How to Get Ready for LEO Dex & CACAO Pool
We are almost there, lions. The update on Maya Protocol with v109 will open the doors of cross-chain Hive transactions with other Layer 1 projects such as Bitcoin, Ethereum, and many others. The launch event of the new version of Leo Dex is going to happen in line with Maya protocol's Arbitrum integration. With that move, Arbitrum LEO, our token on L2, will be the first token on the Arbitrum network.
While we are taking a firm step into a new and astonishing world of cross - chain operations of ThorChain and the friendly fork called Maya Protocol, there are a couple of things to know and have in our hands.
Let's explain how to get prepared for the era of HIVE and LEO step by step.
Explore & Create Wallet on Maya Protocol
Maya protocol, and Thorschain, has a nice way of securing your assets by encrypting your wallet with a password you set and a txt file (Keystore) that you upload when you want to enter. This is the first option that you may want to choose the " manual way " of securing your assets. The second option is using XDEFI as it is simpler and efficient, too.
As I wanted to utilize 100% potential of the wallet, I chose to use Keystore. However, XDEFI is also a great option to use for different cross - chain operations.
After you set your password and download your Keystore, log out first and try to log in with the password you set and the keystore file that you downloaded. If everything works fine, secure your wallet.
As of writing, the update on Maya protocol has not taken place and the Hive chain has not been added yet.
If you wonder what is going to happen on April 8th, check out this video by Khal on Youtube 👇
Have Liquid Coins Deposited
The best side of Maya is that your transactions are between two different Layer 1 networks. Simply, you send your ETH on Arbitrum to a contract that triggers another contract on Hive blockchain to give you HIVE in return.
If you are new to Thor Chain, I suggest you to send small amount of tokens before sending all your allocations. Once you test the platform with $10 - $20 and operations, you can deploy as much as you can after a little pilot testing.
Currently I have my ARB, HIVE and LEO (+ some BNB) ready for the transactions. Since Ethereum Layer 1 may require huge amount of fee, I prefer Thor Chain, Maya and Arbitrum options for my transactions.
By the way, you may consider having some CACAO for the liquidity pool that it will be paired with LEO, as well. This liquidity pool will be the foundation of Hive aggregated transactions.
Consider Providing Liquidity on LEO - CACAO Pool
I enjoy investing in liquidity pools as long as I am familiar with the characteristics of two pairs. Since providing liquidity has visible earning opportunities as well as less known risks such as impermanent loss, it requires some knowledge to handle properly.
I am thinking of investing in the pool as I believe the fee earnings may compensate for a possible impermanent loss in the short - term. To be honest, I'm really excited to trade on Maya actively, Hive becomes a part of cross - chain transactions. Even if I do not make a profit from this liquidity position, supporting Hive's multi chain attempts mean something more for me.
Simply, wait for the new version of LEO Dex, it will be live in 24 hours. Make sure you have enough liquid coins, it can be BTC, ARB, LEO, CACO etc. to initiate transactions. Of course, we will have amazing contests and rewards for those who contribute to the growth of Hive ecosystem! Be ready to follow the news by InLEO team and share your feedback with us on Discord.
Glad to be in our ecosystem once again. Another historical moment that we witness 🫡
Hive On ✌️
Posted Using InLeo Alpha
Waiting for the launch, ready to give it a try and hopefully the experience will be smooth as UI!
The impermanent lost kinda scary me to be honest even though Im familiar with both projects, my question still is how much Hive will try to escape through this route now that they dont have to use Binance or other CEX, I will probably wait some time and see how things go for the first month or two besides Im in no rush to take profits not on this market cycle, this LEO Dex is what I have been waiting since I got into Hive, a way to exchange Hive for Bitcoin or USDT for Hive without a CEX, this will be so positive for the project even though at first it doest do a big impact of the price action ✌️
Asset security plays a huge part in crypto investing. Dangerous players everywhere looking to capitalize on leakages.
The cross chain hive txn will be a massive step forward to announce this platform. Hoping it turns out more positive than expected. Thanks for the info.
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Im yet to find a worthy adjective to describe this awesome feat by InLeo. Indeed it's opening up Hive to a wider and deeper crypto audience. Leo is for everyone