The State of DeFi Hive is just...
Awful, really painful. I have so far relied on MEXC for getting Hive In and Out of the Hive network. It has been a breeze, but ever since MEXC went KYC we are now faced with a tough question: how do we on and off ramp (without KYC)?
Other NO KYC CEXs
I talked about XT.com which offers a cloned experience to MEXC and today I have actually used it. The first thing you see when trying to send funds to the exchange address is a big warning label from PeakD:
A "bad actor"... great, just what we need. However, the good news is that I just confirmed that the exchange works: I deposited traded and withdrew there - so it does seem okayish to use it, although it doesn't exactly feel safe.
If you remember last year, Hive was also listed on many other CEXs back then. We literally got a new listing like every week and it seemed like the "flood gates" were opened. But now over a year later, the situation is clearly degraded. I went though my bookmarks and most of the CEXs that listed Hive either don't have it anymore, or a deposit is not possible.
-WEEX (can't deposit Hive)
-Bitrue, Hotcoin don't have Hive anymore
Other exchanges simply don't have any volume for it to make sense to deposit to...
Aggregators
There also used to be many different aggregators that had Hive. Now, at least two aren't working anymore:
-SimpleSwap.io (doesn't work)
-stealthex.io (doesn't have Hive)
Others remain, but it is clear that they are not always cheap nor safe...
Here we can see that the top route is still through MEXC; it says it doesn't have KYC... but perhaps now they do? Changelly also seems dodgy, since KYC is possible - so the funds might as well get lost. Other routes have a worse rate, and others might be "okay" - who knows? I actually have never used it before.
Hive-Engine
Hive-Engine is actually an option I haven't considered since they charge a 0.75% fee on withdrawals... which is just too high imo. However, it does seem to be a viable option when sticking to the highest TVL pools:
The best option seems to be the BTC pool. With $43k liquidity it's not too bad for smaller swaps. The next option is ETH, but the pool is already almost half the size.
The reason why I think Hive-Engine is a viable option is that it is essentially "risk free". At least in regards to a CEX or an aggregator. But it is clear that options are very limited and the UX is not great.
Conclusion
When losing the convenience option, it becomes clear very fast that Hive is stuck in an awful place atm when it comes to DeFi connectivity. I hope that MAGI grows quickly and that this will become the main go to place for the Hive On and OFF ramp.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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