First Ethereum Deposit Successfully Tested for Hive-Engine

in #ethereum3 months ago

image.png

I'm pleased to announce that we've successfully tested the deposit and withdrawal feature of our latest gateway for Ethereum. This means we were able to send Ethereum to an address on the Ethereum blockchain via the test net and issue SWAP.ETH (we actually tested with a different token) on Hive-Engine. We were also able to send SWAP.ETH back to the system address and transfer ETH on the Ethereum blockchain.

Why does this matter?

Hive is under 14 cents. Ethereum is around $600. Ethereum is around 4000 times more expensive than Hive. The capital markets are more developed there and by making it easy for ETH holders to participate in the Hive-Engine ecosystem we can bring some of that financial power house to the Hive blockchain where we have a greater mastery of utility.

What's the timing?

Getting the ETH deposit/Withdrawal live on the site will actually take a fair amount of work as we're not going to be using the Crypto Token Converter and instead have to rely on a different mechansim. This comes with support issues and a variety of other challenges, but we think it's necessary at this time. Because of some of the front end changes we're targetting early January to have it live on the site.

What else will the bridge do?

While getting SWAP.ETH is the first step it can't be the last. We'll be working over time to put ERC20s on Hive-Engine. Hive Engine Tokens on Ethereum. And lastly we'll move over to ERC 721s and 1155s so we can have NFTs moved easily between the chains. These pieces will extend throughout 2021, but are a big part of getting Hive-Engine into larger and larger capital markets so it's easier to establish businesses here.

This sounds great, how can I support this?

Right now our best source of funding is from farmfarmer.farm and mythical.farm. If you'd like to support the development of Hive-Engine please purchase game NFTs from those sites.

Sort:  

Great news! Congratz!

I wonder: How you get managing the Gas fees?

good question

indeed.

Awesome, this is going to be huge I know plenty of people wanted ETH support on HE, myself included :)

Nice work this seems to be so important. The entry barrier to get into hive is now a bit easier. But still way too to difficult for the average person. Hope this will change soon and bring a lot of users,

Great News.
Already brought a bunch of NFT's in both. Looking forward to hear development news on weekly basis, as that helps both ways.

All the recent updates happening around HIVE has been amazing. Now ETH transaction can actually be (kind of) free. HIVE-Engine has officially created what Lightning Network and similar solutions couldn't do for BTC and ETH. I would like to see more decentralization for HIVE-Engine to ensure antifragility. Aside from that, everything is so great and so underrated.

nice comment, HIVE is really underrated a lot. The potential of this blockchain is enormous.

Great news indeed

 3 months ago 

Fantastic news. Should stabilise the DEC price too.

This was automated vote. I do my manual curation and voting strictly on Leofinance tribe, as I see it most promising and profitable.
I strongly invite everyone to take a look at https://leofinance.io/

$tangent


Congratulations, @asimo You Successfully Trended The Post Shared By @aggroed.
You Utilized 1/3 Daily Summon Bot Calls.

TAN Current Market Price : 0.800 HIVE

Bridging different cryptocurrency technologies seems to have been the trend lately... A lot of projects are working currently on different cross-chain bridges and that will bring more users and publicity.

I would think cross-chain bridges will eventually replace centralized exchanges and supplement decentralized exchanges... More coins can be added to decentralized exchanges with wrapped tokens.

image.png

Is SWAP.ETH backed 1:1 by ETH?

Posted Using LeoFinance Beta

Great news! Thanks a lot for efforts and commitment

Excelent

This is a great news and can bring more people join Hive.

Economically, when BTC and ETH hit new historical values, their networks start to become congested with high rates, causing people to end up looking for other blockcahins that have faster transactions and with cheaper rates, eventually making the currency appreciate. as happened with Litecoin in 2017.
I think this well publicized can draw the attention of many people to Hive.

Regarding NFTs, I had commented a week ago with other people in the community who create NFTs that for this segment to grow on Hive I would somehow bring people who are on the ETH network and who like to collect NFTS for Hive.
In short, I think it should start with ETH because it has the most capital in this area but then expand to other networks that already have NFTs.
However, to be able to bring these people in, it may not be enough to create the bridge, but rather to have something where NFTs could be used, such as decentraland or a cryptovoxes inside Hive.

In this way and due to the network's zero rates, we could attract more people.

@aggroed if you want to talk about this suggestion related with NFTS feel free and I would be happy to help.

Hi @cryptosimplify
Does the @aggroed plan of holding ERC tokens mean we could hold WLEO an ERC token representing Leo, a Hive-Engine token in our wallet, in our Hive-Engine wallet?
Thanks

Hi @shotsegment,
I think that we ocould hold ERC tokens in our Hive-Engine wallet.

Not sure what the point is...

Hive-engine needs more trading pairs for these types of initiatives to be successful.


Congratulations @aggroed, You Earned 0.449 TAN & Curators Made 0.314 TAN.

tangent.token


Join CORE / VAULT Token Discord Channel or Trade TANGENT Token
TAN Current Market Price : 3.870 HIVE

Hi @aggroed
Does this plan of holding ERC tokens in hive-engine mean we could hold WLEO an ERC token representing Leo, a Hive-Engine token in our Hive-Engine wallet?
Thanks