The InLeo team has doing great job on building decentralised exchange and through this they are building a protocol where we can swap hive and Leo with layer 1 coins. This is the same mechanism that we can do centralised cryptocurrency exchanges. For example we can swap or trade hive or Bitcoin or USDT in Binance exchange. This is normal in centralised exchange and it's good that hive is listed of a couple of leading centralised exchanges so this should not be a problem for us.
Why DeX is required?
This is an important question and there are a few reasons why hive needs DeX-
We have seen in the past how centralised exchanges have done with user funds. We can't trust centralised exchanges, no matter how good they are doing in the market. It's simple that in Crypto self custody is encouraged. If you don't own key then it's not your crypto and this fundamental is not applicable with centralised exchanges as they don't provide the key to us. With Dex we own the key and our crypto.
Centralised exchanges are going through regulation in many countries and because of this they also face many legal issues. For exchange Binance is blocked in India and Indian users can't access the exchange website. Keeping the hive in exchange wallet is a big problem for Indian users in this situation. Currently with VPN it's accessible but it's not the right way to do this. This is the another reason why DeX is required.
We have to go through KYC process with Centralised exchanges and crypto is built with the fundamentals of Decentralisation but sadly with CeX that is not possible. Going with DeX we get Decentralisation and we need not to go through KYC process. We keep the Crypto in non-custodial wallet and all can be done using the wallet itself. We literally own our crypto in this case.
LeoDex is driving through decentralisation
LeoDex is solving such a big problem that we don't need to look for centralised exchanges anymore. We can buy or sell hive in LeoDex and all this can be done using our wallet. Now Xdefi wallet is already Integrated and if incase you're a Metamask user then you should be getting that option soon. Currently it's under development and I hope that team will be improving the UI to make work great with many wallet options. Currently we can access LeoDex using keystore and Xdefi wallet and both are easy to use. I have already shared the tutorial to use both and with LeoDex the transaction fee is too low. With ARB it's just $0.10 for one transaction and we can ignore this charge.
Leodex is just built and I am sure that it will get more attention by the hive community. Over the period of time I expect bigger volume on the exchange as people would surely move to decentralised way of trading and it's great as hive is also decentralised. We can expect more coming to LeoDex and what Leo team is doing is incredible. They're building such a fantastic solution for hive community.
Now beta phase of LeoDex is live and hive swap is also enabled. I have done hive swap for cacao coin and it was processed smoothly. There are many coins to choose from that we can use to buy swap. USDC is available which is a stable coin but as of now I can't see USDT however hoping that this should be available soon. You can try LeoDex and share your feedback so that Leo team can go through it and make LeoDex even better.
Thank you