So many tokens, so little time!
Recently we have been keeping an eye on the DEC markets, a splinterlands-backed stable coin that has been with us on the Engine platform for a long time. Until recently, we really hadn't taken a closer look at this market, despite it being one of the top tokens by volume very consistently.
The form of the stable mechanism of DEC (Dark Energy Crystals) is quite ingenious - they are backed by the possibility of buying card packs! There are other DEC sinks, like leveling up guilds and purchasing cards from the market. It has been announced that there are future plans to implement more use cases for DEC, like buying land and other in-game artifacts.
Let's take a look at the price action over the last month, we can see that the stable coin tracks the inverse of the HIVE price.
This can make DEC a very useful tool for a savvy trader in times of market volatility. It has been used on steem-engine this way for years, but with the recent fork, we have noticed another gateway appear!
For those of you wanting to trade STEEM for HIVE, pay close attention to these following steps. If you want to go the opposite direction, just perform the opposite steps.
1. Buy DEC on STEEM-ENGINE
If you are very concerned about the rate, make sure you note the price you pay in steem. Here, we are paying 0.003700, times the current price of steem (21.4 cents), times 1000, we get about 80 cents. Notice that the DEC stable coin usually trades around 80% of its stabilized value.
2. Move to Splinterlands Wallet
Click on your DEC total in the upper menu to access this screen:
Then 'Transfer In' from the steem-engine platform.
3. Transfer out to Hive-Engine
With a few clicks we are back on the same screen sending the tokens to Hive-Engine. If you want to buy splinterlands cards, just spend the DEC. But if you want HIVE, follow us over the HIVE-ENGINE market.
4. Place sell order on Hive-Engine
If we were to sell at market price right now, 0.002949, and the current price of Hive (25.4 cents), we get something like this:
So if we sell into HIVE at the dump price, we are only getting 75 cents for what we paid 79 cents for. So we prefer to place a market order. Do your own math, do your own homework - and remember -
DEC tracks oppositely to HIVE (or steem) price!
Which means if hive price drops, the price of DEC in HIVE will rise, and vice-versa.
I hope this guide serves those of you out there exploring options to move value between blockchains. This is not advice, it is history, and the numbers change constantly. As mentioned in the beginning, DEC is a high volume token that generally sits within 80% of its stabilized value. Do your own homework.