step here afor this particular swap is to convert the 1.25 RUNE to LEO using Maya Protocol. Clicking "Approve" in XDeFi will initiate this swap from RUNE to LEO.
After I approve, I have to wait for the swap operation to complete. Depending on the input coin this could be fast or slow.
In the case of RUNE, finality happens in just a few minutes. I wait for this to happen and then step 3 pops up.
Step 3 converts the aLEO to Hive-based LEO. It will ask me to confirm this again in XDeFi. I click approve and then it moves forward.
After about 30 seconds (when the aLEO is received as LEO on HIVE), a new window pops up to swap the LEO into SWAP.HIVE. I click "Confirm" in the Hive Keychain window that pops up.
Final step! I now have swap.hive and I am ready to convert that to native L1 HIVE. A last Keychain window pops up to confirm this conversion:
And about 60 seconds later, I check my HIVE wallet on the Hive blockchain to find that I have 20.014 NATIVE HIVE:
Easy as 1-2-3
We've made this process so seamless and easy to use. It may seem like a lot of steps when you just read about it but if you actually do a swap, you'll see how simple it is.
Once you do 1 of them successfully, it's like riding a bike. It feels so natural.
You literally just enter your input/output on LeoDex, hit swap and then confirm a few pop-ups via XDeFi / Hive Keychain. It's so simple.
Doing the Outbound (selling HIVE to any Native L1 Asset) is just as easy. It's actually a bit faster because HIVE (the wonderful blockchain that it is) has much faster finality.
The swaps on the HIVE side happen in seconds. It's the Maya Protocol / Other Blockchains that we have to wait for finality on when conducting swaps. Even then, a swap can be done in less than 5 minutes for most blockchains.
XDeFi
I talked a bit in the last blog post on @leofinance about XDeFi and it was also showcased and discussed in the example above.
Signing in with XDeFi is identical to all other Web3 apps that utilize it. Try it out and let us know what you think!
As of right now, you can sign in with XDeFi and swap L1 assets (including HIVE) as well as pool LEO + CACAO in the new LEO:CACAO Liquidity Pool on Maya Protocol.
Try it out and give us some feedback! We're pushing new features and upgrades as fast as we can. Our goal is to become the #1 interface on Maya Protocol. We believe that with our HIVE technology as well as the clean, easy-to-use interface that we've built, we can achieve this.
Achieving this isn't just great for the LEO Token Economy but the whole of HIVE.
How many times have we all talked about bringing in capital from the outside? Now, the LEO token economy is capturing value from Maya Protocol in the form of affiliate fees.
Additionally, we are allowing people who have previously never been able to buy HIVE without some centralized exchange to swap their L1 assets like RUNE, CACAO, BTC, etc. directly into NATIVE HIVE.
It's a new day people. Let's spread the word about LeoDex and kickstart those flywheels 🦁
Posted Using InLeo Alpha
you know I have to now ask wen SPS and DEC 😂 which I'm sure the answer is soon... very soon
Welcome to the future of Hive 😉
Thanks for such a useful platform with to-the-point solution for the minor issues!
HISTORY in the making! 🚀🌕👍🏽
What a giant leap for $LEO & $HIVE
Well, this is some news and achievements. Congratulations guys. I am very hopeful that people will use this feature and will thank you guys when using it. Thanks for the easy guide too. keep up the good work. when you are releasing new UI?
it’s live ;)
Oh that's a great news, thanks for notifying
I wanted to swap 20 RUNE (from XDefi) to Hive, but it is stuck at this point, since hours! @khaleelkazi, any idea?
I quit and saw that at least I got Arb-LEO for the RUNE.
The reason was apparently, that I didn´t had Arb-ETH to do the swap. But this should be alerted BEFORE the swap, instead of getting stuck without any notice.
And then I sent 60(!) LEO to the faucet, as requested, hours ago, but still this message:
How long is "instantly"?
I am so done with this. Just want to get rid of the Arb-LEO.
#feedback
it shouldn’t allow you to swap if you don’t have gas. There’s an arb gas faucet button that you click to get gas.
Since - as we stated heavily that this is a beta product - we’d appreciate some patience.
Thanks for being an early user to try this. But please exercise more patience for an early product. I don’t have enough info here to see if the steps were followed correctly, but I’ll double check to make sure it won’t let a user swap if they don’t have gas.
On top of the lacking gas from the faucet (despite I have sent 60 LEO!) when I want to swap the Arb-LEO to Hive, it shows this error message:
I bought gas via the faucet - 60 LEO were transferred, but nothing arrived!
I see that it was delayed and made sure it got pushed through. The gas is in your wallet and I fixed the bug that prevented it from getting their in the first place. Thank you for finding that bug and allowing us the opportunity to fix it.
Now that the gas is there, you can proceed with your swap.
Keep in mind - as stated in the post - aLEO cannot be swapped to HIVE. If your goal is to complete the HIVE swap you started. Please follow the following steps:
Sorry for the inconvenience. This is day 1 of this product being live. We appreciate you being patient
The change from Arb-LEO to CACAO worked, but the swap from CAC to Hive requested a Xdefi signature where it said that I don´t have enough balance for the transaction.
So I gave up on that and instead wanted to deposit the CACAO together with RUNE in a pool. Well, again the broadcasting got stuck and the app. 100 CACAO are gone, but no RUNE were transferred.
Is there a way to see the pool deposits one have?
I am feeling like a guinea pig...
Click the 3 dots by the pool option - and yes you're using it less than 24 hours after launch
If you want smooth you may want to wait till next week
For more support pls open a discord support ticket it will be easier to chat in real time
the 3 dots lead to nowwhere, there is nothing to interact than to close the window again!
Still my 100 CACAO are gone.
Which Discord, there is nowhere on Leodex or InLeo a link to an Discord!
massive updates!
Love to see it coming to life
Great guide which seems easy to follow. I've been planning to get some CACAO and when I have some I can test swapping some of it for HIVE. Thanks for this new service which can definitely help bring funds into HIVE!
Who can I contact when there is a problem with the payout for my delegation? I did not receive a token transfer on April 19th.
Pls join here fren
https://discord.gg/3KD6fVcj
On the first screenshot of the HIVE inbound swaps, estimated fee is negative. Can this happen due to arbitrage that you actually get an extra or is this a bug? #feedback
Never mind, I find the answer to this question by reading further through the post.
Huge
@tipu curate
Upvoted 👌 (Mana: 57/67) Liquid rewards.
great! it can be let other cryptocurrency investors know about HIVE and LEO
I myself have been working on this project for a long time and its team works very hard to give new updates which are very beneficial for all of us users and also the interest of users within the project. Now this update will benefit the users a lot and in the near future this platform will be more popular all over the world.