Hey everyone! In the last tutorial, I showed you how to buy HIVE using the only L1, Native DEX Listing for the Hive ecosystem through LEO's Hive Aggregation technology.
In today's video, I'm going to show you the reverse of that route: we call it an "Outbound" which is selling HIVE into any other L1 Asset currently listed on Maya Protocol (and soon, any asset listed on Thorchain as well).
As of right now, https://leodex.io is the only place to trade native HIVE across Decentralized, Cross-Chain L1 rails. Any other methods of trading HIVE are centralized via other exchanges with various forms of counter party risk.
Step 1). Connect Your Wallet
To start, you'll need to connect your wallet. We have Keystore and XDeFi available for the Web3 part of the connection.
You'll also need to connect to https://leodex.io using your Hive Keychain wallet. Click the Hive Network icon to enter your username and login with that as well.
Step 2). Get Arbitrum Gas From the Faucet
If you don't already have Arbi ETH in your wallet, you're going to need some to make this swap possible. This is because the aggregator routes through LEO on the Arbitrum blockchain.
We've made an arbitrum gas faucet to make this as seamless as possible specifically for HIVE users.
All you need is 60 LEO in your connected Hive Keychain wallet. Then you click the "Gas Faucet" button and confirm.
After 30 seconds, you'll receive an equivalent amount of Arbi ETH in your wallet. This is super easy and caters to our native HIVE audience. If you need more help using the Arbitrum Gas Faucet, check out this tutorial by Nifty.
Step 3). Choose Input & Output Assets
Put HIVE in the input (since you're swapping out of HIVE and into something else) and then choose whatever L1 asset you wish to receive in the output.
For this swap, I chose RUNE. You can choose any L1 asset that you want.
Step 4). Click Swap!
After entering the amount of tokens you want to swap, you'll see the estimated output.
Sometimes the pricing is more favorable than others. This is due to market dynamics and fees. Very often, you can actually get a profitable swap when you go from HIVE -> RUNE (or whatever L1 asset you choose).
This is because the aggregator has a built in arbitrage. Sometimes that arbitrage results in a positive fee and sometimes it results in a negative fee. A negative fee is actually profits that are passed on to the user immediately as they swap across the aggregator.
So I have issued a challenge to all Hivers: if you plan to buy or sell HIVE using a CEX, at least quote the swap 1st on https://LeoDex.io. You'll find that at least 20% of the time, you'll be able to buy or sell HIVE at a better price execution than centralized exchanges.
That is a huge benefit for users and it's an additional benefit on top of LeoDex's HIVE swaps being:
- L1 native HIVE
- Decentralized exchange rails
- Faster than CEX
- Puts all the trading volume on-chain
Put it on chain and make a profit while you do it! Can't ask for a better deal than that.
Step 5). All Done!
You can see here my swap went through successfully. Not only did I just put my trading volume on-chain and away from pesky CEXes, but I actually made a profit for doing so.
You can see $6.14 worth of HIVE went in and $6.28 worth of RUNE came out.
Instead of paying fees, I actually made a profit on this swap. Really incredible.
Again, it won't always play out like this. I've found that it happens about 20% of the time. That is why my challenge to Hivers is to at the very least quote their trades before going off to a CEX. You may find that putting your trading volume back on-chain and away from the CEXes will actually lead to better price execution and faster trades.
Questions or Feedback?
Drop a comment below!