Buying HIVE with RUNE Using LeoDex
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Yesterday, the LEO team published a post where they announced and described step-by-step their integration of inbound transactions from Maya-listed tokens to HIVE, as well as the integration of xDefi wallet to LeoDex, for those waiting for it.
I decided to go through the process myself. Instead of connecting with xDefi, I preferred keystore, because xDefi still doesn't have support for Firefox, which is my primary browser (why use the same browsers as everyone else, right? 😄 ).
The first and probably the only difference between using Keystore and xDefi as the connection method for this process was that with Keystore, you don't have an additional confirmation window at the beginning of the process, to swap RUNE to LEO. Once you hit Swap Tokens, the process starts, without an additional confirmation window.
I don't know if that's good or not for you. It's something to be mindful of if you use Keystore and are used to having an additional confirmation popup. That doesn't come, the transaction is executed right away.
For the number of interactions needed to swap from an L1 coin supported on Maya (in our case, RUNE), and L1 HIVE, it's one less with a Keystore than with an xDefi wallet.
[ADDED] Important Note: Make sure you have enough ETH on Arbitrum for fees or the process won't work and you'll get stuck with Arbitrum LEO until you have ETH to pay for the fees! I suggest you use the "Arbitrum Gas Faucet" like in the image below (you need 60 LEO on your Hive-Engine account for that).
https://img.inleo.io/DQmdLERPkdViXZLRrNMbrydTwQR8eSuhTW2Ue9hZY77gePX/image.png
So, let's see what I did. First of all, I checked the dollar prices of RUNE and HIVE and wanted to see what the ratio was. RUNE was 5 USD, HIVE was 0.3188 USD (both on CMC), so the ratio was 1 RUNE = 15.683814304 HIVE via the dollar amounts.
Let's see what a swap via LeoDex would have given me.
The dollar price of 1 RUNE is slightly above, $5.02, but maybe it just fluctuated a bit between the two moments. But check out how much dollar-worth of HIVE it would give me: $5.13 (or 15.99+ HIVE). Yep, 11 cents more. Yep, that happens through rebalancing of the LEO-CACAO and/or SWAP.HIVE-LEO pools.
I continued with the swap, not for the extra HIVE (although I didn't mind), but because I wanted to see the full process.
I loved that now you could see every step of the transaction between the source and the destination coins.
This is how it started. I didn't catch the first step because it executed too quickly.
The second step took some seconds, but I didn't count... Up until now, there was no need for interaction on my side.
The third step means unwrapping Arbitrum LEO as LEO on Hive-Engine. Again, I had nothing to do but wait for a few seconds.
Now is when Hive Keychain enters the picture. First, we need to confirm the swap between LEO and SWAP.HIVE. It will wait until you confirm it...
I'm curious about what happens if you cancel the transaction at this point (by mistake?), after all these steps. Will the process backtrack until the source coins, or will you need to contact support? #feedback I don't suggest trying this except at your own risk, because there are fees involved and you will probably end up with lower amounts at the end.
Again, we need Keychain confirmation when converting SWAP.HIVE to HIVE.
And finally, here's what I received, after all the steps, confirmations, and fees:
That's even better than the initial estimation of 15.997 HIVE. Of course, no one says things can't go the other way around, and you get less than the initial estimation.
Overall, it was a relaxed process. I'd say it was easier than using a CEX (although I haven't used one in a long time), provided that you already had the source coins (and not fiat).
Going forward, what is even more important than iterating on the current process (although SPS, DEC, and HBD will be great additions), is to make sure it remains stable and doesn't go haywire with time, for whatever reason.
Want to check out my collection of posts?
It's a good way to pick what interests you.
Posted Using InLeo Alpha
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