Seeking Feedback on a Potential New SWAP.BLURT Pool to Facilitate Trade

in blurt •  2 years ago 

I've been asked by @megadrive to do a post on potential new ways to trade BLURT coins. To avoid discussing different things within one post, I'm going to split this into 2, possibly 3, posts.

This one is about setting up one or more swap pools within Tribaldex for the SWAP.BLURT token.

Every token created on Tribaldex (Hive-Engine) has by default a market priced in HIVE (SWAP.HIVE to be precise). However, most people will think of their token holdings in terms of some currency such as USD or their own national fiat currency, or even in BTC.

Now, Tribaldex has expanded hugely the range of other SWAP tokens available, as both markets and bridges. For example, you can now buy BLURT using your Metamask wallet by transferring a token such as BUSD into Tribaldex, trading it for SWAP.HIVE, then trading that for SWAP.BLURT and finally using the new bridge to get liquid BLURT on the Blurt blockchain.

That may sound like a lot of steps but is not unusual in crypto to bridge-in from one chain, swap then bridge-out to another chain!

This has led to discussions about whether we can facilitate this process by creating a swap pool pairing SWAP.BLURT with some useful other coin that can be deposited easily into Tribaldex.

Before doing so, let me dispel one confusing myth: Tribaldex and Hive-Engine are the same thing! They process the same market transactions, you can login with the same account details, they are just different frontends of the same parachain - LeoDex too, if anybody asks. The key difference is that the Tribaldex site has expanded into defi and added swap pools that do not exist on Hive-Engine. However, Hive-Engine does now have DSwap, but that's a whole other story. So if you wish to trade on a market, you can use either site, but if you're interested in swap pools then head to Tribaldex; on this point, BeeSwap is probably a cleaner interface for users (although currently lacking pool admin functionality).

OK, back on message: is there a token that Blurt users would like having as a swap pair?

If you click Withdraw in your account, you will see a new set of dropdown menus listing all the currently available gateways to other coins on other networks.

The one coin that first caught my eye was getting SWAP.BUSD with BUSD(BEP20). The similar offering of USDT is, unfortunately, only available as an ERC20 token, and hence subject to higher fees than BUSD.

One other option with cheap fees is getting SWAP.BCH with BCH. I'm not sure how popular BCH is as a coin as this will require a BCH wallet.

Indeed, every option will require some knowledge of the recipient or sender wallet and how that network's gas fees are calculated. For example, receiving BUSD demands gas fees paid in BNB, meaning you must have some already.

There is no point adding a tool that we think may be useful to Blurters only to discover that nobody really uses it. A SWAP.BLURT/SWAP.BUSD pool may have some use for other reasons, but that is a different calculation; what we would like to know is whether BUSD would be considered a useful new route into BLURT coins? As I said above, other coins with an existing gateway may also be considered.

Thanks!

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A pair with BYT could also be useful.

I'd like a swap to steem, but I'm probably a minority. I convert coins to steem to lend them on dlease where I make a killer return.

I like the idea of this. This will work great for those who keep up with the prices on the exchange and swaps in order to take advantage of the different prices between them. To be honest, I personally don't use BNB. Not that I don't like it. I have a wallet, it's just completely empty. LOL, I haven't gotten into yet.

what we would like to know is whether BUSD would be considered a useful new route into BLURT coins?

For me, it would be the opposite. This would be my route to obtain BUSD and then trade into BNB to afford the transaction fees.

Thanks for the update

One of the concerns is the possible impact to Blurt volume and price, a BUSD pair might just be used to cash blurt out and bleed the price, also I confirmed with the HE/Tribal team that swaps don't count to token volume ranking. So if users shift from using order books to swaps the Blurt volume will go down and we will no longer have front-page visibility.

Regarding USDC, we can do that, it is a matter of importing it from say the Polygon chain which also benefits @gamestate and could probably get a cost share there.

The Gamestate team could also facilitate a Blurt Polygon token in time.

a BUSD pair might just be used to cash blurt out and bleed the price

I'll most likely be doing a little bit of this, but I wouldn't trade every week or every month. Maybe 3-6 Times a year. Dumping my coins? Hell no. Selling like 5-25$ at a time? Sure. Your concerns are very justified, but I'm sure people will prop up the price of Blurt to offset the dumpers.

if users shift from using order books to swaps the Blurt volume will go down and we will no longer have front-page visibility.

I see this happening too. The same thing happened with WEED (Weedcash) on HE, yet the price does eventually stabilize. Even if there are dumpers, the price will stabilize to a point where the paper hands will not see value in selling everything (small volume traders aren't much of a worry). It's all strategy and high-volume dumpers seek to maximize returns, with that being the case, it will be up to us to buy it back.

Trades are always two-way; how would USDC be any different than BUSD?
Any similar swap would avoid two transactions with swap.hive.

USDC is currently regarding as the #1 preferred stable coin, it opens up pathways to Polygon as well.

OK, but the "volume" concerns still apply. Indeed, given the liquidity we would need to add and possibly incentives, it is less than obvious that a direct swap pool has any benefits to us. Tribaldex having zero fees means that doing 2 swaps instead of just 1 may save a few seconds but saves nothing in fees.... as they are already zero. Indeed, a small pool may suffer more slippage than just using larger existing pools.

  ·  2 years ago (edited)

Because of the hopefully soon launch of DiG it would great to see DIG Swap pAir or a Atom Swap or a Osmosis Swap Pair .

I hope that there will be diesel pools to store Blurt in pair with BUSD or HBD.
If we communicate enough about those mechanisms many Blurters will adopt them.

Hello sir how are you?
Sir I said to create on top of some coins exchange says it feels more comfortable and not only me but I think maximum people feel comfortable that the coins are
USDT
BUSD
Trx
If blurt coins can be exchanged with these coins then I think it will be beneficial for everyone. I hope you understand me.

I need to start understanding all these mechanisms better. Thank you for making these posts.

SWAP.HBD

While not stable, I prefer this over all the centralized USD stablecoins. If USDC was on tribaldex I'd vote for that, but I don't believe it exists.

Among my favorite coins are some notable coins

  • USDT
  • BUSD
  • Trx

If I transact through these coins then I think it will be very convenient to transact and I will be able to make the transaction successful very easily.

Already mentioned that USDT gateway i only to the ERC20 token.
Thanks, BUSD seems more popular than I thought.

Yes sir

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I like the idea of BCH because some of us already receive it form Noise.cash and this would allow some of us to put those funds to work as the pair without selling blurt to get the pair started.

I wish i would not have sold my BCH if you end up going with this one. But I can always make more.

Cool - that's the kinda link we want to see.
Thanks for this!

BCH has only recently stepped into defi-world - are the wallets and bridges stable?

I use the bitcoin.com wallet. Seem stable just a small issue with the funds that come over from noise.cash. You should create a second BCH wallet in the over all wallet and transfer the noise.cash funds out into the other wallet whenever they reach around $1. For some reason when you try to transfer large amounts from the noise.cash funds deposited there is an error. But once you transfer to the second wallet then you can send out any amount without problem. I have sent from my bitcoin.com wallet to HIVE-engine without issue.

The HIVE-engine volume is just a bit low for BCH so it took me a few days to sell it for hive.

Oh to add to that it makes almost an immediate route to withdraw to FIAT for many people in the world. With a bitcoin wallet you can swap between BCH and Bitcoin very easy and bitcoin to fiat is the main exit strategy many places in the world to FIAT I think. At least in Ghana and I am sure Nigeria also. I think that some of P2P exchanges here in Ghana buyers will take BCH also.

OK, good to know.

USDT.

Really? You like the high fees?

A moment ago I made a transaction to Tribaldex, initially it was 45$ and between all the changes, converting them to hive and then to another currency I ended up getting 39$. Change directly to USDT and send how much can it be? each transaction of usdt in the tron network is 1 fixed dollar.

Read the post - the USDT gateway is only ERC20, not the tron one.
Given the history of the chains, I don't expect tron tokens any time soon.

Holly.....

You have thought very well. And thought for everyone. Whatever you want to say in the post. That's a valuable thing. Everyone needs to read this post. Because everyone wants to pass their life better. For this, it is necessary to wish money and we can earn through coin.

On the tokens you mentioned, my choice in order of preference is:

  1. BUSD - this is the route I usually use. Fast network transaction . Network transaction fee fluctuates, but is usually less than 1 $USD. Plus we get the benefit of being able to quote Blurt's price in USD since BUSD is pegged to a dollar? Not really quite sure if I explained it correctly.
  2. BCH - I really haven't used this route except for my noise.cash wallet, which I haven't been using lately. I agree that it has a low transaction fee. Reasons I would choose this : fast network transaction, the low tx fee, and wide-use/availability

Great, thanks!
Good to know these routes are already easy to use.
Would be interesting to have a 3-way pool ;-)

  ·  2 years ago (edited)

Very good analysis! You have explained the matter perfectly. It shows that you have an intimate eye on ultimate coins and exchange. I hope you you will inform us in your upcoming posts about an exact token that Blurt users would like having as a swap pair.

A lot thanks @megadrive sir for asking you to do a post on potential new ways to trade BLURT coins.