In-built SWAP feature of Hive Keychain- Quick, Easy to use and Cost effective.

DeFi is the driving engine of the crypto economy and Web 3.0. It would not be an exaggeration if we call a web 3.0 wallet the gateway to the crypto ecosystem.

With the plethora of coins in any ecosystem, the complex handling of various keys makes it hectic for an end-user. So a one-stop solution to handle the key, and a one-stop marketplace to access the economy/marketplace of various coins are always desirable.

While the security feature is essential for any Web 3.0 wallet, UI/UX gives the first impression to the user about its user-friendliness, and that is where a bond between the wallet and the user is established in the first place, however, to sustain such a relationship between the wallet and the user, the features available must evolve and expand over the time.

With the DeFi ecosystem becoming a thriving economy, facilitating DeFi right at the wallet interface is like icing on the cake. Hive Keychain as a Web 3.0 wallet has come a long way to become a one-stop solution for a myriad of use-case in the Hive ecosystem ranging from basis transfers of L1 coins(HIVE, HBD) & L2 tokens(LEO, SPS, etc, and many more) to staking, to buying crypto, to voting, to Swap features between L1-L1 tokens as well as L1-L2 tokens.

I mostly engage in Leothread, Ecency in Hive Blockchain, and Hive Keychain I have using since its inception. I have experienced this wallet all along the way from its infancy to it being an advanced Web 3.0 wallet.

Although I have used both Browser extension and Android version of Hive Keychain. I mostly use Hive Keychain in my Laptop.

So today I will share my experience with its swap feature. I swapped L1 and L2 coins. The L1 coin is HBD whereas the L2 coin is LEO in this case.

HIVE is the base token of L1 whereas SWAP.HIVE is the base token of L2.

So the swap between HBD and LEO underwent a three-fold conversion.

HBD---> HIVE
HIVE---> SWAP.HIVE
SWAP.HIVE---> LEO

In this entire loop, the fee incurred was 0.75%, and the max slippage of 5%. However, I will practically show you that the slippage was almost negligible.

I am not going into the details of how to install Keychain, that's the very basic thing. So I hope everyone knows how to install the Keychain wallet in Android or Browser extension.

Assuming that you have already installed it and set it up by importing your keys.......open the wallet by clicking on the icon on the Browser extension, you can see the SWAP tab at the right bottom corner.

Hit the SWAP symbol, it will take you to the next interface where you can select the tokens(input/output) you want to. In my case, I have selected HBD as the input token and LEO as the output token.

Input the quantity/amount; the output quantity/amount will automatically reflect on your destination token.

Do note that the default slippage is 5%, however you can change it by clicking on Advanced Parameters.

Hit the SWAP button/tab.

It will ask for confirmation in the next interface, You can verify the estimated swap value as well as the slippage, if you are satisfied with it, hit the CONFIRM tab.

Voila....I swapped in just a fraction of a second. Quite fast, without having to worry about the spread of the order book market.

You can now verify the threefold conversion, the exact amount of fees, and the transaction ID.

My Observation

If I am to trade HBD for LEO in the conventional way, First I have to convert HBD to HIVE.

Then I will convert my HIVE to SWAP.HIVE. In this process, Hive-engine will charge 1% of fees.

Then again I will trade SWAP.HIVE for LEO and I will be exposed to the spread of the orderbook market.

Conventionally if I am to trade HBD for LEO, I will incur more fees--(1%) + exposure to spread, which is not a cost-effective solution.

Moreover, it will take some time in the three-fold conversion to realize my destination token.

The in-built SWAP feature of Hive Keychain is not only cost-effective, and time-effective but also hassle-free.

Cost-effective- Less than 1% fees- only 0.75%
Time-effective- you can realize your destination token in less than a minute. Hardly a few seconds like 3-5 seconds.

Conclusion

The seamless in-built swap feature of Hive Keychain has simplified things for the users and community at large and this also positively iterates towards lowering the barrier to entry.

The newcomers will find it more intuitive than ever to join the Hive ecosystem, in that context Hive Keychain aids to the brand value of Hive Blockchain.

This is my participation for the Keychain Giveaway Contest-- 60,000 HP in delegations to win

Check out the above post if you want to be among the 6 winners to receive 10,000 HP delegations for a month(total 60k HP delegation-- 3 from X Contest & 3 from Hive Contest).

Keychain Website- https://hive-keychain.com/

Thank you.

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