Why Wrapped Hive Tokens (bHIVE & pHIVE) Are Important?

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Wrapped Hive Tokens.png

The past few days have been a massive emotional ride. FTX & Binance drama took at least 100 u-turns within a span of 3 days. The whole story is nothing short of a high-octane Hollywood thriller flick.

A week ago, FTX was one of the top 3 crypto exchanges by Volume and now it is dead. Locking users' funds on the fly! It was suspected that the FTX Users' funds had been used for leverage trading by SBF. Suddenly Do Kwon is not the most hated person on Crypto Twitter!

Time and again, Centralized systems have proved inefficient no matter how big they are. This year gave us multiple lessons on Decentralization.

For fair trade, we need more DEXs that are not controlled by single entities. When big exchanges fall down, it's easy to blame the founder but the reality is that all of us are products of dupe marketing.

When it comes to Hive, things are different. It is a by-product of years of development. The community has been through various attacks in the past. As a result, we have one of the most powerful stablecoins - HBD (Hive Backed Dollar).

There's an active community and a wide ecosystem of DApps. Hive is fast, feeless, and scalable compared to other chains out there that are worth more for no reason. That's okay! This bear market will wash away all those faults in the Web3 matrix. xD

Importance of Wrapped Hive (pHIVE,bHIVE)

Most blockchain platforms are not interoperable by default. They run their own set of rules that do not allow them to freely interact with other chains.

Wrapped tokens are crypto tokens that are backed by the value of another cryptocurrency on a different network.

The LeoFinance team has created a multi-token bridge that makes Hive accessible and usable on other blockchains via Wrapped Tokens. Listing down their benefits:

  • Easier Access
  • More Decentralization
  • More Liquidity
  • Interoperability

We can trade bHIVE (BSC) & pHIVE (Polygon) on different DEXs built on Binance Smart Chain and Polygon Network. Apart from this we already have wLEO which is on Ethereum. No one can stop us and there are multiple independent options available. While with CEXs we are mostly dependent on one entity by giving away our authority over funds.

So far we have covered the top 3 chains in terms of activity. Their potential user base has direct access to Hive. Borderless, Permissionless! It's invaluable.

It isn't completely decentralized but we fall towards the right side of the spectrum. 🔥 Also there are cross-bridge related risks in play. But in the next 5-10 years, we will witness the development of more decentralized systems & infra to support these complex solutions.

Follow: https://leofinance.io/@finguru

Twitter: https://twitter.com/finguru6

Discord: finguru#4062

Not financial advice. For infotainment purposes only.

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It was suspected that the FTX Users' funds had been used for leverage trading by SBF.

Irrespective of the fact that I saw Cz kicks against this, I think he's no more a saint than he's being painted as centralized exchanges in general are no better irrespective of the reputation.

I hope we can promote more DEXs, hive is underated in this aspect, hopefully things can change.

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CZ is definitely not a saint. Also, he has too much power which is totally against decentralization.

We definitely need more DEXs to freely exchange value between different networks. Hive has to connect to as many chains as possible! The future is multichain.

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This bear market will wash away all those faults in the Web3 matrix. xD

LOL. A harsh but necessary event. I just feel sad for those who are believed on this faults.

!1UP

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Yes, it was a long time coming! It sucks that a lot of people will lose money and faith in crypto. Sometimes you learn a lesson buy by losing too much or you don't.

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The best thing that we can do is to treat our losses as a learning fee. When we think like that, it doesn't hurt as much. 😁

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You didn't lose much did you

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In terms of amount, it's quite small to most peoples money. However, it's an amount that I currently cannot earn even if I work my ass of for years. Also, most of it is borrowed money and I don't know what to tell the owners when they would ask where it is. 🙂

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DeFi is definitely the way to go. Although, we do need exchanges as on/off ramps to fiat. That is, unless the banks join in to do the exchanging.

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Yes, centralized exchanges are not going anywhere. Their use should be minimal.

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The use cases are only expanding as well with platforms like @blocktunes using pHBD in their Polygon NFT marketplaces as they payment token for music NFTs.

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Wow. I didn't know about this. Crazy stuff!

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Yeah they have Polygon NFT markets coming very soon. They just launched a Hive based one with their own front end this week!

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Awesome. Could you please share the link to the market here?

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I need to understand one thing,why is Leo hit hard following the news of ftx ,Leo is creating value everyday,I know the first thing that keep coins pumping or stable is when is creating value and have some use case,Leo have this ,and Leo is not yet more in major exchange,or is thier any algorithm that coins must follow,if it's affect Major coins it must affect all

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LEO is hit hard for the same reason why whole market is down. LEO is mostly dependent on the Hive's price. When BTC goes down, everything goes down and so did Hive. But if you believe LEO is creating value, just HODL. xD

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Why must when btc goes down hive goes down does it means when you hold btc simultaneously have percentage hold in other coins ,when you hold hive does it make you hold Leo also

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The only worry I have is whether or not BSC or Polygon can go down? After all if Binance were to fall for whatever reason, would BSC still be around? It's tough to really figure things out.

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If Binance goes down, BSC is going down for sure. That's why we have to diversify our funds among applications and networks.

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Wrapped tokens are crypto tokens that are backed by the value of another cryptocurrency on a different network.

Very clear and concise meaning of wrapping tokens.

The four benefits you mentioned are also very clear.

Thanks for simplifying for us what wrapped tokens mean.

!PIZZA

!CTP

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Most welcome bro. Glad you could find this useful.

!PIZZA

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