How to swap native L1 crypto for free?
Yes, you read it right, it actually is possible to swap these assets for free. Thorchain already made it possible to swap crypto in a decentralised way without having to deal with wrapped versions but since a couple of days, there is even an interface to do so without having to pay any fee. It's the interface developed by the Inleo team which is accessible through: https://thorchain.leodex.io/
I'll first talk a bit about Thorchain before diving deeper into the feeless interface.
What is Thorchain
Thorchain is a decentralised liquidity protocol where you can directly swap different native L1 crypto assets. This means you can for example swap BTC for ETC without ending up with wrapped versions or having to go through different intermediaries. It's non custodial which means that there is no other party involved who holds the keys. Furthermore you can use it anonymously, there is no kyc needed to swap around.
That sounds too good to be true, isn’t it? Well, the biggest issue that the interfaces on Thorchain have, are the fees. These aren't huge but there are fees and especially if you swap regularly, fees will eat up your gains.
So in short:
Advantages
- Decentralised
- Swapping of native L1 assets
- No KYC
- Non custodial
Disadvantage
- Fees
The feeless version by LEODEX
Yes, the team behind Leodex already talked for a longer time that they would look into building a cheap interface for Thorchain. As it would help to increase the adoption of Thorchain. Especially for regular traders, fees are something we really want to avoid.
The interface built is definitely a cheap one as there are actually zero fees. It is possible to give some tips but that's totally up to the person swapping. In my opinion the Leodex team has now fixed the major issue with Thorchain which will increase the adoption.
You can access the interface through the following link: https://thorchain.leodex.io/
When you visit the interface, you'll see it's incredibly easy to make a swap. You just havevto connect your wallet. Several ones are available: Metamask, Coinbase, Vultisig, Keplr, Keystore, Walletconnect, Ledger... to name a couple ones.
Than you select the asset and the amount you want to swap, review it and you're ready to go.
You see it's as easy as possible.
Conclusion
I think LEODEX made a bold move which will definitely help the adoption of Runechain as a DEX. In my eyes, the fees were the biggest issue but now that there is a feeless version, the biggest disadvantage is taken away.
Remember that besides being feeless, it's swapping of native L1 assets, no kyc, non custodial and decentralised. What else do you want to swap assets?
So, what's holding you back to go and try out https://thorchain.leodex.io/ ?
