Would the hive keychain zero fee token swap be a gamechanger for web 3.0?

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Let us take Hive Keychain swap for a test drive

The blockchain world knows hive as a zero fee and a super fee blockchain that lets users transfer tokens like hive, HBD or any layer 2 tokens from one wallet to another without any fee.

We still need a DEX to transfer the layer 2 tokens

The user and developer friendly Hive blockchain has been a popular platform for developers and as a result one can see so many communities, games and dapp being built over the native hive blockchain. This has also led to the rise of a number of layer 2 tokens corresponding to the various games, communities and the dapps built on the hive blockchain.

This creates the need for a dex or a decentralized exchange.
Since not all the project tokens are listed on external exchanges, one needs an internal decentralized exchange or a DEX to carry out a trade between the layer two tokens.
So a user can visit the DEX and carry out a trade.

The hive keychain swap advantage

A large number of users use the Hive keychain to manage the keys and login to their favorite hive frontend.
From within the hive keychain interface a user can also check the balance of the various tokens he holds in the wallet.

How cool would it be if a user could
A direct swap between HBD to Hive can make life easy for a lot of us.
In addition using hive keychain swap one would be able to choose the best transaction from a list of available providers.

That wish of being able to swap one token from another with the hive keychain is being realized by the hive keychain team.

Hive keychain swap is still in beta

This is a feature that is in the beta stage and needs to be tested out fully before it can be incorporated into the hive keychain app.

To Test the swap feature we would first export our wallet credentials from our installed Hive Keychain Extension.

For this we need to go to
Hive Keychain >(click the 3 horizontal line menu on top right) Settings> Accounts > Export
This would export the hive keychain wallet associated with our hive wallet.
Next we need to disable or toggle your hive keychain wallet extension.

Next download the Keychain Beta extension from google chrome web store.

Next using the same password that you are using in your hive keychain wallet you need to import the wallet.

source : Keychain Beta wallet

Once logged in we need to import the wallet keys

source : Keychain Beta wallet

We need to import the account.kc file that we had exported earlier.

Once logged in the familiar hive keychain wallet appears.
Click on the swap option

source : Keychain Beta wallet

The swap option is very intuitive and one can select the token you want to swap in the top drop down menu.

From the lower drop down menu one can select the token that we want to receive.

source : Keychain Beta wallet

I selected the HBD to Hive pair for conversion.

source : Keychain Beta wallet

The point to be noted is that this is showing a zero fee for carrying out the trade.
However another thing to note is the advanced parameters.
If I select that I see that it shows a 5% slippage.

source : Keychain Beta wallet

To test the service I tried to convert 1 HBD to Hive

source : Keychain Beta wallet

The swap ration was 1 HBD = 3.348 Hive
The transaction went through in a jiffy and I did not experience any slippage in the transaction.

On that note a shout out to the team
@stoodkev : CEO - Witness

@cedricguillas : CTO - Witness

@theghost1980 : Front-end Developer

@manuphotos : Community Manager

@yabapmatt : Advisor - Witness

In case you want to reach out to the team regarding a swap related issue then one can do so by reaching out to them on their discord

Final thoughts

This swap feature is working smoothly and I had no issue in carrying out the swap.
The fee is zero and speed is very fast.
Based on my experience I am encouraged to try out this service further.

Feel free to try it out however do small swaps to begin with as the service is still in beta.
Such services reinforces the faith of users in the hive blockchain and makes carrying out these swap a fast and easy process.

The idea of a zero fee swap on hive can be a revolution that can give all the decentralized services a tough competition and make things a lot easier for the users of hive keychain.

It would also increase the use case of the Hive keychain and surely give its user base a positive boost.

Posted Using LeoFinance Alpha