Ive been following @fbslo and his efforts to create a wrapped token for HIVE on the Ethereum blockchain and i was surprised by the speed he realized it.
I love projects like this. Straight forward, investor focused and they have instant results.
I wanted to test it out last night but i was making another post. Shame, because i hear Whive pumped to $10 lol.
I did test it out today and i wanted to talk a bit about it.
I wont go into the technical things, theyre explained by Fbslo in his posts but rather the experience.
Step number 1.
Launch the site https://whive.network/ and wrap some HIVE. I wrapped 200 HIVE.
You enter your ethereum adress, click submit, the keychain pops up and asks for confirmation.
Something id like to see here is the site tell you how much youll receive and why.
From 191 HIVE (8.7 HIVE was refunded) i got 181.7 WHIVE. There was a $2 transfer fee that the whive pool payed that wasnt listed anywhere, i had to check etherscan (was that subbed from the total?).
Youll have to go to add custom token if you want to see Whive in your metamask wallet.
Step 2.
Another thing id like to see is the contract address added to the front page of Whive.network since the token is new and you cant find it by searching uniswap. You have to enter the token address.
not sure why a smiley face is there instead of a logo.
So you open uniswap, in my case connect metamask with it and i traded it for ETH. You get another pop up asking for $1.6 to approve the token, that takes a few seconds, then you swap. Another transfer fee is payed, this time it was $4.6.
Finally i received ETH in my wallet.
Step 3
I wanted to go full circle so i sent the ETH to Binance (We need a ETH/HIVE pair) and traded it back to HIVE via USDT.
It took a whole hour but i ended up with a profit of a couple HIVE.. Not bad. lol
Eth is just really slow and the fees are incredibly annoying. Its extremely hard to guess what youll end up with in the end.
Outside a few things id like added it works. Not much else to say.
Thx to Dan and Fbslo for their work on this.