Posts

My First Experiences Using LeoDex

avatar of @magnacarta
25
GHAWG ๐Ÿ๏ธ
@magnacarta
ยท
ยท
0 views
ยท
7 min read

In late April 2021 I signed up for a Hive account. In June 2021 I began posting at LeoFinance, and I haven't turned back. Along the way I had earned other Layer 2 tokens, namely POB and CENT. I wasn't sure when it would happen, but I knew the day was coming when I would need to visit the DEX to trade one kind of token for another. That day came this week, so these are my first experiences using LeoDex.

Cover Image: Screen capture from LeoDex. Banner text made with HTML and CSS. Edits made using MS Paint.

Background

Discovering Layer 2

Along the way I discovered the power of Layer 2 when I was earning both HIVE and LEO. Then I discovered how I can earn other Layer 2 token by using certain tags. Before I knew it, my Layer 2 earnings were greater than my HIVE earnings. Because of the nature of my content, most of my earnings were in LEO and POB with some CENT tokens. Depending on the topic of the post, I would use other tags as needed.

Not Free from RC Jail or RC Blowout

Although RC Blowout has become a distant memory, I found a way to blow through close to 250 HP's worth of Resource Credits in less than one month. With my Resource Credits down to 1.68%, I found myself beack in RC Jail at the start of October 2021. By 8 October 2021 my RCs were back at 100.00%. Since then I've been looking for quick ways to boost both my liquid HIVE and my HP. Then it occurred to me to hit the DEX.

Looking for Help

Normally I do most of my wallet activity using Hive Engine, so I was going to acces the DEX via Hive Engine. When I read a comment by @jfrang003 letting @esmeesmith know that LeoDex fees were 0.25% rather than the 1.00% charged by Hive Engine, I switched to LeoDex.

The First Trade

After looking for a basic guide to using LeoDex, I decided to use the post "LeoDex: How To Swap" written by @readthisplease.

To minimize my risk in case I made a mistake, I chose to trade 0.018 WINE I had in my wallet for SWAP.HIVE. Due to circumstances which still remain a mystery to me, WINE had been replaced with WINEX. If I'm going to experiment with LeoDex, 0.018 WINE gave me the perfect opportunity.

The Trade itself

  1. I located WINE on the drop-down list (similar to the one in the cover image).
  2. I went to the SELL {WINE} section of the page.
  3. Where the LIMIT and MARKET buttons are located, I selected MARKET.
  4. In the QUANTITY field I entered the value 0.018.
    • At that moment, 0.018 WINE had a TOTAL value of 0.00003780 HIVE.
  5. I clicked the red SELL button.

When I refreshed the page, I had 0.00003780 SWAP.HIVE in my wallet. I had executed my first trade anywhere, and I made it using LeoDex.

A Lesson Learned

I was in the habit of claiming rewards as soon as I discovered them, and that habit carried over to the SWAP.HIVE I wanted to convert to HIVE. I didn't see where I could do this, so I went to that day's edition of Daily Crypto Markets Live Blog seeking help. @finguru was kind enough to explain that the WITHDRAW button places the SWAP.HIVE in my wallet.

That was it? That was it. So I did it. Then I scratched my head.

The 0.00003780 SWAP.HIVE I had had become 0.00003779 SWAP.HIVE. That's not what I was expecting.

Since HIVE is normally expressed to 3 decimal places, "@"finguru explained that the smallest amount of HIVE I could WITHDRAW was 0.001 HIVE. That made sense. So effectively nothing happened due to that limitation.

A Pit Stop at My D.Buzz Account

The account I set up for using D.Buzz (@magnacarta.buzz) has minimal earnings, but I didn't set it up for earnings. Among the earnings were various Layer 2 Tokens. With the exception of engagement tokens, I used LeoDex to trade whatever Layer 2 tokens I had to SWAP.HIVE before sending that SWAP.HIVE to my main account. Whatever Layer 2 tokens I had staked there I unstaked; this means I'll be making numerous trips to clear out the wallet there.

After I sent SWAP.HIVE from my D.Buzz account to my main account, I repeated the process at my main account.

A Flurry of Trades to SWAP.HIVE

Whatever liquid tokens I had from unstaking operations had been traded for SWAP.HIVE. Whatever other liquid tokens I had I traded for SWAP.HIVE (even the 0.93+ WEED I was accumulating in my wallet). Now that I shifted my focus to accumulating HIVE, I cancelled most delegations I made using Layer 2 tokens; those made using LEO and POB stayed. Liquid tokens I had received as drips from delegations ended up getting traded.

Due to the mysterious nature of the 84.64548727 WAIV which appeared in my wallet without a trace, I held on to it. Maybe it's for an airdrop? I don't know. If that's the case, I'll trade the WAIV for SWAP.HIVE then.

The Disappointment

With all the Layer 2 tokens I had-- between 2 accounts, no less!-- I was expecting to have 3 SWAP.HIVE or more ready to be writhdrawn.

Sadly, I was mistaken. I had less than 1 SWAP.HIVE. All of those Layer 2 tokens yielded me less than 1 SWAP.HIVE. Most disappointing.

A Few More Trades: Questionable, or Controversial?

Given that many things are happening with Hive-- not just projects close to coming online but also pump-and-dumps from our favorite South Koreans-- I wanted to be able to take advantage of the opportunities to swap out my most of my Layer 2 tokens to HIVE.

When I saw how disappointing my trades were, I considered unstaking 100 POB to swap it for HIVE. I still would have had over 321 POB staked, but it would have taken a while for the 100 POB to be unstaked. Also, the unstaking would have had to complete without interruption. At worst, I would have had to wait several weeks to unstake all 421+ POB before staking POB again.

With the limited trading knowledge I had to go with limited resources, I held off on pulling the trigger on that POB trade. I didn't want to wait, so I decided to use whatever POB rewards I would receive going forward instead.

I wasn't going to unstake any LEO, but I also wanted to make decent-sized trades of LEO for SWAP-HIVE. I will still stake LEO, but occasionally a bit of LEO will end up as SWAP.HIVE.

I decided to trade a bit of liquid POB for SWAP.HIVE. It helped a bit, but not enough.

I ended up trading enough LEO to bring the SWAP.HIVE to over 1.000.

Once the SWAP.HIVE crossed the 1.000 milestone, I hit the WITHDRAW button to claim it as HIVE.

Accounting for LeoDex fees, 1.054 HIVE ended up in my main account.

More Withdrawals from LeoDex

I still receive drips or dividends I've been receiving from delegated LEO and delegated POB. I also have a number of unstaking operations in progress, so periodically I get back liquid Layer 2 tokens. When I see these liquid tokens, I use LeoDex to trade them for SWAP.Hive.

My second withdrawal from LeoDex ended up being for 1.584 HIVE. That was earlier in the week.

Last night I ended up withdrawing 1.058 HIVE from LeoDex.

Near-Term Future Trades for SWAP.HIVE

If the exchange rate between HIVE and HBD makes sense, I will trade HBD for HIVE. I'm not a trader, nor do I play one on TV, nor did I stay at a Holiday Inn Express last night; therefore, I am the wrong person to ask when such a trade makes sense.

However, the South Koreans have been more active than usual with their pump-and-dumps, so I expect to be able to swap HBD for HIVE at some point over the next 2 months.

Taking My Trading to Another Level

With help from several people, I was able to sell Layer 2 tokens.

At some point I'll need to learn how to buy Layer 2 tokens (especially if I go for the more accessible of the 16+ Splinterlands tokens out there)

That experience should give me the knowledge I need to tade for any of the SWAP.* category of tokens. SWAP.BTC is pegged to Bitcoin, SWAP.ETH is pegged to Ethereum, SWAP.DOGE is pegged to Dogecoin, etc.

The idea is to make small trades back and forth between HIVE/SWAP.HIVE and the SWAP.* tokens. If it works out well, I can accumulate both HIVE and a decent stack of SWAP.*. If it work out very well, I'll need to learn how to cash out for local currency.

Just My Two Sats

It was bound to happen sooner or later, but I've moved into trading. At the moment I'm trading at a small scale. A very small scale. I have to start somewhere, it may as well be when I don't have much to lose.

Once I figure out the mechanics of buying as well as selling, and I can exploit unique qualities of LeoDex, Hive Engine, and Tribaldex, I'll need at least a basic understanding of support and resistance trading strategy for Technical Analysis.

With that knowledge in hand, I can figure out how to make a small bit of SWAP.BTC into a bigger amount of SWAP.BTC, and do likewise for other SWAP.* tokens.

โ— If you liked this post, please give it an upvote.

โ— Please reblog or re-Hive this post if you found it useful.

โ— If there are corrections or clarifications I need to make concerning post content, let me know in a comment so I can update the post and give you credit for the correction.

โ— As I am neither a cetrified professional accountant nor a licensed broker, posts concerning cryptocurrency, commodities, securities, and money are presented for informational purposes only; DYOR.

|

 
 
</center> 
 
 
 | 
| ---------- | 
| <i>โ— Although I've learned a lot about Hive and its ecosystem of dApps, there's much more I don't know.  Where can Hivers new and old learn more?  Visit [TheTerminal](https://ecency.com/created/hive-101265) for FAQs, tips, references, and terrific how-to content.<br /><br />โ— If your voting power is beneath dusting threshold, follow and use @dustsweeper and @dustbunny to boost your voting power.  Authors you upvote will be glad you did, and you'll be happy to start claiming curation rewards.</i> | 
 
| _ 
<center> 
 
 
 
~~~~~ About @magnacarta ~~~~~ 
 
 
</center> 
 
 
_ | 
| --- | 
| _My main focus is cryptocurrencies from a number of angles (educational, commentary, observations, even pop culture).  A secondary focus is sharing my discoveries about the world of Hive Social.<br /> <br />Most of my posts can be found at these two locations:<br />โ— <b>LeoFinance</b> : [https://leofinance.io/@magnacarta](https://leofinance.io/@magnacarta) <br />โ— <b>Proof of Brain</b> : [https://proofofbrain.io/@magnacarta](https://proofofbrain.io/@magnacarta) <br /><br />Follow me at this [D.Buzz-only](https://blog.d.buzz/#/@magnacarta.buzz) account :<br />โ— <b>D.Buzz</b> : <a href="https://blog.d.buzz/#/@magnacarta.buzz"> https://blog.d.buzz/#/@magnacarta.buzz</a>-- note the ".buzz" at the end!<br /><br /> I also expect [Festivus](https://festivusweb.com/index.php) to take off in popularity in the coming years._ | 
 
Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@magnacarta/my-first-experiences-using-leodex)