Oh la la! It's LPUD and guess what? I did two of them. One on-chain and another off-chain. Were you aware of the second kind?
Well, thanks to Nifty for floating the idea of a Liquidity Power Up Day where we provide liquidity and help deepen the LEO/CACAO pool in the multi-chain decentralized exchange powered by Maya Protocol and HAT.
Where?
Enter Leodex
If you did not already know, Leodex opened a gateway for Hive to other chains. With it, we can now swap Layer 1 native assets like ETH, USDT, USDC, BTC, and others for HIVE, HBD, LEO, SPS & DEC. Likewise, it is also possible to swap Hive-based assets with other L1 tokens and Stablecoins without going through centralized routes.
In addition, we don't need to transfer our HIVE or HBD anywhere to do swaps, thanks to the Hive Aggregator Technology (HAT) developed by the INLEO team. All we need is to type our Hive account name when we connect our DeFi wallet (Keystore, MetaMask, XDeFi) and approve the transaction on the Keychain app when we perform any swap.
We must be aware though that the fees (gas plus slippage fee) can be high depending on the network, so we have to check the quote price before swapping. Below for example are the estimated fees quoted to swap 1000 HIVE for CACAO. I believe the amount included the 0.45% affiliate fee (it's free for under $150 worth of swaps).
Also, depending on the timing, there's an arbitrage opportunity on the DEX and one can earn some small amounts instantly from swapping. If you're intentionally checking the DEX for such an opportunity then I think you will have a better chance.
Anyway, back to LPUD
I mentioned a while back that I did two versions of LPUD and here they are:
👉On-chain:
150 LEO staked for the regular LPUD initiative in the community. This increased my Leo Power and made me eligible for the badge from Hivebuzz. Plus a good chance in the LPUD delegation prizes (if there are any).
👉On Leodex:
The off-chain LPUD! This is my second time adding to the LEO:CACAO pool, and my first LPUD off the chain. We need a decentralized onramp and offramp for our assets and Leodex provides that, hence I support its growth. Its success is Hive's too, and this is my small way of supporting and funding the flywheel as they put it. With that, I increased my LP position by 150 LEO+10.45 CACAO.
So there it is, my two forms of LPUD done!
Stakes & Goals Updates
Meanwhile, it's the weekend so it's that time again for a quick rundown of our stakes and savings for week 24th of the year. Here's mine:
LEO Power (LP)
Current Amt: 30,263 LP
Previous Wk: 30,109 LP
Increase: 154 LEO
It's odd that in the last seven days, the increase in my Leo Power was just 4 (excluding my power up today of 150 LEO). It should be more than that considering the daily staked LEO from leo.bounties. Unless my math is wrong or some delegation rewards were paid in liquid LEO. Well, it's a small discrepancy but I find it weird.😅
HIVE Power (HP)
Current Amt: 20,326 HP
Previous Wk: 20,162 HP
Increase: 164 HP
It's always nice to see the number grow steadily week after week, thanks to content and curation rewards adding up with my daily staking. My aim to reach 23k HP at the end of the year is on track. And with the price of HIVE being low, it doesn't feel right to sell, it's better to stack up.
HBD Savings
Current Amt: 1,083
Previous Wk: 1,051
Increase: 32 HBD
16+HBD were interest received 5 days ago. Adding to the savings has become a part of the daily routine. Although I'm still keeping some liquid, purchasing HIVE at random times. The low price is irresistible but growing both (Savings and HIVE stakes) makes sense.
Summing Up
It felt good to have done the two kinds of LPUDs today (albeit the other was unofficial). For the first time, my alt account skipped its participation in the official initiative but did its part by providing liquidity on Leodex so I guess that counts😅
I hope you did yours too😉
Happy Power Up Day, frens! Have a fabulous weekend!
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