How to buy/sell/trade layer 2 crypto tokens in HIVE ?
Hive blockchain not only supports Hive and HBD as theLayer1 token but it also have a side chain where reside the Layer 2 tokens in it. With the exception of the few Layer 2 tokens like SPS, DEC,and LEO that are available outside exchanges, most of them are available in Hive Layer 2 Exchanges and get traded against SWAP.HIVE (Hive equivalent in Layer 2 of Hive blockchain) with the exception of Defi pools in Hive Layer 2, where a token can be swapped with any other token, provided a pairing pool is created between them.
How to check on Hive layer 2 tokens.
To check on the Hive Layer 2 token, you can see on the Hive Layer 2 exchanges like Hive-Engine,Tribaldex, and BeeSwap. Though these are 3 different exchange names but all 3 have their data from the same API and have the same order/sell book,so you can choose one of them based on the look and feel of their interfaces and according to your requirements as Defi pools or Deisel Pools in Hive Layer, 2 terminology are not available in Hive-Engine interface. For any Hive Layer 2 token, user has the option of the traditional buy/sell method for the token and also the option of the using deisel pools (if pool is created for that token). Let further dive into both of these methods of trade.
When to use the traditional buy and sell method?
The traditional buy and sell method allows you to instantly buy and sell if there is already an order in the order book that matches your price. If the price in which you like to trade, does not exist in order book, then it create an order for you in order book that can executed in future or may be not provided if that order is matched. If the price in which you want to buy or sell for you desired quantity matches with Diesel pool price, then go for traditional method as order book do not have any fees associated with it.
Also if you expect that a token price will increase in future session than you can create a order of higher price to sell, and if you think that price will decrease in future, then you will like to create a buy order at lower price. Here in this case you are not looking for instant buy and sell but trying to get profitted by market swings.
When to use Defi(Deisel Pool) pools?
In deisel pool there is no concept of creating a future order, your tokens are instantly swapped. Though Deisel pool are more efficient to buy the token instantly if the "spread" is large in traditional method. But be cautios in using deisel pool also as for very large order they can have very high slippage. Actually how to use deisel pool effectively is itself a very past topic and I will like to recommend you to read some of my old post and one post by forexbrokr to understand it better. For ease I am sharing the links below:
Defi on Hive: Basics about Tribaldex deisel pool
How to use Deiselpools effectively.(taking SPT and ONEUP as example)
DeFi Liquidity Pools on Hive: Tribaldex Diesel Pools by @forexbrokr
My inspiration for today's post.
This post is inspired by a trade that I witnessed in Hive-Engine, where I saw a veteran Hive user, keep on purchasing tokens and pumped up the price in Hive-Engine but if user has used deisel pools, then user do dot has to pay for high token value and saved money on it. As deisel pool has token available for cheap, arbitrage bot booked the profit and created the orders in Hive-Engine after user trade in Hive-Engine and user definitely lost money in trade or in other words executed an inefficient trade.
If years of experience can cause such mistake, then I think "newbies" in Hive might not be aware of it and it's time to reiterate the message.
Enjoy trading but be cautious.
In the end, I will say that please be cautious with your money and do not risk anything that you can afford to lose. Use your discretion and fact-check before committing to any trade.
Do upvote, reblog, and follow, if you liked the post.
Posted Using INLEO
It's a rough thing, but I agree that the pools are a nice way to get tokens. I would compare the prices on both because sometimes, the pools don't have enough liquidity.
Yeah, Here a buy order come into picture but yes price always need to check.
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Today I had to struggle with the SPS token and I also reached you on Discord. It took time but finally, I was able to receive sps in the game account. There should be easy for tokens buying eg sps for buying from outside.
There are many layers 2 tokens on hive and you described it. Thank you!
Nice , that you are able to get SPS by using desktop. Might be mobile application has bug.
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