Proposing Front-Ends Feature: "Convert Hive-Engine Small Balances to [Insert Front-End Token]"
I'm sure you have a long list of Hive-Engine tokens which are too small to be worth the effort to do anything with them manually. Something like in the image below, with different tokens and amounts, of course:
I don't know about you, but I'd rather have things I don't focus on set on zero, instead of a bit here and a bit there. But many of them are or were dropped daily by income / dividend projects, and even if one takes the time to sell the small balance assets (which isn't really worth it considering the time spent to do it), they'll promptly show up the next day.
There is a feature on the Binance website that I really like, to get rid the small amounts you have in your wallet, by converting them to BNB.
On Binance, by clicking that option you go to a separate window where you can check the small balances you want to convert to BNB (and uncheck those you want to keep).
It works only once per 24 hours, to avoid abuse, I presume.
This serves three purposes:
- convert to BNB small balances that cannot be traded (we don't have this issue on Hive-Engine as far as I know)
- removes the unwanted small balances from your wallet
- creates a little relatively constant demand for BNB - I believe this would have a higher impact for Hive-Engine tokens, with an much lower liquidity than BNB
Even general interfaces like PeakD can implement such a feature and for example sell to SWAP.HIVE since it doesn't have a token of its own.
In case of converting to a front-end token, the process has two steps:
- sell selected/all small balance tokens to SWAP.HIVE
- buy the front-end token (LEO, BEE, CTP, etc.) at the end with the SWAP.HIVE resulted from selling the small balances
Selling will be done at market price, if there is any. While this can be perceived as a selling pressure on less popular tokens, we must keep in mind we are talking about small values AND that adds to the liquidity of the token.
Buying will also be done at market price. While this will not produce a significant buying pressure for top tribes, if there are enough people using this feature daily on a front-end, there can be quite a few small BUY orders.
So, in my opinion, these would be the main benefits:
- allow users to convert their unwanted small balances to something they want
- create liquidity for less popular tokens
- create another sink for the destination token
What do you think, is this worth implementing it? For Binance it's obviously easier since they operate a centralized database, they don't have to broadcast operations over a side-chain.
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