Can I convert my $LEO, $POB, $LOH and $NEOXAG Tokens to Hive? And Can I buy them with my Hive? (A Step-by-Step Newbies Guide)

ksam in #hive-153850 • 2 years ago

Outline for Ease of access

Introduction
What are Second Layer or Layer 2 Tokens on Hive
Features of the Second Layer Tokens on Hive
Location of the Second Layer Tokens in your Hive Wallet
The Big Questions
- How to Sell Off Your Second layer Tokens (using LEO as an example)
  - Swap from Leo to Swap.Hive
  - Convert from Swap.Hive to Hive
- How to Purchase Tokens with your Hive (using LEO as example)
  - Convert from Hive to Swap.Hive
  - Swap from Swap.Hive to LEO
Concluding Remark (+ Giveaway)

☆ INTRODUCTION

In our exploration of Hive Blockchain as Newbies, sometimes we come across certain tokens which we receive as tips or some other tokens which we get when we make posts using appropriate tags.

_{You can read my post on “PLAYING WITH TAGS” to learn what TAGS are, how to use them effectively, how to Earn with them, and how not to abuse them.}

You know what I am talking about, right?

Your $PIZZA, $LUV, $BEER, $LOLZ and $LOH (Ladies of Hive) tips, among others.

And the $LEO, $NEOXAG, $POB (Proof of Brain), $ONEUP, $BRO, $BEE, $CINE and other tokens.

All these tokens are called Second Layer Tokens on Hive.

☆ WHAT ARE SECOND LAYER OR LAYER 2 TOKENS ON HIVE

Hive Second Layer Tokens are tokens that are connected to secondary layer projects built on Hive Blockchain: for instance:

Project	Tokens
Leofinance	LEO
Splinterlands Game	SPT, SPS or DEC
Proofofbrain	POB
The Great City of Neoxian	NEOXAG

These secondary layers aid in the expansion of Hive Ecosystem, by improving it’s efficiency and output without affecting the activities on Hive. – @leoglossary on Scalability

☆ FEATURES OF THE SECOND LAYER TOKENS ON HIVE

Some of the features of these second layer tokens include:

They are crypto coins but they are built on Hive (Hive is their HOME)
They are volatile (they can increase and decrease in value),
They have wonderful use cases,
They can be converted to Hive, then to fiat (cash)
They have the support of a Community behind them, and some of them enjoy support from a community that extends outside Hive blockchain,
There is a road map for the future plans of the token.

It is important to note that not all the tokens fulfill all the criteria and enjoy the support of a strong community, that is why it is important to know more about the tokens, purpose or use of the tokens, the community behind it, and the future plans for the tokens.

☆ WHERE CAN I SEE MY SECOND LAYER TOKENS?

So now we understand what these tokens are, but do you know where they are in your Hive Wallet?

In case you don’t know, they are located in the Hive Engine.

This is how to access them:

STEP ONE 1️⃣– GO TO YOUR HIVE WALLET ON PEAKD.COM

Click on the area indicated by the arrow (in the red box)

STEP TWO 2️⃣– GO TO HIVE ENGINE

Click on “Hive Engine” as indicated by the arrow.

STEP THREE 3️⃣– SCROLL TO VIEW ALL YOUR SECOND LAYER TOKENS

You can scroll from top to bottom and side ways to view all the information

STEP FOUR 4️⃣– SHOW ALL TOKENS

Scroll down to the last part of the table and click on the words “Show … Low Balance Tokens” so that you will view all your tokens, both low balance, tokens with no value and tokens with high value.

☆ THE BIG QUESTIONS

Now that we have seen where our tokens are located (Hive Engine), and we have also seen some $$$ worth in some of the tokens, some of the questions going on in our minds are:

How can I convert these Tokens to Hive in order to withdraw it as cash? – (keep following the discussion, you will learn)
How can I use my Hive to purchase some of these tokens as I believe they will be of great worth in the future? (keep following the discussion, you will learn)
What do I need to do to get more of these coins?
- Keep making quality posts and using the relevant tags (Check my post on Playing with Tags to understand this better)
- Keep on participating in Community Contests as you may win some tokens.
- You can purchase them with your Hive

☆ HOW TO SELL OFF YOUR SECOND LAYER TOKENS

There are various methods for carrying out this transaction: You can use either beeswap.dcity.io/convert, leodex.io or hive-engine.com. However, for this piece I will use the beeswap method as it will be easier for Newbies to try out.

I will use 10 LEO TOKENS for this practical session.

However, I strongly advice that you download the Hive Key Chain Mobile application from Play Store so that the procedure will be an easy one for you.

You can check this post by @zekero to understand How to Set up your Hive Keychain for android devices.

☆ USING www.beeswap.dcity.io/convert

This is the route we shall follow:

Leo – Swap.Hive | Swap.Hive – Hive

FIRST MOVEMENT: SWAP: LEO TO SWAP.HIVE

STEP ONE 1️⃣

____

Go to your browser on your Hive Key Chain Mobile Application.
Click on the search area to type in the following address: www.beeswap.dcity.io/convert.
Confirm the Sign in message and proceed.

STEP TWO 2️⃣

Click on the three dashes indicated by the arrow and click on Swap.

STEP THREE 3️⃣

Click on the three dashes to collapse the drop-down menu and scroll down to the Swap tokens area.
Select the token you intend to swap: remember this is our route (Leo – Swap Hive | Swap Hive – Hive).
So, make sure the token you want to swap is at the box above; and the token you want to swap it to is at the box below.

STEP FOUR 4️⃣

Check below if there is available liquidity for this transaction.
For instance, here we have 214292.910 available LEO and 27256.045 available SWAP.HIVE.

If there is no liquidity available, then swapping will not be possible: for instance LEO and BUDS has 0 LEO and 0 BUDS in the Liquidity Pool

STEP FIVE 5️⃣

Write the number of tokens you intend to swap, it will automatically bring out its equivalent in the token you intend to swap it with.
Then you click on SWAP and confirm the transaction.