Hey Everyone!
I'll keep this update short and to the point so everyone knows what's going on with the SteemLeo LeoFinance community.
We've been in a slow rebranding process, migrating each aspect of SteemLeo over to the LeoFinance brand name and assets.
This process is not 100% complete and is still ongoing. Today, our community interface has moved from https://steemleo.com to https://leofinance.io.
By the time you read this, we may have a redirect setup to catch people who are still going to the old interface at https://steemleo.com.
Either way, please bookmark and use our interface from the new domain name: https://leofinance.io.
Token Migration
The LEO token will be migrated to Hive-Engine (likely by the end of day tomorrow). All of your LEO, LEOM and LEOMM tokens will be airdropped to your Hive blockchain accounts on a 1:1 basis.
From the snapshot date (when the airdrop happens) forward, the only acceptable form of LEO, LEOM and LEOMM will be the Hive-Engine token.
The interface/community will reward users based on their Hive account's LEO token balance and NOT their Steem account's LEO token balance.
Effectively, this is a discontinuation of the community's usage of the Steem-based LEO token, as we can no longer trust the decentralization of the Steem blockchain.
Steem-Engine will no longer allow trading of the old LEO token that lives on the Steem blockchain.
Your token balances on Hive-Engine are mirrored from your token balances on Steem-Engine.
Any LEO held in market orders on Steem-Engine will be airdropped to your Hive-Engine account as liquid LEO during the drop.
LeoDex
We've just finished the final touches on the LeoDex Hive-Engine edition. Soon you'll be able to access your Hive-Engine token balances, trading, etc. from https://dex.leofinance.io. We'll put out an official update post when the new version of LeoDex is live at that domain.
The old version of LeoDex will continue to point to the Steem-Engine back end at https://dex.steemleo.com. Please use that for managing your Steem-Engine operations.
Questions?
There may be a lot of questions related to this migration today and in the coming days as the dust settles.
The best way to get an answer is to drop a message in the LeoFinance discord server. One of us will answer right away.
Otherwise, feel free to drop a comment down below and we'll get back to you as soon as possible 🦁
#leofinance - Hive-Based Community for Crypto & Finance
Posted via LeoFinance
I post about crypto. What are the pros and cons of posting on leofinance vs posting on hive?
Posted Using LeoFinance
So... The new tag is #leofinance ?
I mean which tag will be associated with the token
yes, #leofinance #leo and #steemleo will be acceptable. We may retire the #steemleo tag soon, but we kept it for now just to make sure people have time to realize the transition :)
Posted via LeoFinance
Good to see you moving on over piece by piece.
Thanks!
Posted via LeoFinance
Meant to ask is leo shop going to be there still?
Certainly not ideal, leaving tokens on SteemEngine derelict.
Like I said in Discord, I would have preferred an airdrop based on coins sent to @null on Steem.
I'm sure this way is a lot simpler than that.
I can appreciate ripping the bandaid off quickly and getting it over with.
I guess I'll dump all my tokens on Steem and hope someone buys them? lol...
Gonna crash to zero quick.
You should make an announcement when it's safe to dump tomorrow.
These Steem-Engine tokens can be hidden and not marketable. That's what I did with STEM so no one gets screwed over buying tokens that have nothing behind them anymore.
I recommend doing the same thing for LEO.
I have to agree Marky, it is the best way to handle the move to another trading platform.
Posted via LeoFinance
This sounds like a smart idea.
Got it. Wasn't made aware that this was an option. We'll have the trading flipped off by SE tomorrow when the airdrop occurs
Posted via LeoFinance
Didn't the article say no trading of old Steem-leo tokens allowed, so you won't be able to dump them?!?
That happened after this was posted and the post was edited.
I agree, it's far from ideal and definitely not my first choice in the migration process. Given the set of options we had as far as what's left behind on Steem-Engine, I think this is the best one.
Any other process would have been dragged out and carried a lot of headaches with it. Worse even than the initial airdrop of LEO that took 3-4 tries and 2 weeks worth of DMs to get right.
This is an imperfect, but efficient solution. As you said, it's ripping the band-aid right off and I hope that this will allow us to just spread the word and migrate quickly and leave "old LEO and old steem" in the dust for good.
Good idea. I'll stay active tomorrow before, during and after the migration and keep regular updates rolling out via Discord, Twitter and Hive.
What happens to orders left in the steem-engine market?
If they're left there, we're just going to see a race to dump into those who didn't see the announcement and remove them.
Basically yes.
It's possible that someone picks up the project on Steem, but highly unlikely.
It's not a big deal either way... liquidity is so low price is going to crash to near zero like instantly.
That's what I read it to mean as well!
Ideally, people will remove their orders. Trading will be removed from the Steem-Engine interface following the airdrop. This is the cleanest method for transitioning possible (in my opinion). Unfortunately, a few people may be caught by this for not keeping up with the latest news on the situation.
I wish SE would have a better solution for cancelling all market activities immediately, but we don't have that option :(
Posted via LeoFinance
Yes, and I got screwed!
Ideally, you should have given enough prior notice to suspend trading after a given date on SE. The expectation to keep up with latest news across the large international community and considering the time difference, this short notice wasn't enough imo.
When trying to access the site using keychain the page tries to use the steem version instead of the one for hive. I had to login using the posting key directly (which is not my preferred way of doing it)
Yes, we're aware of that issue. A fix for that will be pushed to the site within the next hour or so! Thanks for your patience
Posted via LeoFinance
This is awesome. That means we no longer would need to use #steemleo in my post. The journey to truly decentralized contenting on cryto and finance begins.
Posted via LeoFinance
Yep! If you post from the interface, you don't have to worry about that at all! You can use #leofinance or #leo in your posts as well 🦁
Posted via LeoFinance
Update:
Updated the post with information regarding LEO, LEOM, LEOMM that remains on Steem-Engine: Those tokens will be disabled for trading right after the airdrop meaning that you will only be able to trade LEO, LEOM, LEOMM on Hive-Engine and will no longer be able to trade them on Steem-Engine. Anything held in market orders on SE will be airdropped as liquid balances on Hive Engine.
Again, if you have questions about this, please jump into our discord or leave a comment here.
Any way I can do that for ours? Or is something we need S-E for? I hate that this was never told to us as an option...I'm catching a ton of flack now because it all :(
Yep, just contact "beggars" on Discord (or message one of the SE guys if you can't get a hold of beggars and ask for his contact) and then request that they turn off SE trading from the interface.
p.s. https://dex.leofinance.io/richlist/CTP 😉
Posted via LeoFinance
sweet thanks man. yup. gonna do a big post when leo is onboard hive engine and talk about it on our webinar later tonight :)
LeoDex for Hive-Engine should be up in a few hours too ;)