How To Use LeoDex For Dummies
Disclaimer...I'm king dummy! When it comes to this crypto stuff, I'm pretty much as new as it gets...Which is weird because I mined bitcoins and litecoins back in 2013 lol Which took me a long time to figure out, how to set up a mining rugs but overall, I like simple. Anything too confusing, I pretty much don't dig deep and that could be the reason I've been on this blockchain for so long....
I like simple.
Simple is good!
Which is why I needed to create this blog post!
I'm a huge fan of $LEO and as they are making the transition to deflationary rewards and a focus on Thorchain / Maya....It was time for me to learn something new. In this post, I will go over some basics to getting crypto into Leodex and while I'm sure there are millions of ways to do it, I'm writing this from a Hive user point of view.
The first big question is....How do I get Hive over to LeoDex?
Short answer - You can't.
Long but better answer - You need to swap Hive / HBD first on Hive Engine and then you can bring crypto over.
That is HUGE for me personally because my comfort zone in crypto is Hive and the Hive Engine layer. It's super easy to use, so again using 'the every day Hive' user as the target market for this post, I'll assume a lot of us already now how to flip Hive for Litecoin within the Hive Engine environment.
If not, the first thing you need to do is find 'SWAP.LTC' by clicking here.
Note: I banged my head against the wall a few weeks ago trying to play with 10 bucks worth of Litecoin on LeoDex I would recommend a minimum of 30 bucks worth of Litecoin to play with, as there is much more liquidity for that amount, and not so much for Litecoin.
Step One - Get A Keystore Wallet to use with LeoDex To Get Your Litecoin Address
This is pretty straight forward. When you first load up LeoDex, it'll give you the option to connect a wallet. When you click Keystore but don't have an account, you can do so. It's free and actually pretty easy to get started.
Step Two - Copy Your Litecoin Address
If you notice the top image from Step One, there is a 'wallet' menu on the top right of the page. Click that, and it will give you access to all your wallet addresses within Keystore. Scroll down until you find Litecoin, and click 'Copy'.
Step Three - Send SWAP.LTC from Hive Engine To Your Litecoin Address In LeoDex
Note: At the time of writing I sent .40 Litecoin, which is about 35 bucks. I do recommend at least 30 dollars worth of Litecoin for this example. Remember, you must swap your Hive / HBD to get SWAP.LTC first.
Extra Note: There may be some caching issues with LeoDex right now, or it could just me my awful internet connection. But sometimes I have noticed that while the transfers show up, there is a delay after you get your funds to be able to use them. But again, don't worry, the funds are SAFU!!!!
And now.....We wait!
We are spoiled on Hive. With all these other blockchains, there is a whole lot of waiting. But good news is LeoDex is pretty quick. It took me about 5-10 minutes to get my funds but they do show up.
Step Four - Let's SWAP!!!!
Here's the fun part! Remember, every swap / trade we do on LeoDex adds to the volume. The more volume, the more the platform earns. Which in turn translates into more USDC for LEO staking on LeoDex.
O.K., let's break this down on step 4....
Click Swap
Select your LTC
Make sure to click 'Max'
I picked RUNE (thorchain) as the token to purchase, but you can swap / buy anything you want. Which is the beauty and entire point of LeoDex!
Click 'Continue with this route'
Step 5 - Swap Those Tokens!
Click swap tokens, and a confirmation page will appear next...
Step 6 - Indexing.....Success!
I have seen 'indexing' appear a few times for a minute or two..Other times, it's done within seconds.
Once you see success, you have done your first trade and swap on LeoDex!!
So to wrap things up.....
This is a super basic trade and swap I did using Hive Engine and LeoDex. The path was:
Hive / HBD swapped on Hive Engine for SWAP.LTC
Send SWAP.LTC to Litecoin wallet on LeoDex
Swap Litecoin for any token you want on the platform!
Some key nuggets to keep in mind:
I used a minimum of 30 bucks worth of LTC.
I swapped that for RUNE
I'm sure I'm missing so many other features of the platform, but the point of this post was to help Hive users get into LeoDex as easily as possible. This is an exciting time to be involved with $LEO and I can't wait to see what new features will come from this platform for us to use in the future!
Posted Using INLEO
I thought we could bridge it at https://wleo.io/leo-arbitrum/
I haven't tried it as I don't have much liquid LEO.
I havent done a thing with bringing LEO over yet. I'm waiting for Wednesday with the official switch over. But I heard there is a bridge. I was just brining LTC over to do some swaps.
Thanks. I've been spoiled by Hive and Leodex still seems complicated to me 😅
We all have been, it's such a better and easier to use blockchain...Sadly, the rest of the crypto space doesnt feel that way lol
I think it's an interesting model, but what would you do with the tokens on LeoDex or that chain? Is the only purpose to get tokens, or is there a way to generate returns off the funds you have there?
Staking LEO on Arbitrum will result in USDC reward for the staker.
Your step-by-step guide seems helpful, especially for Hive users who might feel overwhelmed by the transition.
Thanks for checking it out
Great tutorial. Previously, you could log into Leodex with the keychain and exchange Hive. I hope they bring this option back.
Yeah I'm not sure if they are going to bring that back, havent heard a word about it
This is exactly what I needed. Also a dummy when it comes to DeFi stuff but bullish on LEO and Hive. The deflationary tokenomics change has me really hopeful about where this is heading.
I am really not a fan of it, but everyone say...it's the future. i like my crypto simple lool
A tutorial is always interesting. I think LEO is migrating away from Hive.
It is on one side of things...But InLeo remains on Hive
Reblogging. I need to read it a few times to sink it in. Surprising to read that Hive is simple. Those who find Hive complicated, I wonder how they would view other chains.
!PIZZA
Oh wow, compared to some of the other stuff out there, Hive is child's play. But then again I;ve been here since the start so it's my comfort zone
In my case, except for Hive, I only know two chains.
$PIZZA slices delivered:
@axietrashgame(1/5) tipped @jongolson
Come get MOONed!
Hm you made it simple
I love the breakdown
Thank you
Hope it helps!
This is an interesting tutorial
I love the explanation
Thanks
Glad it was of value!
This is a good beginner guide to use leodex
Thanks for checking it out!
#apex content !LOLZ
lolztoken.com
An a-mews-ment park
Credit: reddit
@jongolson, I sent you an $LOLZ on behalf of ben.haase
(5/10)
Yes!!! Apex!!!!
Nice simple post... I wonder what's the point on swapping cryptos, that's not trade as far as I know.
Is there some winning opportunity there? I mean, will you get a gain from swaps? Wouldn't you have to swap back again? 😅
I think the big thing is not requirining a KYC....So it allows you to get in and out of certain tokens without having to give away your identity to a third party
That's a good point... however that has taxes implications as any other trade operation here in EU, sadly 😭
Only if they find out about it, and no KYC makes that a little harder for them ;)
!BBH
Posted using The BBH Project
Yeah, all depends in how you deposit FIAT into the exchanges, there are no trusted ones available in EU that don't need KYC... we are trapped, no way to scape taxes, at least when you'll finally widthraw them to your bank account.
Are you then getting Rune in a different wallet or on LeoDex?
Keystore via LeoDex
Is Keystore a Leo Wallet? I don't pay attention to anything Leo does xD
But a LeoDex does sound neat!
Nah, it's different. A super easy wallet to use for that eco system
Alright, thanks Jon! Sounds like I gotta check it out :D
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STOPVery useful tutorial - thank you !
Do you know if it's possible to work it the other way around, to load LTC into it directly ? Right now, my route for onboarding HIVE is to buy LTC, then bring it into HIVE via PeakD/SimpleSwap. Seems crazy to do that, paying fees and slippage at every stage, just to reverse the process to get SWAP.LTC to move around in LeoDex.
I like the idea that I might be able to move the LTC in directly, do some trading, staking or liquidity provision, thenmove the gains into HIVE.
Posted using The BBH Project
Oh for sure, you can send LTC directly to it, without the need for Hive.