Yesterday was an interesting day for me as I was trading in the market. I woke up to the price of Hive pumping and was excited to see what opportunities it would bring.
As I was checking the prices, I noticed that the price of HBDon Binance Smart Chain (BHBD) had also pumped, creating an arbitrage opportunity.
For those who may not be familiar with the term, arbitrage is when you take advantage of a price difference between two different markets. In this case, the price of HBD on the Hive internal market was different from the price of BHBD on Binance Smart Chain,….
….and I saw an opportunity to make a profit by buying HBD on the Hive internal market, selling it on Binance Smart Chain, and then buying Hive back with the profit.
To execute this trade, I needed a bridge to connect the two markets, and that's where the Leofinance multi-token bridge came in. The Leofinance bridge allows for the seamless transfer of tokens between the Hive and Binance Smart Chain ecosystems, and it's an important tool for the Hive community….
……Not only does it help to create arbitrage opportunities like the one I took advantage of yesterday, but it also helps to stabilize the price of HBD.
I was able to make around $80 from this trade, but it wasn't easy. The process of buying HBD on the Hive internal market, withdrawing it to Binance Smart Chain as BHBD, selling it for BUSD, and buying Hive back with the profit was tedious and took a lot of patience and concentration.
Given more capital I would have made more, but but I had to repeat the process over and over with what I had to maximize my profits.
The Hive ecosystem is constantly growing and evolving, and tools like the Leofinance multi-token bridge play a crucial role in helping to make the Hive token more accessible to a wider audience.
By providing a seamless connection between the Hive and Binance Smart Chain ecosystems, the bridge helps to increase the liquidity of the Hive token and creates more opportunities for traders like myself to take advantage of.
Yesterday was an exciting day for me as a trader, and I was able to make a decent profit by taking advantage of an arbitrage opportunity created by the pump in the Hive and BHBD prices.
The Leofinance multi-token bridge played a crucial role in making this trade possible, and it's an important tool for the Hive community as it helps to create arbitrage opportunities and stabilize the price of HBD. The process was tedious, but I liked it and I'm always looking for new opportunities to grow my Hive stack.
So now that I’m around $80 richer. The next level of action is entering the market back at $0.45 if it ever gets there.
How was the pump for you yesterday?
Thanks for reading.