Introducing LeoDex | Multi-Chain Swap Interface and HIVE Aggregator

ecency.com

10 min

April 16, 2024

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As many of you already know, we've been working with the Maya team to list LEO on the Maya Protocol. Maya is a friendly fork of Thorchain and is a cross-chain, decentralized exchange.

This DEX protocol ecosystem is in the early stages of flourishing. They've released a ton of exciting updates with many more on the way. We believe Thorchain, Maya and other adjacent protocols are going to begin eating market share from the largest Centralized Exchanges in crypto.

Decentralized Exchanges have long-been a mission for me. I want to see LEO, HIVE, HBD and other Hive-based assets proliferate on DEXes and gain adoption.

I believe DEXes - especially L1, cross-chain DEXes - are the future of crypto trading.

Right now, the vast majority of crypto is still moved across centralized exchanges. You deposit into a custodial account and then your assets are at risk until you convert them and withdraw.

Most of us have experience doing all of this. As Hivers, many of us also remember how CEXes can be leveraged against a decentralized community.

To me, this poses a significant existential threat. I believe that every major crypto project needs to have a presence on L1 DEXes.

The Need for HIVE on DEXes

With LEO, LeoDex, our listing on Maya and our brand new Hive Aggregation Technology, we are proud to steward a march toward a decentralized future of trading for the Hive ecosystem.

LeoDex utilizes aggregation technology alongside the NEW LEO token listing on Maya in order to enable cross-chain, L1 swaps of NATIVE HIVE.

🟢 No Wrapped tokens
🟢 No KYC
🟢 Full Self-Custody
🟢 Incredibly Fast
🟢 Efficiently Priced

You simply connect your Web3 wallet and can instantly start swapping.

Right now, nearly 100% of all HIVE traders are trading on Centralized Exchanges like Binance. Why? Because there are literally no DEX listings for HIVE.

With LEO Listed in 2 critical places, we have the ability to integrate HIVE swaps into LeoDex and unleash L1 HIVE trading through the Hive Aggregation Technology we built.

The Need for LeoDex on Maya

We've taken a deep look at the exchange interfaces currently on Maya. There are some that have some cool features and UI/UX, but there is a severe lack of an intuitive, clean and feature-rich user experience.

That is where the INLEO Team can shine. We have so much experience in building UIs for the community, by the community.

An incredible opportunity has presented itself to simultaneously:

1. Bring HIVE & LEO to the world of Cross-Chain DEXes
2. Build a UI/UX for the Maya community that is superior to anything they've ever seen

Introducing LeoDex | Multi-Chain Swap Interface

LeoDex is a multi-chain swapping interface. It is powered by Maya Protocol and our Hive Aggregation Technology (HAT).

PLEASE NOTE We are launching LeoDex into OPEN BETA. We recommend using small amounts and being cautious with the UI. We've spent the past week running extensive tests and fixes but there can always be bugs with brand new technology.

At launch, LeoDex V1 offers a core feature set. There are many more features that will be rolled out with time but the initial phase of LeoDex offers a few game-changing features to the LEO, HIVE and Maya Communities:

1. L1 Swaps, Powered by Maya Protocol
2. L1 Liquidity Pools, Powered by Maya Protocol
3. Arbitrum Gas Faucet, Powered by LEO
4. HIVE Aggregation Tecnhnology, Powered by LEO
5. Multi-Chain Wallet UI
6. Multiple Wallet Options
7. Historical Swap UI
8. Affiliate Fees That Buy LEO + CACAO and Perma-Pool

This post will serve as an introduction to this initial feature-set. Subsequent posts will dive deeper into the nuances and how-to's of each. Let's dive in.

L1 Swaps, Powered by Maya Protocol

The core feature of an L1 Cross-Chain DEX is the ability to swap assets natively across blockchains. LeoDex is powered by Maya Protocol and with that connection, proudly offers these cryptos for L1, Native DEX Trading:

1. BTC
2. DASH
3. ETH
4. USDC
5. USDT
6. WSTETH
7. KUJI
8. USK
9. RUNE
10. CACAO
11. LEO
12. HIVE

*More on HIVE & LEO's integration below.

L1 Liquidity Pools, Powered by Maya Protocol

Maya Protocol runs based on AMM (Automated Market Maker) technology. This means that Liquidity Pools power the swaps.

LeoDex is launching with a barebones UI for depositing and managing L1 liquidity. This UI was not intended to be in the original feature set, but we added it as a little "Bonus" since we had some extra time for the v109 integration by Maya's Team.

This will allow users to deposit and manage L1 Liquidity.

This UI will improve greatly in the coming days. We wanted it live primarily for the launch of the LEO Pool.

To find tutorials on How to Deposit, check out the new LeoDex Docs Tutorial Section.

Arbitrum Gas Faucet, Powered by LEO

In the process of building our Hive Aggregation Technology (HAT), we realized a signifcant hurdle for the average Hive user of an L1 DEX: Gas.

LEO operates on Arbitrum and Arbitrum has gas fees. The gas fees are super cheap on Arbitrum. In fact, it is known as one of the cheapest EVM blockchains. Fees on transactions are typically $0.01 or less.

This makes our HIVE Aggregator extremely powerful. Since the fees are cheap, small swaps are possible. You could trade as little as $15 across this L1 aggregator with ease and cheap fees.

That being said, you still need just a few pennies of Arbitrum Gas (Arbi ETH) in your wallet to make these L1 swaps.

So we went to the drawing board to think of a way to faciliate the acquisition of gas for the typical Hiver. Guess what we came up with?

The Arbitrum Gas Faucet. You simply click two buttons and using your Hive Keychain Wallet, you send 10 LEO and get $0.75 worth of Arbi ETH gas autonomously sent to your wallet.

This side-steps the need for Hivers to interact with Arbitrum outside of clicking a few buttons. It was a massive roadblock to usability for the average Hiver who may not be familiar with Arbitrum and we just completely removed it.

You'll notice the "Arbitrum Gas Faucet" button light up on the LEO and the HIVE swap screens of LeoDex. Clicking it will get you gas for the Arbitrum blockchain. If you already have gas, then you don't need to use it.

HIVE Aggregation Tecnhnology, Powered by LEO

HAT allows any Hive-based assets to be swapped with L1 native assets on Maya Protocol. This is an incredible achievement for us. Many of you know that we have experimented with bringing HIVE & HBD to Decentralized Exchanges.

As I mentioned at the beginning of this post - this has been a huge mission for me. I believe in the future of decentralizing crypto trading and bringing HIVE & HBD into this future.

The issue is that wrapped assets have a lot of headaches and roadblocks. I always wanted to get down to the L1 Native asset level with HIVE.

HAT makes this possible. Now you can swap L1 Native HIVE (and soon, other Hive-based assets) seamlessly with anything listed on Maya.

Want to swap L1 Native BTC for HIVE? Now you can do it with a few clicks via https://leodex.io.

This integration is an absolute game-changer for the LEO and HIVE ecosystems.

All the swaps are routed through LEO's Maya Protocol Liquidity pool. This swap volume will increase the yield for LPs from swap fees and thus, lead to deeper liquidity.

As this liquidity grows, larger and larger swaps will be possible. Maya is also working on Streaming Swaps.

Have you dreamed of a future where some BTC whale could come in and swap 10 BTC for 1.7M+ HIVE in a single transaction?

This future is now possible with LeoDex + Maya's upcoming Streaming Swap technology.

As of right now, we have 1 HIVE route enabled and we are quickly testing it and adding more routes. If you use this route, please understand that it is in Open Beta. We are still refining it.

1. Test with small amounts
2. We will be adding more routes (i.e. swapping into HIVE) once the 1st route is refined with 100% uptime

Shortly after that, we'll work on HBD swaps. We've also spoken to the Splinterlands Team and are going to build DEC & SPS swaps into LeoDex.

With LeoDex.io, a multi-chain future for HIVE-based Assets is now possible.

Multi-Chain Wallet UI

We built a super lightweight yet feature-rich wallet client for LeoDex. When you tap on your logged in wallet at the top right ,you can see all the chains that you are connected with and your various balances within the connected wallets.

Logging in with a Keystore, you'll see this in your wallet page.

The globe icon at the bottom left of each wallet will take you to the block explorer page for your wallet.

The QR code is the QR code for your wallet - you can use it to receive assets on that chain.

The copy icon allows you to copy your connected wallet address.

Clicking on the arrow icon next to any asset in this wallet client will open this window, which allows you to send assets. IMPORTANT make sure you fill the recipient address properly if you use this UI to send assets. Failing to do so will result in a loss of funds. This is a self-custodial crypto wallet interface. You are responsible for what happens when you send, swap or pool funds with the various connected blockchains.

A good reminder for all of LeoDex that Nifty gave in the Threadcast today: this is a self-custody future. LeoDex does not hold assets. You do not deposit into LeoDex. You connect your self-custody wallet. This means that anything that happens is up to you. LeoDex is simply there to connect you to Maya Protocol.

Multiple Wallet Options

At launch, there is Keystore and Hive Keychain as login options. Connecting with Keystore will connect you to all the checked networks.

If you check "Hive" it will also prompt you to enter your hive username after clicking connect wallet.

This will log you into LeoDex using Keystore + Hive Keychain with whatever Hive username you entered.

If you try to do an action that requires a HIVE sign in, but you haven't yet signed in with Hive - then we added this prompt that tells you to sign in with Hive Keychain. Clicking it will allow you to enter your username and then it will sign you in with Keychain.

We are sprinting right now to add XDEFI as a login option to LeoDex as well, but Keystore is the most utilized wallet client for Maya Protocol users, so we prioritized it for the launch day of LeoDex.

We hope to have XDeFi integrated by next week.

Historical Swap UI

Clicking the history button at the top right will show you your most recent transactions on Maya Protocol. If you click on any of these transactions, it will populate in the "Transaction Tracker" on the homepage.

From this tracker, you can view important info related your transaction including the TX Hash as well as the "View in Explorer" link to see it on the Maya Block Explorer.

Affiliate Fees That Buy LEO + CACAO and Perma-Pool

Trades on Maya Protocol using LeoDex generate affiliate fees for the LeoDex UI.

These affiliate fees are collected by LeoDex as CACAO tokens. LeoDex then autonomously buys LEO with 50% of the fee earnings. The other 50% remains as CACAO. It pairs the two tokens together and then Permanently Pools (Perma-Pools) them into the LEO-CACAO liquidity pool on Maya.

This is vital as the more trading volume that happens through LeoDex's interface, the more affiliate revenue will be earned which will lead to more organic buying on the LEO token and perma pooling into this LP.

This liquidity is vital for the Hive Aggregator to have efficient swaps. The flywheel starts with affiliate revenue. As this affiliate revenue grows, the liquidity will deepen. More liquidity leads to more swaps which leads to more affiliate revenue which is then deployed back into the LEO-CACAO Pool 🔂.

Track LeoDex's Progress

Mayascan has an Interface Wars section. LeoDex now prominently sits on the list. It's time to start using LeoDex for your L1 swaps. As swaps occur, the swap volume of LeoDex will grow and our ranking on this list will climb.

Our goal is to break into the top #3 DEX Interfaces for Maya Protocol.

With HIVE & LEO Swaps on the way once v109 is adopted, things are about to get wild.

In the meantime, go explore LeoDex and prepare for the ability to:

1. Add Liquidity to Maya's LEO-CACAO Liquidity Pool
2. Swap any L1 asset with LEO
3. Swap and L1 asset with HIVE

https://leodex.io is now live in OPEN BETA!

Again, test with small amounts. We are looking for rapid feedback, iteration and fixes in these early days. Your feedback is extremely vital to refine the experience of LeoDex and make it the best UI for L1 swaps on the Maya Protocol and Hive.