In the Crypto market, exchange is crucial because we cannot swap coins without exchange. It's like we can't trade tokens without exchange and trading is another important function of any market. If you want to buy or sell the tokens, you need an exchange to perform the transaction. There are two types of exchanges and these are centralised and decentralised. Earlier we had only centralised exchanges but now things have gone to the next level as we have the options to go with decentralised exchanges as well.
Centralised exchanges are the ones where the ownership remains with some entity and they can do whatever they want because they rule on the platform. They also keep the custody with them for users' funds but in decent file exchanges, things are completely different. With these enclosed exchanges we get the power to own our crypto and we don't need to deposit our crypto on the exchange wallet. We can use our non-custodial wallet to perform trade or swap on decentralised exchange and this is why it is better because we don't lose control of our crypto.
Leodex is a decentralised multichain crypto swap protocol on the Maya chain. It's been a couple of weeks since the launch of this decentralised exchange and since then I have seen a lot of improvements and additions to the protocol. It is built by in Leo team and the team is trying to make it a fantastic platform where we get a bunch of tokens to swap with Hive and other tokens on Hive including Leo Sps, dec etc. We are getting the power to swap hive tokens with layer 1 and I think this is one of the best options that we have got through this protocol and needless to mention that it is decentralised. In Crypto World Decentralisation is the key because if we lose access to the wallet key then it is not our fun because you never know when any centralised exchange can do anything as we have seen in the past.
I have used Leo dex for the swap of multiple tokens through different chains and it works flawlessly. Now I can see some more points added to the list but these are not activated because I think the team must be working behind the scenes to enable them and maybe soon we will have them activated on the protocol. Another good thing to highlight is that they have shared on Twitter that soon they are going to add HBD also in Leodex. HBD is the decentralized stablecoin and adding this on leodex will be another great move. The team has not shared any date for the listing but I hope that this should be done in a couple of weeks and I'm super excited to see this getting added because this will give us more options to choose from.
Now we can trade points like Hive and Leo against Layer One tokens and this is great. Because this is a decentralised exchange we do need not to go through the KYC process and of course we have the self custody hence there is nothing to worry about the funds that we have because our wallet remains with us and keys are not shared with anyone. We don't need to rely on the centralised exchanges anymore because Leo deck is the solution for this one of the biggest problems and I anticipate that the team will be making it an even more stable and smooth protocol that can be used without worry and the overall user experience will also be amazing.
Leo decks is encouraging decentralisation and I think this is the key because high itself is decentralised hence whatever exchange we have should also be decentralised and now the combination is. Leo decks is a decent life exchange where tokens like hive can be traded and hive is also decentralised. With the addition of HBD, the list is going to be slightly long and I'm looking forward to seeing this update coming soon.
It's impressive to see how the Leo team has been working to build innovative solutions for the community and now with decentralised exchange they have gone to the next level. Although as of now the trading volume is low but its expected to grow a lot. This is just the beginning and soon we will have bigger volumes on the exchange because a lot of people will move away from centralised exchanges for trading. After all, this is best due to many reasons. As I mentioned I have already traded some of the tokens and also participated in testing and my experience was great hence with the addition of some more points I'm expecting the same level of user experience which may be even better I believe. If you have not tried leodex then I would suggest you visit the protocol and give it a try and you will like the experience.
Url- https://leodex.io/
Snapshots are from leodex
Thank you
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KYC restriction is likely to be a big trouble after the regulations.
LeoDex is here to rescue IMHO ✌️
glad you like leodex. tools like this will make it easier for people to come and recognize hive
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