I started blogging about crypto currency few weeks back, just seeing this footer at every crypto related article I read “posted by Leofinance beta”, curiosity they say kills the cat is was a situation of me pulling lick of a broken pipe and the gushing out of water. It was how I could describe my situation, as I opened the Leo finance blog in the hive blockchain. if I was told back then I would be writing my thoughts on some topic including crypto currency I would never had accepted it, because researched ain’t something I liked doing. It was a great experience for me, because I have to research learn and unlearn new things, some trading terminology and some techniques too.
The Leopedia which which is a platform all articles, journals and video lessons are stored and also made available to those who are interested in the crypto currency education, sometimes I refer to it as encyclopedia of finance, which was my tour guid as I explore the vast crypto world.
The first post I read was about wrapped Leo, which is a ERC20 token, or "WLEO" for short, and the author claimed that this was also the same as the LEO token. If you go to the wallet's Settings tab, you'll see these two options. I also learnt that these tokens LEO & WLEO are what powers the Leo finance community, which totally had broaden my understanding why I see different accumulated prices on different front end when I try to access the hive blockchain. The article also spoke about the WLEO was a bridge between HIVE and Ethereum which allows the token to the listed on Decentralized exchange that supports the ERC 20 protocol.
In the illustration video where the moderator took some frames in the section on how to wrap your LEO into WLEO, he did a transfer of some amount of Leo tokens into he’s MetaMask account but before he did this he had created the contract address WLEO token wallet. He explained the reason he did that was help me track the WLEO token, he want further in explaining how to contribute to the Ethereum pool on uniswap using the Wrapped LEO. Providing liquidity as I could understand from the section that was held is that you become part of the automated market marker system.
At this point I didn’t know what an automated market marker system meant so I had to carry out some findings which I discovered that when you provide liquidity you are actually providing power for a decentralized exchange and in return you get a percentage cut in the trading fees and also some free tokens. So most times I place trade on an exchange either buying or selling the process it takes for my order to be filled is known market marker. Market marker is a process where the exchange helps you search for a user on same pool which has also placed a sell order at the same buy order you have set and also the revise is the case when you place a sell order.
Well wish me luck as I dive deep into Leopedia and I think it’s gonna be fun having a target and writing about it.