Testing the Token Swaps on Keychain (Beta)

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(Edited)

Hive Keychain is the most convenient wallet app that I have been using for most of my transactions here on Hive. I have it both on my device and also on my computer's browser. I noticed that it is way faster than the Hivesigner. It might just be an isolated case but that's my observation so far based on my own experience.

There have been a few noticeable upgrades to the Keychain including the Automated Tasks feature where we can enable auto claiming of rewards, of free account tickets, and of HBD Savings Interest. It is very useful especially for one like me who is forgetful.

There is also the Memo Security where Keychain warns you if any sensitive data is detected in your memo when transferring assets.

So kudos to the developers for these improvements!



New Feature (Token Swaps)

If you are not aware yet, there's another most recent and exciting addition to the wallet app - Token Swaps - although still in testing phase (beta). It allows users to swap tokens (HIVE, HBD and Layer 2 tokens) between each other, directly in the wallet extension.

The developers are encouraging us to try it out and give feedback. I'm sharing below a guide on how to do it if you want to test the feature. Do note that I am using Brave Browser.

Preparation & Wallet Set Up

❇️ First, open your existing Keychain extension and export your accounts. Go to the wallet settings then hover over to "Accounts", click on "Export" then save the file in your computer. You will need it to set up the Beta Keychain later on.



❇️ Download the Keychain Beta browser extension.

❇️ Then go to the browser extension manager, and toggle off your main Hive Keychain. As you can see from the image below, the Keychain Beta is now active, and the main Keychain is off.



❇️ Open the Keychain Beta extension and set it up first. Add the same password that you used on your main Hive Keychain. Then click on "Import your keys". The main Keychain wallet pops open where you would click on "Choose a file" and upload the file that you exported earlier. The Keychain Beta opens up afterward displaying your account.



You will now be able to view your wallet and you can also see the "SWAPS" icon on the menu at the bottom right hand corner. Click on that to test the feature. Quick guide below.

Swapping Tokens

You can directly swap Layer 1 assets (HBD and HIVE) with each other or with any Hive Engine (Layer 2) tokens. You can also swap L2 tokens with another L2. Do note of the slippage fee. The default is 5% for each step.

1️⃣ To start swapping, choose which assets you want to swap and enter the amount. You can change the slippage fee (or you keep it as is) then click "Swap."

2️⃣ If satisfied with the estimation, "Confirm."

3️⃣ Upon confirmation, your wallet transfers the swapped asset to @keychain.swap which will then process any further steps and soon after, you will receive the corresponding/resulting token in your wallet. That's how easy and quick it is. It takes seconds to complete (not even 1 minute).

4️⃣ You can check the transaction on the Swap History.

Below are the sample swaps that I personally tested.

(Swapping HBD to HIVE)

(Swapping LOH token to LEO)

Summary & Feedback

Token Swap in the Hive Keychain is a welcoming feature especially for those who want instant swapping directly from their wallets without having to go to DEXes like BeeSwap or the Diesel Pools.

My test has been smooth so far. I have not encountered any error, or any crashing. Will continue to test it and hopefully, there will be no major issues and the feature will be released into the main wallet extension.

Just a reminder, the feature is still in beta so there might be bugs. It might be best not to transact large amounts. I'm sure though that when there will be assets that get stuck, the Hive Keychain team will do the necessary. For concerns, contact the team on Discord

I noticed that the minimum value of assets to be swapped is at least 1 HIVE.

The swap fees being free during this testing phase and production launches in the next few months is simply awesome!

I'm quite excited thinking about what else may come on this wallet application. Will there be a chance for it to facilitate cross-chain transfers in the future? It might be complex, but who knows, the devs will be able to make it happen.

Lead photo edited on Canva. Image from Hive Keychain on X. Screenshots from Keychain. No copyright infringement intended. 22092023/10:30ph

Posted Using LeoFinance Alpha

hive-167922 keychain tokenswaps developments directswaps hive-hbd hive-engine hivedev ctp leofinance
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45 comments
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I saw the swap feature mention in the release post and will test it this weekend when I buy some more Hive, on Ecency works great hope it is the same on Keychain, one key feature I would like is 2FA for security

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That is good. Hope your test will be smooth too. You can suggest the 2FA feature in Keychain's channel on Discord :)

!PIZZA
!CTP

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Which is better, Token Swap on Hive keychain or Token Swap on Ecency?
!LUV
!MEME

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Swap on Ecency is between HIVE and HBD only.

In Keychain, you can swap HIVE, HBD, and Hive-Engine tokens.

!LUV
!LADY

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Wow! It really a great privilege reading your content, I find it educative which I think it really why hive has been improving people’s life knowledge, skills and techniques to gain something new every single day.

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Hive Keychain application and extension are my favourite hand is easy and faster one. In the past several times I thought it would be better if there exist swap options which was absent. Feeling very good to hear that option added in keychain. Thank you for informing it.
!PIZZA
!LUV

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Yes, Inti. It is on beta yet and hopefully, there will be no issues and it is stable so they can add it on the main Keychain. It's a really nice feature.

!PIZZA
!CTP

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(Edited)

PIZZA!

$PIZZA slices delivered:
intishar tipped ifarmgirl
ifarmgirl tipped sirdelly
ifarmgirl tipped skiptvads
ifarmgirl tipped intishar
@ifarmgirl(5/5) tipped @mr-chuks

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She always delivers quality and informative content, she is no other than my favourite @ifarmgirl.

Thanks for sharing.

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Aww, thanks Amie. You are so kind. It's always a pleasure to share :)

!LUV
!LADY

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As an experienced user, I like to have full control over the slippage, exchange rates, fees, etc., but from the newbie point of view, these swaps are a perfect addition to the Keychain!! Finally, we will have an easy bridge between Hive-Engine tokens and the HIVE main chain!

I have picked this post on behalf of the @OurPick project which will be highlighted in the next post!

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Yes, you said it perfectly - an easy bridge between the base layer and Hive Engine. It's a really nice addition.

Thank you lots for including my post in your picks :)

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since i joined hive, i have been making use of hive keychain, and it has been very beneficial for me, but there are some things i can't do there so thanks to your post, i have learnt something new in the app

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It's good to hear the app is beneficial to you as it is for me and other users. Thank you for too for your kind remarks. I appreciate it.

!PIZZA

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Wow you always bring the information that will benefit us, Thanks for sharing your post.

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Many thanks, !LADY for your kind comment. I'm glad you find the information beneficial. Happy Friday to you :)

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I mostly use Hive Engine to swap
I don't really use the Keychain
I may try though

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That is good too. Thanks and all the best to you if you do try. Just remember to test in small amounts because the feature is still on beta.

!LADY

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That's an easy thing for me because i want to buy some token of layer 2 but i don't know how to put an order in correct way, thanks for sharing it farm girl 🥰

!LUV

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That is good then :) It is an easy option indeed.

!LUV
!LADY

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Thanks for sharing this great detail with us. Its very helpful to the user's.

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You're welcome. Always nice to share.

!CTP

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I will try it out, useful information, thanks.

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All the best. I recommend trying in small amounts first.

!CTP

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Today i think i should practice this, and i updated my hive keychain app but still i can't see the export option from accounts 😕

Wave Media

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I find it difficult to set it up on my android phone using Chrome. I have installed it, but I can't follow it up.

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