Building your Leo Power is as important as other aspects of our activities in the Leoverse. There are many reasons to accumulate more Leo power, which is why every user should take advantage of all opportunities to do so. Most members of Leofinance community already appreciate the importance of more leo power. This publication will demonstrate how you can swap other layer two tokens for Leo and power up. But as a reminder and for the sake of newbies, I will first of all highlight again a few reasons why building your Leo power should be of concern to you.
So here are reasons to have more Leo power:
- Grow your influence: You first of all realize that having more Leo power in the community gives you bigger influence over post rewards. When you find a great article in the community, you want to reward it through voting. Your voting value is actually determined not only by the voting weight, but most important by how much Leo Power you hold. The bigger your Leo power, the larger your voting value.
Building or growing you Leo power gives you the capacity to vote with more value, hence exerting a bigger influence on the value of posts you vote.
Curation rewards: When you vote posts, you also earn a certain amount of the rewards accumulated from all the votes received by the post. This reward is called curation reward. How much you will earn from your curation rewards is a product of many factors such as the time of vote, weight of votes, etc. But the biggest determinant of curation rewards is how much Leo power you hold. The bigger you Leo power, the larger your curation rewards. So you have to accumulate more Leo power if you wish to earn more through voting.
A kind of crypto investment: Yes accumulating more Leo power is a form of crypto investment in web3 - in Leofinance. When you must have accumulated so much in years to come, you might decide to sell off a bit of your investment. Building your Leo power now is a way to build for the future and also show strong belief in the Leo project.
There could be many other reasons to build your Leo power, but the above 3 are really important.
Building more Leo power through Layer 2 (L2) tokens
There are tokens that are backed up by hive. These tokens built and launched on the Hive blockchain are usually called layer two tokens. Leo is still one of them. There are several valuable layer two tokens you can earn based on communities or projects you get involved in. These layer two tokens could be accumulated, swapped for Leo and powered up. This way, you grow your Leo power faster.
On Hive, layer two tokens have their own exchange tools - or platforms that enable you to swap one token for another. You need to master how to use them to convert your Layer tool tokens to leo - and that is the essence of this post. There are many tools you could use such as LeoDex, Hive-engine, Tribal dex and the rest. But for the sake of this tutorial, I will demonstrate with LeoDex.
How to Swap L2 tokens for Leo through LeoDex
LeoDex is one of the L2 exchange platforms you could use to swap tokens. Interesting, this platform was built by the amazing Leo team. So I will explain how to Swap L2 tokens to Leo through LeoDex.
Note 1 1: Swapping the token to Swap.hive. Remember that you cannot swap directly to Leo. You need to Swap to Hive in layer two which is called swap.hive. Then you can use swap.hive to exchange for Leo.
Note 2: I will demonstrate with GOSH which is one of the layer 2 tokens I have in my wallet. Also, I will use the mobile browser to do this because of my target audience. So make sure you have Hive Keychain installed on your mobile device.
Step 1: Open Keychain browser and type leodex website: https://leodex.io/market/
Step 2: Click on the menu icon (Labelled A) and then select Login (labelled B). Enter your hive username in the box (labelled C) and click the login button (labelled D). Check image below.
Step 3 Click on the token box (labelled E). Type the token name. Click on it when it appears among the options to select it. Then scroll down under SELL ORDERs. Check the among range that is the same as the amount you wish to sell. Click it as shown (Labelled F) in the image below:
Step 4: Scroll a little back up under the SELL GOSH boxes. You will see that the trade you selected has been automatically loaded into the boxes. Just click SELL to complete. Check Image below:
Congratulations, you have swapped your token (in this case GOSH) to swap.hive.
Note: The order may not fill immediately. If so, you have to be patient. It might take some time to fill depending on availability of buy. You can go to the menu icon, and click Open Orders to see your orders waiting to be filled. If it waits too long, you can click the cancel button beside the order to cancel it, and place it afresh.
swap.hive to Leo
Assuming your order has been filled, you will now have swap.hive. Its time to buy Leo. Its basically the same steps, so no need repeating everything above.
From Step 3 above, the token name to enter is LEO. Scroll to BUY LEO*. Click the sell amount you wish to buy, and continue with the rest of the steps.
At the end, you must have bought the Leo once the order fills. Its very easy.
Conclusion - Power up Leo
Once you LEO/swap.hive order fills, you can then power up the Leo. This is a really easy and great way to build more of your Leopower by swapping some of your layer 2 tokens using Leodex. Through this way, you grow your Leopower and also climb to a higher rank in the Leo verse.