Perhaps some of us know by now that LeoDex relaunched not as a DEX on Hive Engine but as a cross-chain swapping interface in Maya Protocol which makes LEO and HIVE be tradable or swapped to other Layer 1 assets like USDT on the Ethereum chain, USDC on Arbitrum, BTC, CACAO, RUNE or even to the memecoin, PEPE just to name a few. And according to Khal, HBD will be added too.
Anyhow, I was eager to test it out when I learned it had been launched on the 10th. In my excitement, I went on to connect my wallet (it needs Keystore which I already had), transferred some LEO through the LeoBridge, and tried getting some gas from the faucet on Leodex.
It was not going through at first, it turned out that I was not logged in properly (connected my wallet directly without clicking on the Hive logo and entering my Hive username).
So after correcting that, thanks to Nifty for solving the issue, I successfully got myself some Arb for gas. The process was super simple and fast.
10 LEO for approximately $0.75 worth of Arb. One just has to have liquid LEO on the Hive account because it is where the 10 LEO will be taken out, not from what you have deposited in your Keystore wallet (which is what I initially thought).
Anyhow, after getting gas, I went on and started swapping LEO to other assets only to encounter more errors. It was not letting me swap to any of the assets listed there (vice versa).
It turned out, Maya was still churning (finalizing) things out for the its newly-supported network Arbitrum, hence, swapping was not yet live at that time for any assets on the Arbitrum chain including LEO (aLEO). My bad for not reading updates, lol! Thankfully, Nifty came across my feedback on threads and informed me so.
But yes, after learning that, I checked out the other listed coins/tokens and did my first successful swap ($RUNE to $CACAO) and even shared it on threads.
I was able to swap aLEO to CACAO a few days ago and today, I performed a test swap of 10 HIVE to DASH. Do note that I didn't have to transfer or deposit HIVE into my Keystore wallet to be able to do the swap.
That is possible through what the INLEO team calls Hive Aggregator Technology (HAT). More about it in this post.
I just needed to approve and confirm the transactions on Keychain. I learned from this test that HIVE is not directly swapped to DASH. It gets through a few routes.
The process goes from converting HIVE to Swap.Hive first and then Swap.HIVE to LEO. They were done behind the scenes and I didn't have to do anything myself besides approving the transactions that popped up on my Keychain. These two were completed quickly.
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The final swap operation (LEO to DASH) took a long while. I do not know whether it's on the DASH network or the LEO, but the transaction taking a long time to process could be a turn-off for some.
I'm not sure though, as this was my first test to swap HIVE into another cross-chain asset (DASH). I have yet to read about how fast or slow it should be.
Leodex is still in open beta and it is expected that there are bugs and fixes along the way that is why we are advised to test it with small amounts.
My initial tests were good, except for the HIVE to DASH swap, which may have been stuck. Still, I look forward to further testing it as more features (and assets) are added.
Having a cross-chain Dex opens up a new gateway for the Hive Blockchain. Swapping HIVE with any other assets listed on Maya is great, especially for those who do not want to go through centralized exchanges. In addition, Leodex could be a medium to onboard people from other chains to Hive.
If you haven't tried and interested to do so, you can check out the tutorials by Nifty (l337m45732) on how to use LeoDex:
- Part 1: Create a Wallet
- Part 2: Arbitrum Gas
- Part 3: How to Swap
- Part 4: How to Add Liquidity to Maya Pools
Until then, let's keep learning!
Lead photo edited on Canva. Logo from Leodex. Screenshots linked directly to their sources. No copyright infringement intended. 15042024/21:06ph