Disclaimer...I'm king dummy! When it comes to this crypto stuff, I'm pretty much as new as it gets...Which is weird because I mined bitcoins and litecoins back in 2013 lol Which took me a long time to figure out, how to set up a mining rugs but overall, I like simple. Anything too confusing, I pretty much don't dig deep and that could be the reason I've been on this blockchain for so long....
I like simple.
Simple is good!
Which is why I needed to create this blog post!
I'm a huge fan of $LEO and as they are making the transition to deflationary rewards and a focus on Thorchain / Maya....It was time for me to learn something new. In this post, I will go over some basics to getting crypto into Leodex and while I'm sure there are millions of ways to do it, I'm writing this from a Hive user point of view.
The first big question is....How do I get Hive over to LeoDex?
Short answer - You can't.
Long but better answer - You need to swap Hive / HBD first on Hive Engine and then you can bring crypto over.
That is HUGE for me personally because my comfort zone in crypto is Hive and the Hive Engine layer. It's super easy to use, so again using 'the every day Hive' user as the target market for this post, I'll assume a lot of us already now how to flip Hive for Litecoin within the Hive Engine environment.
If not, the first thing you need to do is find 'SWAP.LTC' by clicking here.
Note: I banged my head against the wall a few weeks ago trying to play with 10 bucks worth of Litecoin on LeoDex I would recommend a minimum of 30 bucks worth of Litecoin to play with, as there is much more liquidity for that amount, and not so much for Litecoin.
Step One - Get A Keystore Wallet to use with LeoDex To Get Your Litecoin Address
This is pretty straight forward. When you first load up LeoDex, it'll give you the option to connect a wallet. When you click Keystore but don't have an account, you can do so. It's free and actually pretty easy to get started.
Step Two - Copy Your Litecoin Address
If you notice the top image from Step One, there is a 'wallet' menu on the top right of the page. Click that, and it will give you access to all your wallet addresses within Keystore. Scroll down until you find Litecoin, and click 'Copy'.
Step Three - Send SWAP.LTC from Hive Engine To Your Litecoin Address In LeoDex
Note: At the time of writing I sent .40 Litecoin, which is about 35 bucks. I do recommend at least 30 dollars worth of Litecoin for this example. Remember, you must swap your Hive / HBD to get SWAP.LTC first.
Extra Note: There may be some caching issues with LeoDex right now, or it could just me my awful internet connection. But sometimes I have noticed that while the transfers show up, there is a delay after you get your funds to be able to use them. But again, don't worry, the funds are SAFU!!!!
And now.....We wait!
We are spoiled on Hive. With all these other blockchains, there is a whole lot of waiting. But good news is LeoDex is pretty quick. It took me about 5-10 minutes to get my funds but they do show up.
Step Four - Let's SWAP!!!!
Here's the fun part! Remember, every swap / trade we do on LeoDex adds to the volume. The more volume, the more the platform earns. Which in turn translates into more USDC for LEO staking on LeoDex.
O.K., let's break this down on step 4....
Click Swap
Select your LTC
Make sure to click 'Max'
I picked RUNE (thorchain) as the token to purchase, but you can swap / buy anything you want. Which is the beauty and entire point of LeoDex!
Click 'Continue with this route'
Step 5 - Swap Those Tokens!
Click swap tokens, and a confirmation page will appear next...
Step 6 - Indexing.....Success!
I have seen 'indexing' appear a few times for a minute or two..Other times, it's done within seconds.
Once you see success, you have done your first trade and swap on LeoDex!!
So to wrap things up.....
This is a super basic trade and swap I did using Hive Engine and LeoDex. The path was:
Hive / HBD swapped on Hive Engine for SWAP.LTC
Send SWAP.LTC to Litecoin wallet on LeoDex
Swap Litecoin for any token you want on the platform!
Some key nuggets to keep in mind:
I used a minimum of 30 bucks worth of LTC.
I swapped that for RUNE
I'm sure I'm missing so many other features of the platform, but the point of this post was to help Hive users get into LeoDex as easily as possible. This is an exciting time to be involved with $LEO and I can't wait to see what new features will come from this platform for us to use in the future!