A new frontier : Inleo Project creates simple swap pathway from Hive to Bitcoin on LEODEX
- Via an Arbtrum, Maya and Cacaoswap.
- The last 48 hours have been historic in Hive and Inleo history, in my humble opinion, of course. :)
- I have been waiting for the big event; the creation of the LEO-CACAO Pool on Cacaoswap!
- This is a BIG DEAL, my emphasis because it is the first time in my six years here that I was able to swap native HIVE for BITCOIN in one transaction.
- WOW!
- Again emphasis mine.
- This is amazing considering that the current path from Hive to Bitcoin is long and convoluted, but now you do not have to follow that path anymore.
GREAT! - Imagine that soon you will be able to trade Hive not just Bitcoin, but also Ether and USDT directly, and that future is amazing.
What I did today
- So today, I did the things differently:
I created a Keystore wallet
I connected this wallet to LEODEX, this connected my Hive wallet to LEODEX.io , then I went to www.wleo.io to send Leo to my keystone wallet as Arbitrum Leo.
I then used LEODEX.io and Keystone wallet to both swap Arbitrum Leo for Cacao, and deposit both Arbitrum Leo and Cacao in the Leo-Cacao-pool on Cacaoswap. My deposits in this liquidity pool create a presence of the Hive Community on cacaoswap and Maya, increasing the likely hood they will build direct swap archetecture in the future, so we can swap Hive directly, without wrapped intermediaries, but more on that later. - I performed 8 swaps and 4 deposits to learn the process and watch the prices and observe the time it took. It was fast and very cheap, the UI was simple and easy to use. It just worked. :)
- Additionally, I created three transactions swapping Hive for Bitcoin, which I didn't complete because the Bitcoin network fees were larger then I wanted to pay.
- It's important to realize that in the case of wallet swaps, you pay the asset network transaction fees, which for Bitcoin Network and Ethereum Network are pretty significant. The beauty of using Arbetrum Ether is the fees are very small, because Arbitrum is a bult to make Ethereum transactions cheap.
- Incidentally, I also used the the LEODEX Arbitrum Faucet to swap Leo for Arbertum Ether, so I had Arbitrum Ether to pay transaction fees to swap Leo from Hive for Leo on Arbitrum.
Leo-Cacao pool, this part was complicated
- Once again, I needed to read and follow the instructions carefully, but when I completed the right steps, in the right order, it all worked, smoothly and quickly.
I paid transactions fees in Cacao, which were really tiny.
I paid transaction fees in Arbitrum Ether, which were also very tiny.
I deposited LEO and CACAO in the LEO-CACAO pool on Cacaoswap
Hive to Bitcoin, this part was amazingly simple
And I set up a swap 571 Hive ($200) for Bitcoin, but $41 dollars in fees, so I didn't pull the trigger. But there it was, a Hive to Bitcoin, swap, from my Hive wallet to my Bitcoin wallet (Keystore) . The swap was real not thepretical.
And I have one thing to say... it was amazing!
My thoughts after first day.
- The LEODEX interface is simple, clean, and intuitive
- The Cacaoswap interface is also simple and clean
- The transactions were fast and except for the BItcoin network fees, they were cheap.
- The wleo.io site was incredibly swift sending my native LEO to arbitrum LEO
- The swap function and pool functions on LEODEX were very fast and the transaction tracker and Maya block explorer were just a click away, so I could track everything in real time.
- It took some time to do everything, but very fast and short transaction times.
- I realize this sounds a little bit complicated, but if you do it 12 times like I did, it starts to get intuitive, and after 20 times it was pretty clear.
- It is important to realize you would never consider 20 transactions on the Bitcoin or Ethereum network, the cost is to high. The Bitcoin network transaction fee for one transaction of Bitcoin was $41.
But on Arbitrum it was pennies and on Cacao it was pennies, so I could swap again and again for pennies.
I started with small amounts not wanting to risk my whole stack, and gradually increased the size of each transaction as the transactions went through and I learned the proper sequence of events
Questions to be answered by @khaleelkazi or @I337m45732 ??
- I think I can trade my native Leo from Hive directly to Cacao on LEODEX.io and deposit just Cacao in the Leo-Cacao pool, and the pool will apportion my deposit both Leo-Cacao, with some slippage, but incredibly simpler then what I did. This is called Assymetric Pool Deposits. Please answer @khaleelkazi or @I337m45732 ??
Shout-outs and Thank you's
- First a Shout Out to the Dev team for creating all this, great job.
- Second a Shout Out to Khal for the tutorial videos on LEODEX and for being the creative inspiration behind all this.
- Third, a shout out to Nifty for all the tutorials on the Keystone wallet, and answering my questions.
- Fourth, Shout Out to CAT @scaredycatguide , Eric @anomadsoul and Nifty @I337m45732 for answering many of the questions we all want to ask during the AMAs
- Lastly....
- The Inleo Community is an amazing source iof valuable information from Discord to Threads, Thanks @tsunsica , where I feel we can ask questions and get answers quickly, so all the community members who step up and answer questions on Threads and In Discord...Thank You.
Posted Using InLeo Alpha
Posted Using InLeo Alpha
Posted Using InLeo Alpha
I appreciate the fact that your posts are always so positive, even in the face of adversity.
This process Hive to Bitcoin, is indeed the simplest it has been in years, and it should be celebrated.
The process from Leo to Cacaoswap trading pair is a bit complicated, but for a Big Fan of Inleo like you and me, it is not insurmountable.
Thank you for explaining how you did it, this will help those of us who start this route after you.
You have saved me time, money and frustration.
I appreciate it.
Thank you
Thanks for explaining this to the rest of us.
Hopefully you will reopen @easydefi pool for the rest of us to invest in the Cacaoswap pool.
Or maybe setup an advisory service to help others invest with your guidance.
I really appreciated what you did to allow us to invest in Cubfinance and Polycub.
We made a good profit and you helped us get out before the bear market took the price of Cub and Polcub to zero.
You were a good shepard for your flock.
Thank you.
Thank you
So 41$ fee for a 200$ swap - indeed amazing, but amazingly bad.
I agree.
I didn't compete the transaction.
Good Observation and valid concern about cost.
It points out a key concept for peer to peer wallet swaps and both their safety and cost.
The cost on the Bitcoin network for that trabnsaction was $41 dollars.
We know the Hive fee is zero.
But that fee is variable, based on time of proposed transaction, but it is a very significant amount of money, so I didn't pull the trigger.
Interestingly, I created, but didn't complete transactions for 50$ worth of Hive to Bitcoin, 100$ worth of Hive to Bitcoin and 200$ worth of Hive to Bitcoin and each time it was $41 dollars, s
so since we know Hive fees are zero, the fees are all in the Bitcoin network, and for what it's worth a larger amount of Hive, like $1000 and paying $41 dollars seems more reasonable, but Hive has spoiled us with fast, free transactions.
Indeed.
BTW, thanks for voting!
Your welcome. Thank you.