One of the biggest cryptocurrency exchanges that is trading Hive is Binance and most of the users are finding it very comfortable to trade Hive on Binance. It is not that it offers low-price solutions but it is also one of the popular centralized exchanges. I personally think that there is huge dependency on Binance for making it one of the most comfortable mediums for us to trade. Many people have done KYC for this and have been trading on Binance for several years. I have also used Binance a couple of times to cash out.
One of the best features that Binance has is that it offers some good staking rewards for some of the coins. Keeping funds idle in exchanges is not good but at the same time keeping them in the wallet is also not going to help us much. So if the value is not that big, it is no harm to make use of the features that Binance has to offer us.
Fate of Hive
One of the biggest challenges for Hive if Binance decides to remove the Hive trading pair is that we don't have a proper CEX alternative. We are still not there where we can also use some DEX for trading and withdrawing Hive. Many people cash out their crypto with the help of Binance and I personally have seen many friends doing that. It is very convenient to convert it to USDT and then trade it in the market or cash out with the help of P2P options available. If Binance decides to not list Hive anymore, it can be a great hit for us. We have a few more exchanges but having more sell pressure on those exchanges can create a huge pressure on the price of Hive.
There are a few solutions being worked out on making some DEX on top of Hive that would be decentralized. Even if we think of a centralized solution, we don't have many right now. Some people say that Hive Engine is also a solution available but we have a huge liquidity problem over there. Many people want to convert their SWAP.HIVE to Hive but very few people want to convert their Hive to SWAP.HIVE. There is a facility to convert our Hive to another Hive Engine token but there are withdrawal issues that sometimes become a big thing for us. Even people who transact other cryptocurrencies on Hive convert them to SWAP.HIVE and then to Hive and take them to market.
Start talking to other top exchanges
There have been discussions already in the past with some of the other exchanges for listing. One of the biggest problems is that they ask for money and want a company that would be accountable for Hive. As we are a decentralized community, there is no one leader, and not one person can be held accountable. This is where the CEX finds it hard to collaborate. The second problem we have is that CEX listing costs a lot of money. There were discussions on pooling this money from the DHF funds and using them for the same but then people say that it is not justifiable to make use of the DHF fund to get an exchange listing. There has to be one reliable person making this request and we have to be sure that the person would not want to loot unnecessarily.
Let's hope there will be more exchange listings in the future and at the same time we also have a proper decentralized solution that we can use to connect with other blockchains.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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