Hey everyone! The LEO team has been working on a myriad of fronts these past several months. As many of you know, we've been developing, refining and releasing Open Source APIs and technologies for Hive. This is a new direction for us on the Hive blockchain and is all a part of our updated proposal.
In addition to that work, we've been focusing intently on a separate part of the LEO Ecosystem: LeoDex.
LeoDex is a cross-chain decentralized exchange interface for Maya Protocol. Last year, Maya listed the LEO token on their protocol and this has brought the LEO token to the world of cross-chain. With that, we built LeoDex as an interface for Maya.
This week, LeoDex became the #1 interface for Maya in terms of trading volume (~$3M was swapped on Maya this week alone).
The success of LeoDex has been extremely motivating especially as we have poured months worth of work and countless resources into LeoDex's new update.
In this blog post, we'll talk about what we've been cooking up for this LeoDex update. Specifically focusing on the new wallet integrations.
New Protocols - Thorchain, ChainFlip and Rango
The new LeoDex update includes a lot more than just wallet integrations, we're also adding all 3 of the other major cross-chain protocols.
LeoDex will now aggregate and calculate the routes for all 4 protocols (Maya, Thorchain, ChainFlip and Rango) simultaneously. This update will allow you to choose which route offers the cheapest or fastest route (or choose a tradeoff of the two).
If you are familiar with cross-chain swapping, then you'll know that these protocols offer their own variations of Streaming Swaps (Thorchain & Maya) or DCA swaps (ChainFlip). These different methodologies for swapping allow the user to choose between:
- Faster swaps
- Cheaper swaps
If you want your swap to be more efficient, then it can be spread out over a longer period of time (streaming). If you want it to be as fast as possible, then you can swap in a singe block. Though you will lose some of the efficiency that can come with spreading the swap out.
As you can see in the screenshot above, you can choose "Best Price" or "Faster". Our UI shows you the two options. If you look in the grey text toward the bottom of each, it will explain the breakdown of the time to swap and efficiency of the swap.
For example, this 2 BTC <> 71.72 ETH swap offers 4 options:
- Maya (Best Price): $192.13 slippage and 2hr 07m long swap
- ChainFlip (Fastest): $562.93 slippage and 32m long swap
- Rango: $857.70 slippage and 32m swap
- Thorchain: $734.80 slippage and 42m swap
The breakdown of which protocol offers the cheapest swap/fastest swap (or combination of the two) varies minute by minute and based on the swap assets. The LeoDex frontend reads from all the endpoints of each protocol to display these routes and the optionality that the end user has.
Think of it like an aggregator of all 4 major cross-chain swapping protocols. LeoDex shows you your options and speaks to the 4 protocols to help you interface with them.
New Wallet Options
We've been working on a new wallet framework for LeoDex which has been able to influence our work on a wallet framework for Hive.
As many of you know, we built Keystore signups and sign-ins for Hive which utilize the Keystore paper wallet functionality to actually create a Hive wallet for new users on https://inleo.io. As part of our DHF Proposal, we open sourced this technology.
The work we've been doing to add new wallets to LeoDex has also taught us a lot about supporting other wallets both for LeoDex and for the completely separate implementation that is INLEO.io (allowing users to sign up to Hive using other wallet options).
Our wallet framework will go live on LeoDex in this new update and allows users to connect nearly all the major crypto wallets to https://leodex.io for their cross-chain interfacing needs.
- CTRL Wallet (already live)
- Metamask Wallet (already live)
- Hive Keychain (already live)
- Keystore (already live)
- Keplr
- Phantom
- Coinbase
- Solflare
- TrustWallet
- Talisman
- Passkeys
- Ledger
This new wallet framework that we've built is a leap forward in terms of our ability to handle wallet implementations both now and in the future. The framework we built is the key reason why we are able to add support for all of these new wallets simultaneously.
This work also leads us into more innovation on the INLEO (Hive) signup and sign in front. LeoDex is completely separate from INLEO but the wallet framework we've built can be forked and modified to handle Hive sign ups and logins similar to what we did with Keystore.
Multi-Wallet Swapping
Our goal with LeoDex is to make it the #1 cross-chain swapping UI for all 4 protocols. We've been doing extensive market research on the other options out there as well as talking with other teams in the space and community members in the ecosystem.
The LEO team has spent 6 years learning and refining our approach to building a great UI / UX for our community. All of this time has been immensely valuable in driving our approach to designing and developing LeoDex for the Cross-Chain ecosystem.
One of the many things we learned in this market research is that multi-wallet support is severely underserved.
Many users in crypto have more than 1 wallet. Many have dozens of wallets. As of right now, every time they visit a platform they may have to refresh and sign out / sign in with multiple different wallets in order to do what they want to do.
To address this, we added the ability to connect to multiple wallets simultaneously. Then we added additional UX flow to make it even easier to utilize the multiple connected wallets. For example, adding the ability to choose which sending and destination wallet between the connected methods:
We also added additional dialogues when choosing from wallets that are either:
- not connected
- different than the sending wallet (multi-wallet)
These disclaimers/acknowledgements improve the UX and remind the user if they are receiving the final swap to a wallet that is not their origination wallet.
This is very helpful when users are either using multi-wallet or manually choosing a destination address for their swap (an address that is not connected to LeoDex at all).
LEO Utility | Swapping Tiers
This update to add all of these wallet options + Thorchain/Rango/ChainFlip support is coming to LeoDex VerySoon.
The next update to follow it will likely be our LEO Tiers update.
This update will allow people who have staked LEO to get cheaper affiliate fees based on the amount of LEO they have staked. We've developed a dynamic system that is competitive:
For example, if 1,000,000 LEO is staked for swap tiers, then the minimum threshold to be a part of each tier will increase. Take this as an example (not finalized numbers):
If a total of 1M LEO is staked amongst the tiers and these are the baseline numbers and then another 1M gets staked (total now being 2M LEO staked in the tiers), then the minimum threshold for each tier will increase non-linearly. For example, if 1M more LEO gets staked, it is now 30% more competitive to be in each tier (see column 4 & 5).
Again, the actual numbers shown here are a simplified example. The most likely scenario is that the competitiveness of tiers will change over time as the amount of total LEO staked into tiers and the price of LEO changes with time. It is highly likely that the combined LEO POWER on Hive and LEO Staked on Arbitrum will have an added voting utility on both LeoDex & INLEO Polls in order to set the baselines for tier staking and the various dynamics behind them.
This future update will add significant utility to staking LEO for DAO-voting + cheaper affiliate fees on cross-chain swaps.