The competition is great! Competition is healthy and beneficial to EVERYONE! I told you in some of my previous posts about my business and how I had to close it as I DIDN'T have competition... I know that it sounds weird and strange... that everyone dreams about having the monopoly over a specific niche, but in reality, it's not like that...
Would Bitcoin be this strong as it is if we didn't have altcoins? Would cryptocurrencies be this successful if they didn't (and don't) have f* up traditional currencies? Would Ethereum, or HIVE exist if there was no Bitcoin and Satoshi? You get the point, competition makes us better, push us further, and moves things forward...
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I said many times before, and I will say it again... HIVE wouldn't be here where it is if there were no extraordinary people with revolutionary ideas... One of those ideas was tribes on HIVE, and the more important, Hive-Engine as an additional layer on the blockchain... Yes, it has some flaws, but it brought "smart contracts" to HIVE, layer-2 tokens on HIVE, and open the door for many sub-projects... That has added an immense value to the whole HIVE ecosystem...
Sorry for the long introduction, but it needed to be said... The topic is connections between the two worlds... Between HIVE as a base layer, and HIVE-ENGINE as a 2nd layer... The beauty of Hive-Engine is that it's not a "closed system", it allows others to build on it, interact, and improve it... In the beginning, we had just one way to deposit funds to HIVE-ENGINE and it went directly through the official interface... The deposit (and withdrawal) fees were 1%, and many people complained that it's too high... Maybe it was, maybe it wasn't, but some other people didn't wait for the H-E team to lower the fees, but took action...
Screenshot from the website
New deposit and withdrawal systems were born... Today we have many options, but I will list here just a couple of them... For that cause, you can use BeeSWAP which has a 0.25% fee, or HivePay which has a 0.20% fee... But, my favorite one is HIVEUPME Discounted Bridge which gives you an opportunity to exchange tokens without fees on certain occasions, and to be more exact, earn additional tokens! Of course, there is a catch for that part, but even if you are doing a regular exchange, the exchange fee is ONLY 0.10%!
Let us dive deeper into it... Firstly, the website is created by @theguruasia, a well-known developer of projects like WineX, or Hive Up Me Curator... After complaints from the community about 1% deposit fees (lowered later to 0.75% by the Hive Engine team), he stepped out and created a unique system of conversion from HIVE to SWAP.HIVE and vice-versa...
Screenshot from the website
HIVEUPME Discounted Bridge doesn't just have the lowest fees, but also has an additional incentive built for growing liquidity of the "exchange pool"... At the moment, this pool has around 11K HIVE tokens, some of them on the native chain (HIVE), and others in the 2nd layer (SWAP.HIVE)... The problem that most other bridges have is liquidity on either of two sides... and HiveUpMe has the same problem, but it has a nice solution for it, too! In case when there are less than 15% funds on either of two sides (HIVE or SWAP.HIVE), clients are "incentivized" to exchange tokens...
Screenshot from the website
So, if you exchange tokens that need liquidity, you can do it for FREE + you will receive an additional 0.075% as a bonus! Not bad for a service that you would pay not that long time ago 1% fee! Like I said at the beginning, the competition is good... We got better service, more options, and lower fees thanks to awesome developers with great ideas!
This post isn't sponsored at all... I have used the service many times and I had a great positive experience by using it... ZERO problems in many uses!
Thank you for your time,
~ph~
If you want to support my witness, you can do it by voting for @ph1102.ctp here https://tribaldex.com/witnesses, or just scan the QR code down below...
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