Lions,
If you've been following our dev updates then you'll know we have been designing and iterating a new feature that is intended to leapfrog the User Experience of Cross-Chain and make using DEX feel like CEX.
In our opinion, this feature brings a step function change to the User Experience of Cross-Chain DEXes. It allows you to do a swap simply by sending to a QR Code.
That's right, if you're able to SEND crypto using a QR Code, you can now also swap Cross-Chain just as easily.
https://x.com/leodexio/status/1944179460359459019
This is simply the first iteration of our new release. Call it a V1. Our roadmap for this new functionality will include adding dozens of more assets as well as new features that will radically improve the accessibility and user experience of cross-chain.
We are calling it: Swap Accounts.
Swap Accounts
If you are familiar with the LEO ecosystem, we have our own token and we've been building the INLEO.io social media app for 6 years. Our team is heavily UX driven. Everything we do is with a core principle in mind: Build the best product for our end consumer.
With Swap Accounts, we aimed to tackle one of the biggest issues in Cross-Chain: Wallet connectivity, seamless user experience and asset flexibility.
Zcash (ZEC) and Our Goal to Support All Wallets
You may remember that we were the first UI to enable ZEC swapping for Maya Protocol. This moment was incredibly important to us. Supporting ZEC is something we are super happy about and Maya releasing it was a leap forward for the cross-chain industry. Supporting ZEC swaps wasn't a walk in the park and there are many nuances to cover. We also put out some content to the ZEC community and asked what Wallets they loved to use and other features they wanted for Cross-Chain swapping of ZEC.
We found out that @zashi_app and a handful of other wallets were favorites amongst ZEC holders and users. We also found out that one of their dream features was to be able to swap to/from shielded ZEC directly.
As of right now, you need to swap to a T (Transparent) address and then manually shield it.
We set out to solve this and during the drawing board process, we designed what we now call "Swap Accounts" which will lead to not only ZEC support but many other features in the future as we continue to develop LeoDex.
To start, Swap Accounts now support:
- ANY ZEC-compatible wallet. If you can send ZEC from it, you can swap with LeoDex using QR Codes
- Shielded and Transparent ZEC - yep, even shielded ZEC works
My favorite way to use this has been by using Zashi Mobile as my wallet for ZEC and then scanning the QR code from LeoDex on my laptop to complete the swap.
Disclaimers and Experimental Feature
Before trying this feature, please note that we have put ample disclaimers about how it works. To achieve this seamless UX, we've developed something we're calling "Swap Accounts".
What is a Swap Account
A Swap Account is effectively a Keystore wallet that is created in your browser. The way we've built ZEC swaps using Swap Accounts is that the Keystore acts as a temporary, throw-away after one use wallet.
When you initiate a swap, you enter a recipient for your output asset. Then, a Keystore is generated for you. You scan the QR code (or manually send) to send ZEC to the temporary Keystore account (a.k.a. Swap Account).
LeoDex then monitors the blockchain and once your ZEC arrives (usually in seconds or minutes), you are prompted with a "Swap" button.
Clicking "Swap" then swaps from your Swap Account into the pre-selected asset you chose to receive and into the recipient address you entered.
The UX this creates is flawless and super enjoyable. From your POV, you are scanning a QR code and simply sending ZEC to an address then clicking one button afterwards to complete the swap.
Please note that this is an experimental feature and there are also risks involved with Swap Accounts.
Treat a swap account as if it is the hottest of hot wallets. Your goal should be to minimize the time your ZEC is "exposed" (and yes, we would say your ZEC is exposed) inside this hot wallet.
The Swap Account is a 1x use wallet that is created in your browser. You are not meant to re-use it and you are DEFINITELY not meant to hold ANY funds in there beyond the 10 seconds it takes you to see that ZEC was received and LeoDex prompts you to complete the swap.
If you are uncomfortable with how this works or the risks involved, we ask that you don't use the QR2Swap feature and proceed to use ZEC swaps normally (by connecting whichever wallet you use for ZEC and doing the swap with full self-custody).
LeoDex never has access to the mnemonic of your Swap Account and if any funds are lost, it is entirely your responsibility. Only you (your browser) has the mnemonic phrase for the Swap Account's private keys. Please understand this and beware of the disclaimers (we require you check a box acknowledging all of this information prior to using a Swap Account to do a QR2Swap).
Have Fun and Give Us Your Feedback!
We invite you to have fun with this feature and give us your feedback on it. This is us taking a leap in terms of User Experience for Cross-Chain. We fully expect there to be feedback of all kinds on this feature and our #1 mission is to push forward the User Experience of Cross-Chain and onboard new users who would've never touched it in the past due to bad experiences, rough UX, bad UI, etc.
Test with small amounts and have fun with it. Tag us anytime with questions or feedback (or open a Discord Tech Support Ticket).
Available now exclusively on LeoDex -> https://leodex.io/?in_asset=ZEC.ZEC&out_asset=BTC.BTC
Swap Accounts are an experimental feature.
Read the disclaimers and understand how it works before you swap. LeoDex is not responsible for any lost funds using this feature.