I came across a post on X about HIVE CrossDEX and I couldn't wait to try it out. It enables anyone to buy HIVE using supported Ethereum and BNBChain (BSC) assets. But before that, let's take a quick overview of who made that possible.
Brief Intro to TeraBlock
From its X profile, "TeraBlock enables frictionless transactions from 140+ fiats to any crypto on any blockchain through a single streamlined flow, widget, and SDK."¹
It aims at pushing the greater adoption of DeFi products through the development of a structured platform that makes it exceedingly simple for investors to track and manage their web3 digital assets ranging from tokens on multiple blockchains to NFTs and more.²
TeraBlock provides a range of DeFi solutions and cross-chain swap services, to make the crypto ecosystem accessible to everyone, regardless of their knowledge and skill level. They developed a tool called Swidge which simplifies onboarding decentralized applications (DApps) without the need to go through the complexities of DeFi.
Accordingly, the tool is designed to help users buy, swap, bridge, and transfer tokens from a multichain unified platform across blockchains with a single click.³
From this quick research, I learned that TeraBlock isn't new to Hive for it has also developed a Splinterlands Swidge where users can swap Ethereum and BNBChain assets into SPS and DEC. Accordingly, this channel has facilitated over $52M in transaction inflows from other chains to Splinterlands.
The HIVE CrossDEX (HIVE Swidge)
This is developed by TeraBlock specifically for Hive. From their X post, this allows the following:
- Instant Hive Token Purchase & Seamless Transfer to Hive Blockchain
- Streamlined One-Step Automated Procedure
- Effortless 1-Click Automation Empowered by TeraBlock's Swidge Protocol⁴
In short, with this, we can now buy HIVE directly using 60+ cryptos from Ethereum and BNBChain (BSC).
How to Use the CrossDEX
1️⃣ Go to https://hive.terablock.com/ and type your Hive account name in the space provided. After that, connect your Web 3 wallet.
It automatically detected Metamask among all the wallet extensions I have on my browser.
2️⃣ Choose the network you want to use and the token or coin you would use to buy HIVE. It currently supports Ethereum and BNBChain (BSC). Supported cryptos include BNB, ETH,TBC (TeraBlock's own token), LTC, ATOM, AVAX, UNI, CAKE, SPS, DEC to name a few, and stablecoins like USDC, USDT, DAI.
For this test, I used a very small amount of BNB to buy HIVE. After approving the transaction in my wallet, it was processed in less than a minute with 50 cents worth of BNB for the gas fee.
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The transaction was so swift I couldn't take a screenshot of the confirmation. There was a countdown for the "Tokens Release on Hive" but it disappeared when I blinked, lol! On checking, the HIVE was already on my Hive wallet.
I loved how simple it was to use the CrossDEX and the overall experience has been smooth and seamless with this first test. I believe even a noob can do it.
Final Thoughts
It is nice that this integration to Hive is now available and allows anyone to buy HIVE easily using supported assets in the Ethereum and BSC networks and have them sent to his Hive account (wallet) with just one approval from one's Web3 wallet. I see this as a positive step away from the use of centralized exchanges as an onramp channel.
It made me wonder whether Terablock has plans to develop an offramp facility (or make the Swidge two-way) where we can easily swap or transfer HIVE and HBD into different assets across other blockchains. I'm hoping they do because a decentralized offramp with healthy liquidity would be great.
By the way, TeraBlock has a Reimbursement Proposal for the costs incurred in completing the first milestone in making the CrossDEX possible. Do check it out, read and vote for it if you support what they are doing or bringing into Hive.
For infotainment only.
Lead image edited on Canva. Images/Screenshots from HIVE Swidge. Others linked directly to their sources. No copyright infringement intended. 18122023/16:25ph