We often through around the word exponential when it comes to growth and development. This concept follows the idea of compounding where one thing builds upon another. This is something that can be seen with the latest announcement by Steemleo.
Most everyone on here is familiar with Steem-Engine. That is the layer two decentralized exchange that was incorporated @harpagon's smart contract capability. This allows for the creation of tokens along with the buying and selling. Over the past year, this has grown into a substantial part of the Steem ecosysystem.
A number of months back, Steemleo tapped into the DEX by creating the LeoDEX. This, too, allows individuals to buy and sell different tokens that are listed. It is important to note this is a different project from Steem-Engine although it reads the same data. This is similar to how Steempeak is not tied to Busy.org or Steemit.com even though both pull data from the blockchain.
What makes this so fascinating, and powerful, is the fact it is a completely separate team from Steem-Engine. Thus, they are going to have different ideas and goals. It means that, in the end, we are going to see features that are not available on SE (the reverse is also true).
Yesterday, there was an announcement of a major update to the DEX. This is now .v3 which was the largest improvement so far. I will cover some of the features along with linking to the post.
The first noticeable addition is that of candlesticks charts when looking at the market page. This is big since many traders like to use this type of charting in their systems.
Steemleo also has a "consulting" arm where it provides guidance to newer entrepreneurs and developers when it comes to Steem. There are an assortment of services available. The team decided to list then on the Leo Services page. For now, they started by placing the Airdrop Service on there. This is an easy way for newer token creators to airdrop by pressing only a couple of buttons.
One of the most exciting features is the addition of the Swap Page. This will allow for the swapping of one token for another. As was stated in their announcement, the possibilities here are enormous since people are going to be swapping all the time.
For today's launch, the swap engine is handling DEC token swaps for Splinterlands players, but it can handle any token built on Steem (or -- and I'm giving a specific hint here -- even cryptos that aren't built on Steem 😉).
The last part is a teaser if you will although it does provide insight into what the future plans on. It only makes sense to tie in as many different tokens as possible. This is where the future of DEX reside. As more cryptocurrency is held by people, the interest in swapping them is only going to grow. Offering out this service will place one is a good position to service those who are already using the service.
The rest of the details can be found in their update article.
For the full announcement:
There is also a video that @khaleelkazi put together explaining how some of the features work.
Here is the key to all of this.
Who benefits from this update? The answer is everyone who is on Steem and holding the token. This is how a cooperative works.
In the scarcity world, competition is the main driver of things. This is not the case in crypto-economics. Under this system, all development feeds those who are stakeholders. Having LEO or being a participant in that platform means little.
Steem-Engine and Steemleo are two different projects with separate teams. Each has ideas about how they are going to move their platform forward. This will include programs that reach outside the ecosystem to pull in users.
Obviously, there are similarities between the two applications yet we also see some differences in features. Steem-Engine lists NFTs while the LeoDEX does not. Certainly, this could be something it adds in the future if the project team felt it viable. Or, they might have other plans.
At the same time, there might be some ideas that Steem-Engine wants to implement that Steemleo put out. The flow of ideas can go both ways.
In the end, for the users of the Steem platform, this provides options. People are free to use whatever application they want. Ultimately, do not be surprised to see a number of other DEX applications created on Steem. Not only does this enhance the entire platform, it also helps to decentralize the DEX. At present, there are two ways to access the data.
With decentralization comes innovation and creativity. The Steemleo team provided some features we have yet to see. As more follow this path, we could see even greater ideas start to flow. Innovation is only limited by the pace at which people come up with said ideas. Since "copycat" is now acceptable, development growth takes place at a much greater speed.
The best part pertains to the user base. People can utilize either application or both if they wish. What is really powerful is that stake in each can be amassed by the same person. Hence, one not only can benefit from this via his or her STEEM hodlings but also from having stake in ENG and LEO.
Ultimately, as we keep moving forward, this is how organizations are going to be set up. These platforms will end up as DAOs with community members and users having the stake in them. The incentive for project teams is to improve the standing of their platform, thus providing more value to their token.
A side benefit is that it also could provide options for a similar application while enhancing the value of the entire Steem platform.
This is how I see the power of decentralization working.
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Images from article linked.