Swapping WHIVE around
Recently @fblso introduced wrapped HIVE on Ethereum. You can read the details in het post here: . I'm still stumbling around the whole concept of DEFI and decided to give WHIVE a try.
The proces is a simple as sending some HIVE to @wrapped-hive and providing a ethereum address in the memo.
I used a MetaMask-address for this, because MetaMask is easy to connect to Uniswap, so that I could swap the WHIVE I got to, well, whatever I would think of. As the precise fee for wrapping in HIVE in WHIVE on the Ethereum chain is not known till the moment of the actual wrapping, the protocol holds a little of the amount you want to wrap in reserve to account for the fees. The surplus is returned to your HIVE-wallet. In my case I got a little over 9 HIVE returned a and ended up with a little over 230 WHIVE. So the wrapping cost me a little less then 11 HIVE.
Now, what to do with the WHIVE? I'm not sure what the use-case for WHIVE is supposed to be. I considered swapping it to DAI or to WBTC, but in the end decided to swap it to plain Ethereum. That's easy enough to do in Uniswap. By going to this address:
https://app.uniswap.org/#/swap?inputCurrency=0x11d147e8d39f59af00e159c4b1fe3a31d58a2c66
I first had to 'approve' the WHIVE and after that I could, swap it to ETH.
Then I sent the ETH to Bitvavo and converted into Bitcoin.
That Bittcoin I then sent to Bittrex. Perhaps I could have sent the ETH to Bittrex rightaway, but their website says you have to already hold 0,05 ETH there before you can make a deposit. So I took the detour via Bitvavo as they have no such requirements.
Sadly Bitvavo does not trade HIVE, so I sent the Bitcoin to Bittrex and used it to... yes, buy HIVE again.
As you can see, I ended up with a little over 259 HIVE. That's almost 7.5% profit. I guess, I was lucky that this morning WHIVE traded at $0.30. That's 20% over the price over 'normal' HIVE, so I actually lost quite a lot of the initial profit in moving the ETH around and trading it to Bitcoin and then HIVE. In hindsight I should have waited a few hours and then swap the ETH back to WHIVE.
O well, this only confirms what I already knew: I suck at trading :-)
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