DEFI is all the rage, and as it turns out Hive-Engine has a lot of the components that make it up. You can create your own token, enable staking, and even build your own website for it. On top of that you can start using those tokens in regular commerce sites like Woo Commerce, which is WordPress compatible.
It's taken a bunch of time to build all this stuff out, but this ecosystem is starting to get fleshed out and the pieces put in place.
Today I'm really happy to let folks know about DSWAP. This is a project that we've been working on for about 4 months, and we're nearing various launch points for it.
Cryptomancer is the brains behind the market maker smart contract, and someguy123 is the brains behind helping the crypto token converter be used more dynamically to allow trading between various pairs. Bait002 helped design the sites that will be launching, and lion200 will help "wire" them up and release them.
What's a DSWAP
DSWAP is a place where you'll be able to swap tokens easily using Hive-Engine, but not have to go through all the steps manually. You put in the starting token, and the ending token and the smart contracts will go through the steps for you to convert between them. Some similar services will be more expensive. Other may be less expensive, but many of the less expensive ones come with KYC and big brother. Here's an alternative that's still KYC free and will let you move between various cryptocurrencies on and off of Hive-Engine. It's also fast because of Hive's 3 second block times, and there's no gas fees.
Why should I care? Lower Fees and Financial Opportunity
Well, there's two parts to this. There's the ability to swap between cryptos and the ability to market make while people do that. If you're swapping you'll be happy because the fees are pretty low compared to other services. I'm used to paying as much as 10% to swap between currencies. Here it should be half of that or less.
But the piece I'm really excited about is the ability for you to make money while people are switching back and forth.
Jane wants to convert from BTC to EOS. She's going to the use the exchange. It converts her BTC to SWAP.BTC. Then trades to SWAP.HIVE then trades to SWAP.EOS, and lastly ships out to an EOS address. There's a few opportunities in there for people to take trades on tokens. SWAP.BTC <-> SWAP.HIVE and SWAP.HIVE<->SWAP.EOS.
If Jimmy is running the market maker he could be getting profits when Jane is converting between SWAP.BTC <--> SWAP.HIVE and SWAP.HIVE<--> SWAP.EOS.
More volume, more projects, more eyeballs, more people, more incentive
In general my business plan is always "find ways to help other people make money, and I'll make some too." In this case by allowing our community members to be market makers the incentive to use the system is largely with the market makers. The system is setup for it. There's no fee on every transaction like there are on other exchanges. You pay once to come in and once to go out, but every transaction in the middle are free. This is a great situation for the market makers to operate.
By bringing in market makers that even non-techies can use I hope to see a large increase in the volume of transactions, I hope to see more people working to bring people to this exchange (since they'll profit if it happens), I hope to have more eyeballs on this project and other Hive based projects, and I hope to grow this ecosystem.
Project roadmap and timeline
The market maker backend is already done, and functioning now. There's several accounts using it. There's potential that the front end is ready this week, but we're probably looking at next week for the release of the market maker.
The swapping back end isn't quite done, but much of the front end is already designed and ready to implement. We're mostly at the stage where the finishing touches are coming together.
So, I can't tell you the exact day, but I hope that by the end of September everyone in the ecosystem can easily and inexpensively swap cryptos while also profiting from trades when others are making them.