☆ DECENTRALIZED EXCHANGES ON HIVE
I've been spending some time lately exploring a few tools in the Hive ecosystem that facilitate exchanging (converting and swapping) Hive tokens. On September 6, I wrote about using beeswap.dcity.io to swap and convert tokens. In a similar vein, I discussed how to place buy and sell orders using the Hive-engine approach on September 28 via hive-engine.com.
Today, I've been motivated by the LEO & HODL Contest to explore the Leodex Leoverse and highlight its incredible characteristics. Thus, the following will be included in this post:
- An Overview of LEODEX
- Five Unique Features of LEODEX
- Comparing Hive-engine, beeswap and LEODEX
It is important to note that these exchanges play a big role on Hive, as they serve as internal Market place in the Hive Ecosystem were trade between different tokens happen.
☆ AN OVERVIEW OF THE LEODEX
Do you know what "LEODEX" truly mean?
I wish I do, but, I think it is commonsensical to say that the word "LEODEX" is an acronym for "LEO Decentralized EXchange." Thus, LEODEX is a Decentralized Exchange built on the LEOVERSE.
Decentralized Exchange, according to @leoglossary, is "A peer-to-peer (P2P) exchange that allows users to trade cryptocurrency without the use of an intermediary."
Put differently, using the LEODEX one can easily sell or buy cryptocurrency directly from a buyer or seller. Also, since DEXs (Decentralized Exchanges) do not require Know Your Customer (KYC), it implies that transactions carried out using LEODEX are done in anonymity.
To put it in simpler terms, LEODEX is an online market where you can sell or buy cryptocurrencies, but the buyer or seller cannot know your identity.
This is clear, right?
Alright, let's proceed!
When you log on to www.leodex.io you will be directed to the page above, which is actually the Market page. However, you need to click on LOGIN, as the arrow indicates.
LOG IN PAGE
By using PC, you should have connected your Key Chain to your Browser as an extension. If you have not done that yet, please refer to How to Download, Install and Use the Hive Keychain Browser Extension by @khaleelkazi.
You can put in your Hive username and click on Login.
DEPOSIT AND WITHDRAWAL
When you are successfully logged in, you will be directed to this page.
The Deposit and Withdraw buttons are located around the upper left area of the page.
On the one hand, when you deposit Hive, it means that you have converted Hive for Swap.Hive. On the other hand, when you withdraw Hive, it means that you have converted Swap.Hive for Hive.
Remember, Hive and Swap.Hive are the same, but Swap.Hive works best when transacting with the second layer tokens.
The image also informs us that the fee for the conversion is 0.25%
LEO APPS
The image shows us three LEO Apps:
- Leofinance: This is the Leofinance Community's Hub; where you find finance related content written by Lions and Newlions.
- Hivestats: Hivestats helps in tracking and analyzing your Hive account.
- Leopedia: Leopedia is an online resource center where you can learn and educate yourself about Cryptocurrency.
TOKENS
The page on Tokens shows the list of available tokens tradable on LEODEX, along with these features.
- The symbol of the token.
- The name of the token.
- The current price of the Token in the market place.
- The Market Capitalization.
- The percentage change in 24 hours of the traded tokens.
- The Volume (quantity/value traded) in 24 hours.
Then, it has three other icons that gives further information about the token.
- Token info: other information about the token
- Token market: marketplace to buy or sell the token
- Token Richlist: a list of the holders of the token, from the highest to the lowest
MARKET
The market is an online avenue where trade takes place. In the market, you can read the movement of the market in terms of buying and selling, before you place your order.
In technical terms, the Market contains the chart where you can find more details about the Movement of the Market via the Candlestick, Depth and Volume features. Here, you can also see the last transactions that happened; you can see those who placed orders; you can place your own buy or sell order for tokens and you can see your open orders.
WALLET
The Leodex wallet is unique in its own style.
It contains an estimated value of total holdings of the tokens; liquid, staked and delegated. It shows the estimated value in US Dollars, Hive and LEO.
It shows the token, liquid balance, delegation received, delegation sent, USD value of the total holding of the token, the percentage change in value of the token and the amount of tokens staked.
It also contains the following features:
- Send Token: for sending tokens to other address
- Token Market: it takes you to the marketplace to buy or sell tokens.
- Stake Token: for staking or powering up tokens.
- Unstake Token: to unstake your tokens.
- Delegate Token: to delegate your Staked tokens.
- Undelegate Token: to undelegate your previously delegated tokens
- Token History: to check your transaction history with the token
- Token Richlist: it shows the holders of the token
REWARDS
The Rewards page shows you something unique that isn’t present in other exchanges on Hive.
It shows you the Token, the Quantity staked, the Pending rewards, the voting power of each Token, option to claim each curation rewards of tokens, option to claim all rewards at once and option to set vote weight multiplier.
NB: By Staking up your second layer tokens, you give them the power to curate posts with your Token’s voting power, and this earns you curation reward of the tokens. So these rewards are curation reward accrued from staking these tokens.
The feature of Set vote weight multiplier is a unique tool that can help you earn better curation rewards and save up your voting power of these tokens.
The simple explanation to this is: if you set your multiplier at 2, it means that when you vote with 20% from peakd or ecency front end, while you use 20% of your HP to vote, the token will use (20 x 2 = 40%). Hence, you are maximizing and earning better curation reward from your staked tokens.
OPEN ORDERS
The Open Orders shows a list of the buy or sell orders you have that have not been successfully traded yet.
ACCOUNT NAME
When you click on your account name, it takes you to the logout page.
LEO CHAT
At the footer of the image we have: leofinance, Hivestats, Leopedia and Leo Chat.
While we have already explained leofinance, Hivestats and Leopedia, when you click on Leo Chat, it will take you to the Leo Chat Discord Server.
☆ FIVE UNIQUE FEATURES OF LEODEX
From the overview we have given above, there are five unique features of the Leodex which is not available in other Decentralized Exchanges on Hive, and these features include.
- Rich List: Leodex contains rich list, showing all the holders of the token. This feature can help me to set goals to reach or surpass some great legends in holding certain tokens.
- Voting Power of Each Tokens: This feature is a wonderful one as you can easily see the voting mana of each staked tokens from one spot.
- Set Vote Weight Multiplier: With this feature, you can maximize your Staked token's curation reward.
- Estimated value of holdings in USD, Hive and LEO: No one does it better than LEODEX, as it givens a detailed breakdown and analysis of ones total token's estimation in USD, Hive and LEO.
- Better Trading View: LEODEX has a better trading view than other Decentralized Exchanges on Hive.
☆ COMPARING HIVE-ENGINE, BEESWAP AND LEODEX
Having written about Hive-engine and Beeswap methods earlier, I think I can do a mini comparison of the three methods. Although this may not be well detailed.
| Hive-Engine | LEODEX | BeeSwap | |
|---|---|---|---|
| Frontend | hive-engine.com | leodex.io | https://beeswap.dcity.io/convert |
| Immediate transaction | Yes if there is order | Yes if there is order | Yes, If there’s liquidity |
| Deposit and Withdrawal fees | 0.75% | 0.25% | 0.25% |
| Tokens Tradable | All Tokens on Hive | All Tokens on Hive | Only tokens with Liquidity |
| Trading View | Yes, but not clear | clear and detailed | none |
| Rich List | Absent | Fully present | Absent |
From my exposition of the three exchange methods and the mini comparison above, I find Leodex method as the best method for Exchanging tokens on Hive. Shockingly, I only discovered this due to my research on this piece.
That's the more reason why I love participating in LEO contests as they make me research more to learn more about the LEO-Ecosystem and the LEOVERSE.
This post is an entry for the HODL & LEO CONTEST For week 6 organised by @hodlcommunity @leofinance and @idiosyncratic1
@hopestylist @onos-f @mmarybello you can try to check out the contest and participate as it is both fun and enriching.
- All Designs created and edited with Canva Mobile App
- Screenshot of Leofinance frontends taken from my mobile Laptop
I AM KSAM
I may not be your favourite author, but you can journey with me to help me develop my writing skills. I am always open to criticism, correction and learning 🥰.
