Automatically list your favorite ERC20 tokens on Hive Engine!

ethereum-3660218_640.jpg

Howdy folks, I'm here today to announce a new token listing feature for Hive Engine. Until now, only the Engine team has had the ability to add tokens to our deposit & withdrawal gateways for connectivity with external blockchains. But now we're going to hand some of that power over to you!

As of now, anyone can get an Ethereum ERC20 token listed for trading on Hive Engine, for a listing fee of 1000 BEE (about $373 at the time of writing; very reasonable compared to many other exchanges).

Here's how it works:


Step 1

So you've got your favorite ERC20. You love it, you left your wife for it, you've got bags & bags of it, you just know it's gonna make you rich someday. But it's not trading on Hive Engine. Oh the horror!

No worries, instead of begging us to add it for trading, you can do it yourself. All you need to know is the token contract address, which you can find with Etherscan:

https://etherscan.io/tokens

For example, I just added Polymath (POLY) myself:

https://etherscan.io/token/0x9992ec3cf6a55b00978cddf2b27bc6882d88d1ec

Step 2

Once you know the token's contract address, all you need to do is send your 1000 BEE payment to the swap-eth account in a specially formatted transaction:


erc20-creation-1.JPG

  • TO: swap-eth
  • AMOUNT: 1000
  • MEMO: ERC20 <contract address>

Step 3

Wait for the transaction to confirm and for the system to perform all the behind-the-scenes setup work. It could take anywhere from 2-5 minutes depending on how busy the system is.

You won't get any immediate visual feedback if the token listing was successful. To verify it, you can search for the new SWAP.xxxx pegged version of the ERC20 token.

In my case, I added Polymath (the token symbol on Ethereum is POLY, so on Engine it will be SWAP.POLY):

erc20-creation-2.JPG

You'll notice the token symbol graphic is not automatically added (it's blank to begin with). For now, the Engine team will manually add the symbol to the token later on. Making this step automatic as well is something that still needs a bit more development work.

The new token should also be available in the ERC20 Tokens deposit & withdraw menus right away, on both Hive Engine and Tribaldex:

erc20-creation-3-deposit.JPG

erc20-creation-4-withdraw.JPG

Step 4

That's it, there is no step 4! Easy as pie, right?

What if something goes wrong?

There are a lot of moving pieces to automatic token listings. In most cases, if some error occurs halfway through the process, the system will refund your BEE listing fee and include an error message in the refund transaction memo. This could happen if you specify an invalid contract address, a contract address that doesn't conform to the ERC20 token standard, a token that has already been added to Hive Engine, etc.

In some rare error cases it might not be possible to automatically refund your BEE. If that happens, you can raise a support ticket and our helpful tech support staff will get things straightened out:

https://support.privex.io/open.php?topicId=27

Disclaimer

We reserve the right to disable deposits & withdrawals on any user added ERC20 token at any time without warning, for any reason, including but not limited to scams, fraud, or otherwise abusive/shady token listings. No refunds of the BEE listing fee will be possible in these cases. Be advised that the Engine team will review all newly added tokens to make sure the listing is legitimate.

What's coming down the pipeline?

Now that we've got our Ethereum gateway completed, we intend to focus some attention on the popular Binance Smart Chain, which is essentially a copy of Ethereum with lower gas fees. So you can expect a BSC gateway coming soon which will function in much the same way as the Ethereum gateway. That will allow BNB and various BEP20 tokens to trade on Hive Engine.

Eventually, people might start using Hive Engine as a conversion service to move assets from one blockchain to another. Imagine a case where a particular token exists as both an ERC20 and a BEP20. You could deposit it to Hive Engine from BSC, then withdraw it on Ethereum, or vice versa.

I'm fairly excited about all the possibilities having both an Ethereum gateway and a BSC gateway will bring, and I hope you guys will be too! We're going to keep doing our best to make the Engine ecosystem awesome, with many more new features, smart contracts, and trading possibilities to come.

The future has never been brighter!


Image attribution: screen shots are my own, title image is by Peter Patel from Pixabay



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16 comments
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That is awesome! Goes well with the new ERC-20/BEP-20 and ERC-721 creation web app I am getting ready to release! Can’t wait for the BSC integration! Great job, glad to be a HE witness!

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Thanks for your support and contribution as a witness. Your new app sounds intriguing, do be sure to share the details with us when it's ready and we'll check it out!

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I’m already using Hive to get BSC since the new bridge was released a few weeks ago. Getting that moved over was one of the biggest hurdles I’ve had to access CubDeFi. I can hardly wait to see how much smoother this makes things. Thanks for all the hard work!

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You're quite welcome! We're aware that just getting access to BSC is difficult for a lot of people, and we're big fans of Cub DeFi too. I'm sure there are lots of synergies we can explore with that project, and hope that having our own BSC gateway available will help make it that much easier for people to get involved.

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Any plans for FA1.2 or FA2 tokens?

They are on the Tezos Blockchain.

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We're not planning to do anything with Tezos at the moment, but I don't want to rule anything out for the future. It takes a lot of effort to connect new blockchains to the system, so we have to be strategic & prioritize accordingly, doing what makes the most sense with limited resources. But thanks for the idea, we'll keep it in mind.

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My friend is already running a baker, I got him to post on Hive. The baker must run smart contracts on Tezos chain, so half the work would be done if you ever wanted @sebuh to provide the endorsements, as they are called when a baker signs and gets paid for tx that could include tokens. (pardon my layman's explanation for other readers).

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This is amazing, and of course I know it can be flawed but it will give a lot of exposure to hive, these are the efforts to make hive a better place.

Posted Using LeoFinance Beta

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It’s great to see this type of development!
I will visit Hive-Engine and take a better look at all your recent development work!

Thanks!

Posted Using LeoFinance Beta

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Definitely check it out, we've rolled out many useful enhancements this year. Thanks for your support!

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I'm happy to see this new functionality on Hive Engne!

Soon something called PulseChain is coming which is not a copy of Ethereum but a fork of Ethereum, claiming to be an "energy efficient, cheaper, faster fee-burning Ethereum fork." https://pulsechain.com/

Since it's a Eth fork, I wonder if this new chain is easily added to H-E. Supposedly to access Pulsechain on Metamask you just change one parameter, maybe the chain ID?

There's 15K people in the pulsechain telegram, many from the HEX community since the project is from the same founder. If it turns out to be an easy thing to add to H-E, might be a way for a bunch of new people who are crypto fanatics to come to the world of Hive.

Just a random thought. Keep up the great work on Hive Engine! 👍

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IMHO the fee is too big, and exchanges which charges fees for listing will die like dinosaurs.

I think much better to charge 0.3% for exchange, 0.2% pay to LP holders and 0.1% just burn BEE tokens.

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Awesome work! Excited to see which tokens will get added.

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Great work. Can't wait for BSC integration as it will be a great boost for CUB also. Ethereum is a rich man's game but it is nice to see all these blockchains being connected.

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