WHY YOU SHOULD USE BEESWAP to convert SWAP.HIVE and HIVE

LeoFinance
1 month ago
(edited)
3 Min Read
517 Words

Hello again to all of the new users! Welcome to HIVE.

Please install HIVE keychain.

So I have been helping some new users in the Hive engine discord. There is no reason that I should be doing this, except that 1 -we are a decentralized community and nobody is forced to do anything, 2 -(theory) the more people understand this technology the better off my moon bag is , 3- I remember what is was like to be new and a lot of people helped me, and 4 -my name is yellow because I helped test the original SCOTBOT, which means I have digital authority.

All joking aside, I want to talk to you today about a serious issue about hive-engine support.

Hive-engine is providing a service, a very important service that we have all come to rely on. They have big liquidity pools and we are starting to attract some very active arbitrage happening right on our very own chain.

Hive-engine is a small team, and they are entirely self-funded from the products and services they offer. And they cannot hope to respond to every last person who has a simple question.

People need to read.

And for them to read, they need good guides. Which is what I do.

This guide is about the HIVE/SWAP.HIVE contract.

The size of this contract has expanded greatly, at the time of posting at 3.51 million HIVE. This is good for the ecosystem because it greases the wheels.

When you withdraw from 'hive-engine.com' you are shrinking the size of the contract. Which maybe is good to do sometimes. But not while there is low cost, low friction liquidity available. There is no good reason to change the size of the smart contract while liquidity swap pools like BEESWAP have liquidity.

Use BEESWAP

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BeeSwap has the largest liquidity pool of SWAP.HIVE/HIVE, and a reduced fee of 0.25%. It sloshes back and forth, and yes, sometimes there is no HIVE and sometimes there is no SWAP.HIVE - and as the use grows more liquidity is added.

The only time the size of the smart contract should shrink (or grow), is when there is no liquidity in BEESWAP. It costs 1% fee to shrink or grow the size of the smart contract. BEESWAP is 0.25%.

This also takes a load off of the hive-engine team. They want people to build independent apps using their technology. THEY MADE IT OPEN SOURCE, and precisely for that reason.

They cannot do everything, they cannot support everyone. And they certainly should not have to be in charge of hand-holding all the new users to this platform.

Here is my guide on hive-engine diesel swap pools using BEESWAP

BEESWAP also has a new wallet interface, I will probably do a deep dive on that in an upcoming post after exploring it more, but it looks pretty great.

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The size of the smart contract will certainly move over time - but save yourself 0.75% and let the bots decide when that has to be.

TL;DR

Use BEESWAP

Posted Using LeoFinance Beta