Big picture suggestion - building a Thorchain interface into LeoFinance

in LeoFinance2 months ago (edited)

Yesterday I was chatting with @khaleelkazi about building a front end to Thorchain into the Leofinance website wallet's section, and he encouraged me to make this post. I thought it would be a good idea to paint the big picture, and outline why this could be a huge deal for Leo.

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Image created by @mariosfame

Big Picture:

Imagine being able to go to your Leo wallet page, and there is a tab for Thorchain. Click on that tab and you then have the following options:

  • Add WLEO / RUNE to the Liquidity Pool.
  • Interact, add/remove Liquidity from any other Thorchain pool.
  • View your positions and their performance.
  • Swap WLEO to any major crypto - BTC, ETH, BNB, Tether, LINK, or whatever you like.
  • Conduct swaps on any coin or token available on Thorchain.

It would be like building a Uniswap interface into Leofinance, but with cross chain capabilities.

The best part of this is that LeoFinance could generate a revenue stream from all the trade activity that occurs through their interface. This is because Thorchain is essentially a back end, they actively encourage groups to build a front end to their platform, and enable a customisable fee to be set, payed to the front end.

What could Leofinance do with another growing revenue stream? Advertise, build more stuff, grow leo infra into a service provider to other HIVE projects, Fund future projects, pay a dividend, buy back and burn, use revenue so Khal can Lambo up, or whatever. Not saying that the revenue would necessarily cover all this, but just think of the options.

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The path to acheive this:

  • Thorchain is building an ERC20 bridge for RUNE, so it can have a presence on ETH defi platforms.

  • Once this happens (this year I believe) we set up a WLEO/ERC20 RUNE pool on Uniswap - the goal here is to build liquidity and build Leo peoples RUNE involvement/knowledge plus also hopefully entice more Thorchain community members onto LeoFinance. Building ties and connections between the two communities.

  • Khal and his Dev team reach out to Thorchain and seek the technical information they would need to start building - apply for grants from Thorchain (yes this work could receive funding from the Thorchain dev fund).

  • Once Thorchain links to Ethereum, we plan a migration of liquidity from Uniswap to a new WLEO/native RUNE pool (instead of ERC20 RUNE). This is because the native RUNE is the backbone of Thorchain, and this is what would power all the functionality outlined above. The ERC20 RUNE won't have the same power in the long run.

  • Launch the live product, built in to the LEO wallet.

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Why not build a new site/dex.

The Leofinance project has got the community onboard, in a big way, to build up the www.leofinance.io website. We have all seen the excitement at watching our Alexa ranking grow, plus the ad revenue and other metrics. Building a whole new site for the exchange would require starting that process again. A unique selling feature for LEO would become trhe powerful wallet integration and capabilities. Blog, earn, and swap your earnings into whatever Crypto you like, on a truly decentralized exchange.

You could come and build a LEO income, and easily swap it to Monero - XMR, (Thorchain has it in their plans to bridge Monero next year) or BTC, or DOT, or ETH, or other ERC20 tokens, or RUNE or whatever.

The other websites in LeoFinance are showing that maintaining and growing multiple different websites can be challenging. LeoDex is good, and will get better over time, but it's growth is limited by HIVE's growth, and that is, well... Uncertain lets say. Similarly HiveStats is a niche offering that no-one outside of HIVE will use. Great site, but is there potential for exponential growth? LeoPedia is great, but I think it needs a community member to be given a role running it and bulding it, potential, but needs more attention that probably is better of elsewhere at the moment. LeoFinance.io is it, the jewel in the crown, and the more that gets built on to it, the better as far as I see it.

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Think big!

LeoFinance, as I see it, isn't a project with modest ambitions. It is a huge project, hundreds of thousands of users, tentacles spread throughout crypto - in the making. With a Twitter integration coming soon, and a new micro-blogging site in the works, plus all the other great things on the road-map, it is building up a huge amount of momentum. Having a front-end and wallet inbuilt to access deep liquidity across multiple chains is another big project, but possible and realistic.

I hope you enjoyed this, feel free to join in the comments, let me (and more importantly @khaleelkazi) know what you think.

Check these posts to learn more about Thorchain and the RUNE token:

Cheers,

JK.

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Post Dividers and footer courtesy of @barge aka @krunkypuram

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The vision laid down here is as big as one with dream of reaching. RUNE is a successful project and the community from here encouraged its members to buy into it as it was very promising. And that provided the expected results and we see RUNE rise. Hopefully this proposal will get approved and the LEO Finance team will add it to the backlog and adhere to implement it.

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I'm pretty sure Khal is keen, (he loves Rune also) its probably more dependent on his devs and the technical side of building an integration. Plus Thorchain is still a work in progress, so there is a lot still to happen before all this is possible.

But I'm optimistic that all this could happen in time.

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Thorchain will obviously be the centerpiece of all cross-chain integration involving the Leo ecosystem. I think trustless cross-chain interactions are the holy grail when it comes to growing the network effect of the entire crypto space by orders of magnitude. To be involved in that from the early days bodes well for the Leo ecosystem.

Your suggestion to build a DEX that uses Thorchain and generates revenue from the fees makes perfect sense. How you're going to distribute the revenue is up to you. The Leo ecosystem is powered by LEO, which would make it a sensible thing to do to partly spend the revenue on buying back and burning the token. If the user base of Thorchain can be trained to use that DEX from early on, that early mover advantage could greatly boost a lot of things including ad revenue going forward. So yes, the DEX idea makes a ton of sense!

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Early mover advantage is a big thing. Other implementations could also work, but I'm of the opinion that Thorchain is going to be a massive defi player, and the project most likely to challenge uniswap for defi dominance.

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That would be awesome for peeps like me that have limited access to RUNE. I could play between Balancer & Thorchain, or like you said, anything else I wanted. Always another destination out there on the horizon.

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Opens up a whole range of options, and as importantly would make leofinance an even more exciting and attractive place to be.

I'm delighted to watch Balancer continue to recover for you mate, was a bit worried there for a little bit, but its come good.

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Hehe. Thanks. I hope whoever pulled their 4 Mil out of the pool found at least an equal opportunity. 😁

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Instead of having a DEX and trying to get a comunity behind it for the governance (as Uni is doing it at the moment) the reverse way - having a community that is building and owning a DEX looks like a promising approach. One of the major values in a place like leo ist the trust between community mebers that is arising from daily interactions. This is a human value that is absent in the interaction with a smart contract. In the future this will help alot in selling (investing, participating, owning as you like) any kind of product. At the end humans will decide and need to be treated like humans, not like smart contracts...trustless or not.

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We have a rock solid community, thats for sure. It's a pretty unique place here where everyone is incentivised to help the place grow.

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I know this is easier said than done, but...

JUST DO IT , YES!

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@khaleelkazi told me his devs can build anything. This could be a challenge.

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Anything, brilliant!

I've always wanted a Tardis.

@kaleelkhazi - get the Devs on it!

P.S. I've also always wanted my own Dragon, so if have the devs install a dragon detector in said Tardis (as I understand it they don't come as standard-fit) that'd be sweet!

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These are certainly grand visions and can see it being put in to practice with an active and engaged community. Hard to tell what's going to happen to HIVE at this point, seems to have gone a bit stale ever since the launch? I've heard a few good things about RUNE and it seems to be making big inroads in to becoming a DeFi contender to Uniswap. Although I'm still trying to wrap my own head around swapping, there's certainly a bright future ahead for it.

What does holding the RUNE token actually give you though? Any returns? Do you need to download a wallet to stake it? Do you have any more info?

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The RUNE tokens intended use is to be added to an LP, paired with another token, or used by the node operators as bond for their nodes. Just Holding it does not generate income, its a speculative pursuit only. RUNE itself is currently a Binance chain token (Bep2) but will very soon be migrating to being a native token on Thorchain, with a Rune bep2 and a Rune Erc20 bridged (wrapped) version.

If you look back through my blog you can find a number of Thorchain and Rune posts.

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Thanks a lot for getting back to me, appreciate that info about RUNE and you helped make my mind up with the quick summary. I'll probably leave this one as I'm a fan of generating the passive income through holding/staking but good luck to you, sounds like you've done a lot of research on this one!

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Mind-blowing stuff, but if it's leofinance everything is possible! The wallet You described is just dreamy!

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Dreamy indeed, but the best bit is this dream could come true. Anything seems possible on LeoFinance at the moment. But I have no idea how to code, so its up to Khal and his devs to assess if this really is possible, and something that they want to pursue.

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Yeah me neither, coding to such extend is out of the question. It might be possible but i guess requires tons of work and the schedule seems overloaded. But as you said, "it's leofinance, anything is possible"!

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This is next level stuff and sounds amazing. Something like this would increase wLEO use case a bunch and word would spread quicker.

Excellent idea and share JK

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Thanks Eddie, sometimes as you know, you've gotta dream big. I'm sure @eddie-earner could find a way to make 12% return in this setup.

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It sure seems that LeoFinance is out growing Hive. I love that it’s not a limiting factor, rather, it’s a catalyst for growth and out of the box thinking! Way to think big!

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holy mama! what a great idea! I would love to check how my RUNEs are doing from Leo (thanks to you and LeoFinance I bought some RUNEs... sweet!)

If khal can pull this off, then LEO, Hive, Eth, Bitcoin, BNB, ERC-20s... are all connected!!

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Yup, would make Leofinance the ultimate cross chain community site.

Enjoy your RUNE, are you holding long term, looking to get it into the LPs, or making a short term play?

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Definitely long term and probably stake half of it. Not good at trading, a hodler type. lol

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I'm 100% onboard with this. If you can offer to swap these crypto with HIVE and other HIVE-Engine tokens as well, there is a chance we can get funding from HIVE DAO. It can have tremendous benefit to HIVE-Engine if more people start trading the tokens we have there.

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Native HIVE support could take a while. The technical side of linking Thorchain to other chains takes a bit of work, so they are concentrating on the major chains for now. The path to integration will be much easier for ERC20 tokens so a solid effort to breath some life into WHIVE would be the quickest way to bring this about. Does the broader Hive community (beyond LEO) have the willpower to make something like this happen?

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WHIVE is being developed and I'm hoping that we will release first public testnet in early December.

That's awesome, my other suggestion to Khal was to incentivise a WLEO/WHIVE pool to help drive WHIVE adoption. I'm really looking forward to seeing how WHIVE develops and how much support it gets from the HIVE establishment. Keep us updated.

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I'm totally pinging them now!

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Sweet, I put this out to get Khal some feedback, seems the lions are onboard.

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plus add a referral program with customizable landing pages on top, which makes it even more interesting to market to outsiders. anyhow, great ideas!!

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I know we have chatted about this before. I have some optimism that some of these ideas could happen. Referrals and customised landing pages would be amazing. The fees for swaps can be set by the front end, a cut of that could be passed on through a referal program. I hope Khal is taking notes...

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Hope he's taking notes too. I can imagine some insane potential here...

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I think that would be cool, especially with ETH being so pricy if you can leverage rune and BNB chain you can switch between assets pretty quickly and if you're in the LP pools others can benefit from making sure users can get in and out.

Opening up flows of capital is important, yes some will flow our and some will flow in and that's the nature of the beast

Giving people the flexibility to interact with LEO on the chain and service they like is an awesome idea.

I see tBridge is launching on TRON that allows you to wrap ERC-20s on there chain too.

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It'd be great to see WLEO front and center as the next wave of DEXs (like Thorchain) scale up.

I'll have to look in to tBridge, I must admit I've payed little attention to TRON for a while.

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I fully support this idea, as I believe that the future of cryptocurrencies lies in the success of cross-chain transactions.

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Cross chain is the future. The entire crypto movement will benefit alot more by working together and building bridges, than by squabling about who is better.

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It's all about building the bridges between different crypto communities. There's no legit reason to adopt tribalism instead of colaboration. The more connected we are, the more we worth.

Great idea :D

Best thing for Leo is to build all these bridges between us and the wider crypto community.

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That looks good.
And even the ease of swapping is also of great idea

You could come and build a LEO income, and easily swap it to Monero - XMR, (Thorchain has it in their plans to bridge Monero next year) or BTC, or DOT, or ETH, or other ERC20 tokens, or RUNE or whatever.

Such an advancement brings a new path for the future of LEO. Believe in me guys, we cannot even imagine the price of LEO 😍

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That would be absolutely amazing. I fully support the effort! Other than that I can't help much. lol.

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I don’t know anything about that project to make an informed comment on it, but I love seeing all of the cross chain integration going on!

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Having a rune / Leo pool would be awesome! I hope it becomes reality. A rune wallet would open many doors for active Leo. Just like wLeo can open! Nice!

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I know I haven't been here long but I vote yes. I think it's a great idea. LEOfinance is growing so fast the potential is endless.

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Damn, you guys are insane!! and just like that Leo to $10.

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That would be a big thing and would allow many of us interact better with the $RUNE project. Soon, LeoFinance would live out its essence to have a representation of everything crypto. Thanks for getting us schooled with the Thorchain growth.

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Great news and idea !!!

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Big Brain Idea right here! Can't wait.

LEO to $1, $5, and than $10 after that we shall see.

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