Leodex is no longer an L2 DEX interface on Hive. It is the newest non-custodial decentralized exchange that allows users to swap native Layer 1 tokens (or coins) in various blockchains through Maya Protocol. The interface enables us (Hive users) to swap LEO or HIVE for off-chain (non-Hive) native tokens like BTC, RUNE, CACAO, and other crypto assets and stablecoins on networks like Ethereum, THORChain, Arbitrum, etc.
In addition, it also allows users to deposit their assets or provide liquidity to any of the Maya liquidity pools like the LEO/CACAO, RUNE/CACAO, BTC/CACAO, and DASH/CACAO to name a few. You can find the available pools here with their current APRs.
At the time of this writing and in the current prices, the LEO/CACAO pool is growing and is ranked 12th. That's a good start considering the DEX is just a week old. I bet the liquidity in this pool will get deeper as more will be added.
Leodex is now among the 10 DEXes on Maya and it's good to see that it is being tested and utilized by some users already. It is now slowly inching up the leaderboard.
These numbers in terms of swap fees, volume, and swap count may seem small for some people, but these will surely grow over time as more discover and use the exchange.
Anyway, after my successful test swaps last week, I decided to check out the other features and test them too - adding liquidity to the LEO/CACAO pool since I have some idle arbLEO and CACAO on my wallet (plus arb ETH for the gas fees).
The process was simple. 1️⃣ Click on the "Deposit" on the menu, then 2️⃣ select the asset (token) that you want to pool (in this test, I chose LEO). The default pair is CACAO. 3️⃣ Type the amount you wish to add and the corresponding amount of CACAO will be automatically calculated. 4️⃣ After reviewing, click "Deposit Liquidity" and approve the transaction in your wallet.
The transaction was "pending" on the tracker but was confirmed after a few minutes. At least I didn't have to wait long to see if it was a success. It was also nice that I did not encounter any bugs or errors during the process. I plan to add occasionally to this pool as I accumulate LEO.
Meanwhile, I'm yet to try swapping HIVE for L1 tokens after my first attempt last time. It turned out that the amount I tried to swap (10 HIVE) was too small for the transaction to process so it was returned to my HE wallet (Swap.HIVE). It would be nice if the minimum amount will be indicated on the swap page. Maybe they are working on it.
But yes, with Leodex, we now have a decentralized channel to offramp our Hive assets (or even get funds into our Hive wallets) instead of going through centralized exchanges. With this, I no longer worry if Binance gets blocked in my country.
Photos and screenshots linked directly to their sources on Leodex and Maya. No copyright infringement intended. 22042024/20:56ph