With the Hive Backed Dollar (HBD) already available for swapping on Leodex, I decided to do a small test this morning to see how the process would go. I expected it to be similar to my test swap of HIVE some time ago which went through several conversions.
True enough, this is what the transaction process looked like when swapping HBD for CACAO - The HBD was first converted to Swap.HBD (through @graphene-swap), then to Swap.HIVE then to LEO which was then bridged to Arbitrum (arbLEO). The transactions were recorded on-chain and can be viewed on my Hive Engine wallet. The arbLEO was credited to my Keystore wallet connected to Leodex before being swapped to CACAO.
That's the magic of the Hive Aggregator Technology (HAT) - conversions and swaps were happening behind the scenes and all I did was approve the transactions on my Keychain wallet.
The first step (where the smart contract converts HBD to Swap.HBD) took a while to complete. I thought the transaction got stuck somewhere but I gave it more time anyway. It was processed after 9 minutes. I checked on @graphene-swap account and it has enough liquidity for both HBD and Swap.HBD so I'm not sure why it took that long to convert.
Anyway, the succeeding routes were quick to complete (just a minute at most), and although there's a note under some that the process could take up to 10 minutes, they went fast which was good.
The transaction tracker on Leodex indicated the swap was a success. "Nice!" I thought and went on to check the details on Maya's block explorer and found out only 73.86 LEO were swapped to 4.78 CACAO (I was expecting to receive 21.9 CACAO per the quote when I started the swap process).
It made me wonder what went wrong so I did a little investigation and discovered that 1.35 Swap.HBD (of 20 minus the conversion fee) remained in my Hive Engine wallet, which means only 18.50 SWAP.HBD was converted to SWAP.HIVE (88.52)
I can only assume that during the conversion process, a slight error occurred, leaving some HBD behind instead of converting them all to SWAP.HIVE
But why only 73+LEO was swapped to CACAO? Perhaps during the swapping process (from arbLEO to CACAO), there was a significant price change (outside of the default slippage), hence only 73 out of the 332 arbLEO was swapped. I could be wrong though.
The good thing was that I now have available arbLEO on my Keystore wallet that I can easily swap for CACAO or other assets, but that also means paying another set of fees (slippage and gas), lol! Thankfully, they are not outrageous (about 19 cents atm).
Feedback
Leodex is like another door opened for Hive, allowing us to navigate other chains by providing a channel to swap our Hive assets in a decentralized way. With that said, I also understand while it works great as it is, certain things need to improve, hence my feedback based on my experience:
👉 I like that each process on the different conversion or swapping routes from Hive requires transaction approval on Keychain. It could allow one to cancel the transaction when he changes his mind (while his assets are still on Hive). However, it could get confusing (or annoying) for some. Just a thought anyway.
👉 The devs may have to check and correct the erroneous amount displayed on the conversion window (SWAP.HIVE for LEO).
While the HBD was being converted to SWAP.HBD, I observed a weird or erroneous display on the transaction window (re: "Swapping SWAP.HIVE for 21.90008 LEO"). It seems to have taken and displayed the quoted CACAO amount, instead of the correct amount of LEO (332+).
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👉 My transaction not being fully processed the way I expected was a little disappointing but since my unconverted assets were in my wallets (not lost), it was okay.
👉 Overall, my first HBD test swap was a learning experience and gave me an insight into the processes that took place from converting the original asset from the Hive blockchain to the final asset on the other chain. The designed conversion routes (powered by HAT) made LEO the core token for transactions (in and out). And that (in my humble opinion) creates a huge value for the LEO token.
Will I use Leodex again? Absolutely!
Thumbnail created on Canva. Logo/s and screenshots from Hive & Leodex. No copyright infringement intended. 19062024/20:45ph
Posted Using InLeo Alpha
