Leofinance is a finance based community on Hive. There are many protocol, smart contracts, projects and policies which are built on the leofinance forming an ecosystem known as LeoVerse. One of the beloved and special protocol on Leofinance is called LeoDex. Let explore it fully.
LeoDex is a dedicated decentralized exchange platform on Leofinance and Hive. As a decentralized platform, it provides a market space to trade crypto currencies without intermediaries. There is no central authority to oversee the transactions rather its a smart contract on whose conditions are met, transactions will be initiated and completed.
LeoDex promotes Privacy as the identities of the parties and data are protected and not collected in the form of KYC of Centralized exchanges of the government and traditional financial bodies.
As an open source software, it can be forked into other transaction protocols and function properly. There is no set rules in the form of Automated market Marker of some exchange platforms but the smart contracts handles that role effectively.
Main Characteristics of LeoDex.
Decentralized Platform: There is no known third party during transactions. The transactions are completed effectively when the conditions are met without any intermediaries.
Non-Custodial: The token and Fund are still in the care of the owner before and after the trade. LeoDex does not hold the fund or token in trust for the parties.
User's Control: The decision and risks are shouldered by the parties as their private key which is used for authorization and signing of transaction are absolutely in the control.
-Liquidity: LeoDex powered by the richest communities on Hive have a robust liquidities provided. Also, there is a liquid pool with great interest for the providers which is unlikely with other dexs where there is lower liquidities when compared with centralized exchanges.
Privacy, Transaction can be carried out with the identities provided unlike what is seen on centralized exchange like binance, **coinbase etc which the central authority demands the personal data of the users via KYC model and sensitive information can be leaked to the public domain. But, on LeoDex, the personal data are not necessary and vital before and after the transaction is completed.
There is no Censorship board.
without an intermediaries, LeoDex can carry out transaction completely but in centralized exchanges, The central board of directors serves as intermediaries and authority over transactions. During the operation, the authorities acts as "board" With vested power to reject or querry into the parties.Security: As decentralized and Non-custodial, Leodex is very secure as the manipulation of third parties which might be dishonest have been removed.
Features on LeoDex.
On LeoDex, There are many kinds of transactions that are possible. One can buy, sell, Swap, and check real-time market prices and values of several token on Hive Blockchain. Lets explore some but our attention will focus on buying Leo token from the Leodex with Hive token. In these steps, we can achieve it practically.
STEP ONE
To trade on Leodex, Hive needed to be swapped into swap.hive and it can be achieve by sending the needed hive to the Leodex. So simple and easy act.
On the picture above, 11.42 hive was sent to leodex and sign of transaction was completed.
STEP TWO
LeoDex platform was launched and on the platform, user required to login with username on Hive keychain app. Follow the indicated picture below.
STEP THREE
on the platform, leo is searched and indicated as below. Check the amount of leo previously owned and the amount of hive to be used for trade.
STEP FOUR
On the buy section and the dialog box below, type in the amount of hive to be used 11.53 and the corresponding 42 leo and click on buy button to sign the transaction.
STEP FIVE
Wow. It was successfully and completed. As shown above. New 42 leo token have been added.
Conclusion.
LeoDex functions as peer to peer structured transaction protocol on which the buyers and sellers linked together for business. There is no custodian of the token as the digital coin are still in the wallet till agreement is reached and transaction completed.