If you believe in crypto then surely you would also be interested in riding the growth opportunity that crypto offers.
Riding the growth opportunity of crypto requires trading
When there is an opportunity to grow the networth of your portfolio you may be in the need of acquiring a particular crypto or token.
You need an exchange to trade your crypto
Whenever you need to trade your crypto you need an exchange. There are two routes for you to be able to trade or swap your crypto.
You trade via a centralized exchange
Here a user first registers with the exchange using his email and phone number. Next he needs to prepare his account for trade by way of providing his ID and other required documents.
A lot of times there is a detailed KYC (Know your customer) that needs to be completed without which the user cannot even access all the functions of the account.
This process takes a lot of time and effort.
Once the account gets created a user looks up the wallet address under his account dashboard where he can send crypto that needs to be traded.
This again requires time based on the network speed and congestion of the particular crypto that he is dealing with.
Once the crypto arrives into his wallet under his dashboard wallet only then can he trade his crypto.
Once he performs the swap or trade the swapped amount continues to stay on the exchange unless he decides to take back his crypto.
The decentralized route via leodex is a lot different
Here all that a user needs to do is connect his wallet to the leodex.io site.
Their are 3 wallets that a user can connect to leodex.io
These wallets are
- Metamask
- XDEFI
- Keystore
The beauty of swapping via leodex is that this decentralized site lets a user swap tokens across all the listed tokens of the Maya Protocol.
For perspective the Maya Protocol is a decentralized exchange and by using leodex.io a user can swap his crypto across the multipe swap pairs available under the Maya Protocol.
Right at the time of login a user can see what all networks / blockchains are supported by leodex.
These include
- Arbitrum
- Bitcoin
- Dash
- Ethereum
- Kujira
- Maya's own token Cacao
- Rune and
- Hive the native token of the hive blockchain
Leodex lets a user swap his assets across all these chains.
How leodex swaps differ from trading on a centralized exchange?
Firstly you do not send out your crypto to any exchange here. Your crypto stays in your wallet at all times and the only times it leaves for a swap is when you execute a swap.
At this stage the crypto being swapped by a user would leave his wallet and the corresponding amount of swapped crypto arrives into his wallet.
All this happens without the need to register with a centralized exchange nor requiring to do a KYC documentation procedure.
Unlike a centralized exchange where the funds remain in the custody of the centralized exchange even after completion of the swap here the swapped funds automatically arrive into your collected wallet.
This enhances the security of your funds and a user should feel confident about doing swaps on the exchange.
Leodex opens up the gateway of exchange for all hive users
Leodex.io offers a great swapping platform for anyone wanting to swap coins and tokens however it is a very big opportunity for hive users.
Currently hive and hbd do not have too many exchanges where one can trade them.
Leo makes it possible for hive users to swap their assets directly into layer one coins.
Currently the tokens on hive that can be swapped are
Hive
HBD
SPS
DEC
Thus by way of using leodex a hive user can swap his hive based assets to assets like Bitcoin, ETH etc directly without having to deal with any centralized account.
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I will take a closer look into leodex.
Thanks for the info 👍
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