I meant on the internal market for the swap. Probably should have said trade!
I'm not a huge fan of where Hive-Engine has ended up either. Back in the days of "SMTs are coming" it felt like there was a huge opportunity but they probably needed to be directly integrated onto the Hive L1 and linked to communities.
It's also hard to get much token economics innovation without some level of smart contracts.
I was confused on the different between swap, convert and trade for a long time.
HE tokens are best as a second tier that allows anyone willing to pay 100 BEE to create a token.
IMHO, the real problem is that since HBD is level 1 it can completely dwarf all of the level 2 tokens. Since investors get a higher return on an L1 token, they stopped using L2.