Today, the LeoFinance team unveiled one of the projects that they talked about in their roadmap that was released a few weeks ago. This newest project is named LeoFi and starts with the release of the wLEO token on the Ethereum blockchain:
"In our 2020 roadmap, we mentioned plans for our new project dubbed "LeoFi" this year. The development of LeoFi is now far ahead of schedule thanks to the development work by fbslo. wLEO is the first step in that plan to bridge LEO to financial protocols on the Ethereum blockchain."
I want to spend quite a bit of time and energy talking about this latest project of Leo's because I believe that there is a lot of value here that the untrained eye will miss.
If you follow me, then you know that I'm a trader of cryptocurrencies. I don't blog here much but I do post about my trades occasionally since finding this Leo community.
As a crypto trader, I have made it a point to start arbitraging wrapped coins. Wrapped BTC, Wrapped ETH and others (even synthetic coins) have become a commonplace way for me to trade for quick, small % returns.
Exchange Arbitrage
Wrapped LEO will allow the LEO token to be traded on other exchanges outside of Hive Engine. This means that there is about to be a whole new game of trading when it comes to the LEO token.
Before, we only were able to speculate on the price of LEO in terms of its HIVE pairing. We were also stuck to the tiny exchange with low volume that is Hive Engine.
WLEO means that we'll be able to trade LEO anywhere that the team can get it listed... starting with Uniswap and leading to who knows what. Binance (my favorite exchange) is even a possibility with an ERC20 token like WLEO.
Uniswap
The initial launch will be on Uniswap and I have an automatic calculator that I use for specific tokens that are on multiple exchanges. This is what I'll use to track the price of WLEO on Uniswap compared to LEO on Hive Engine. Most people don't realize the potential here, but there is going to be a lot of money to be made if you can successfully track and trade WLEO and LEO.
Wrapping and unwrapping LEO to go back and forth from Hive Engine to Uniswap will cost some small fees, but keep in mind the low float and high % possible returns. Arbitraging a low-cap coin like LEO will be one of the most lucrative ways to spend your time on Hive, if you know what to look for.