The competition is great! Competition is healthy and beneficial to EVERYONE! I told you in some of my previous posts about my business and how I had to close it as I DIDN'T have competition... I know that it sounds weird and strange... that everyone dreams about having the monopoly over a specific niche, but in reality, it's not like that...
Would Bitcoin be this strong as it is if we didn't have altcoins? Would cryptocurrencies be this successful if they didn't (and don't) have f* up traditional currencies? Would Ethereum, or HIVE exist if there was no Bitcoin and Satoshi? You get the point, competition makes us better, push us further, and moves things forward...
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I said many times before, and I will say it again... HIVE wouldn't be here where it is if there were no extraordinary people with revolutionary ideas... One of those ideas was tribes on HIVE, and the more important, Hive-Engine as an additional layer on the blockchain... Yes, it has some flaws, but it brought "smart contracts" to HIVE, layer-2 tokens on HIVE, and open the door for many sub-projects... That has added an immense value to the whole HIVE ecosystem...
Sorry for the long introduction, but it needed to be said... The topic is connections between the two worlds... Between HIVE as a base layer, and HIVE-ENGINE as a 2nd layer... The beauty of Hive-Engine is that it's not a "closed system", it allows others to build on it, interact, and improve it... In the beginning, we had just one way to deposit funds to HIVE-ENGINE and it went directly through the official interface... The deposit (and withdrawal) fees were 1%, and many people complained that it's too high... Maybe it was, maybe it wasn't, but some other people didn't wait for the H-E team to lower the fees, but took action...
Screenshot from the website
New deposit and withdrawal systems were born... Today we have many options, but I will list here just a couple of them... For that cause, you can use BeeSWAP which has a 0.25% fee, or HivePay which has a 0.20% fee... But, my favorite one is HIVEUPME Discounted Bridge which gives you an opportunity to exchange tokens without fees on certain occasions, and to be more exact, earn additional tokens! Of course, there is a catch for that part, but even if you are doing a regular exchange, the exchange fee is ONLY 0.10%!
Let us dive deeper into it... Firstly, the website is created by @theguruasia, a well-known developer of projects like WineX, or Hive Up Me Curator... After complaints from the community about 1% deposit fees (lowered later to 0.75% by the Hive Engine team), he stepped out and created a unique system of conversion from HIVE to SWAP.HIVE and vice-versa...
Screenshot from the website
HIVEUPME Discounted Bridge doesn't just have the lowest fees, but also has an additional incentive built for growing liquidity of the "exchange pool"... At the moment, this pool has around 11K HIVE tokens, some of them on the native chain (HIVE), and others in the 2nd layer (SWAP.HIVE)... The problem that most other bridges have is liquidity on either of two sides... and HiveUpMe has the same problem, but it has a nice solution for it, too! In case when there are less than 15% funds on either of two sides (HIVE or SWAP.HIVE), clients are "incentivized" to exchange tokens...
Screenshot from the website
So, if you exchange tokens that need liquidity, you can do it for FREE + you will receive an additional 0.075% as a bonus! Not bad for a service that you would pay not that long time ago 1% fee! Like I said at the beginning, the competition is good... We got better service, more options, and lower fees thanks to awesome developers with great ideas!
This post isn't sponsored at all... I have used the service many times and I had a great positive experience by using it... ZERO problems in many uses!
Thank you for your time,
~ph~
If you want to support my witness, you can do it by voting for @ph1102.ctp here https://tribaldex.com/witnesses, or just scan the QR code down below...
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You can also find me on LEO Finance .:. Twitter .:. Odysee
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Thanks for sharing about this option. I believe competition does make everything better as it drives process improvements. I will certainly check it out. As “A penny saved is a penny earned. “. Take care.
!CTP
!PIZZA
Exactly! And does additional marketing as more products in the same "niche" attracts more eyeballs... ;)
!WINE
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Sounds like an useful tool with benefits. I usually just use HivePay as I'm a fan of the owners and part of the CTP community and like to support them in anyway I can, not to mention they had the lowest fees that I knew of. However, I can see myself at least trying out this new system even if I don't make it my regular choice.
!CTP
Try once & see the difference ;)
$WINE
Cheers~
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It's important to keep our ears on the ground for new stuff... ;) Thanks for checking out my post!
I didn't know the developer at all, but I liked the product and shared my experience... The rest is on the readers... :)
!LUV
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I use HivePay now.
I'll try out HIVEUPME Discounted Bridge.
thanks for sharing!
Have a great day.
!LOLZ
!PIZZA
!MEME
!LUV
!PGM
!CTP
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BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
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It's good to have more options as sometimes one doesn't have enough liquidity and another does... ;)
!WINE
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I will definitely use this opportunity to transfer funds, perhaps today I will try to figure out this, not the easiest interface)
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It's not as complicated as it looks... You just enter your username on the left and click on the number of your tokens... It auto-fills the amount in the right field... Just change it to the amount you want and click SWAP... confirm with Keychain, and that's it... ;)
!PIZZA
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It did not work, the keys are not active, but, it's okay, beeswap did a good job)
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Weird... When I do the steps that I said to you, it takes a couple of seconds until HiveKeychain pops out to confirm the transaction... But, it worked every time... Maybe @theguruasia can help you in finding the solution?
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Thanks, I'll try to figure out the functionality.
@ph1102, @barski,
We added 10 seconds delay before popping-up hive-keychain. Because we are double checking whether the account has enough liquidity to process the swap.
Thanks~
Hi @barski,
It has 2 interfaces
https://upmeswap.github.io/
https://swaphive.github.io/swap/
Cheers~
Thanks, I'll check the links.
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I was not know about this option and incentivizing SWAP when a token pair has little liquidity is a really good idea.
One of the things I like most about Hive is that every day, as I read other authors' posts, I discover something I didn't know, so thank you for this post
!PGM
!CTP
!1UP
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@libertycrypto27,
If you experience any kind of error or etc, anytime you can reach me here or at the discord.
theguruasia#8947
Cheers~
thanks a lot
!PGM
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
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BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-2.5 BUDS-0.01 MOTA-0.05 DEC-15 SBT-1 STARBITS-0.00000001 BTC (SWWAP.BTC)
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Thank you for your kind words...
It would be nice if we would see more swap/bridge websites like this one... More competition, more liquidity, more options, more visibility...
!WINE
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Thanks for the info, i have used hivepay until now
I will try this next time i need to swap hive, have bookmarked it.
You are welcome... I have 3-4 options bookmarked... Just in case... ;)
!PIZZA
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I didn't know about this option. I was planning to use HivePay for the conversion. But, now I will use this service In Sha Allah.
Thanks for this useful post.
!ALIVE
!PGM
!LUV
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-2.5 BUDS-0.01 MOTA-0.05 DEC-15 SBT-1 STARBITS-0.00000001 BTC (SWWAP.BTC)
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@ph1102! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @hafiz34. (5/10)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
Sometimes it's good to have more than 1 option as liquidity on these bridges can be a problem...
Thanks for the Twitter promotion!
!LUV
!PIZZA
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That's good to know, thanks @ph1102 - I'm sharing this one on Listnerds. 🙂
!CTP
!ALIVE
Thanks for the share!
!PIZZA
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@ph1102! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @hirohurl. (1/10)
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@ph1102,
Thank you very much for sharing your hiveupme discounted bridge experience with the Hive community. This service is not very famous in the community. Sometimes, I wonder why people pay high fees while they have a cheap fee, trusted services. So, as a developer, I really appreciate your effort in sharing your experience.
I already replied to your problem at the discord server appeared due to the delay of the engine side chain.
$WINE
Thank you~
No worries about the small glitch... Hive-Engine sidechain does those things... :)
Thanks for creating the bridge! It worked great for me and I hope that others will start using it more often...
!LUV
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This is great information. Competition forces things to improve. Thanks for sharing.
Thanks! Competitions indeed do that...
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How often can you balance the liquidity on the sides and get extra rewards? I see that it's hive to swap.hive on the side that needs liquidity now.
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I suppose that nobody has an answer to that question, as it changes from day to day... It depends a lot of FOMO on something INSIDE the Hive-Engine, or outside... For example, in the last 2 days, the bridge needs HIVE, but before I saw a couple of times that it changed sides literally in 1 day... in the morning, there was a need for HIVE, and in the evening for SWAP.HIVE...
I mean, you can do arbitrage exchanges, but you will maybe have to wait days for it... On the other side, if you need to exchange for your "personal use" and your side is favorable, it's nice to do it for free + receive a small bonus :)
!LUV
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I guess I'll keep an eye on it a few times a day and earn a little bit off of it when I can.
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Is Hive Engine the only Layer 2 smart contract option on Hive?
Is there much benefits of Hives own layer 2 compared to using say an ETH based smart contract layer?
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I think that https://www.dlux.io/ is another 2nd layer solution, but I'm not sure about that as I didn't research it... Hive-Engine is the only one that I use a lot...
Huh... The biggest benefit of HIVE L2 is zero transaction fees... Other than that, it's not comparable with ETH at all... Let us be sincere and unbiased here... ETH is the beast...
!LUV
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Thanks for sharing the info about HIVEUPME Discounted Bridge. So, fees are 0.10% normally, or free + incentive if liquidity is needed where you move funds? That sounds awesome! The best option I know so far. There is cartel.swap, which has zero fees if you have large enough CARTEL holdings but also has liquidity issues like most bridges.
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When they need liquidity, you get paid to exchange 0.075%... It's not a lot, but still, even better than free... And no connection attached... I mean, you don't need to have any special token or such... It's a kind of solution for a "liquidity issue"...
Btw. I didn't know about cartel.swap... That's a nice alternative, too!
!LUV
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informative !PGM
I'm glad that you found it informative!
!PIZZA
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BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-2.5 BUDS-0.01 MOTA-0.05 DEC-15 SBT-1 STARBITS-0.00000001 BTC (SWWAP.BTC)
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Thanks for sharing.
You are welcome!
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