The LeoFinance potential
When I think about LeoFinance I often end up concluding that it is more than a Hive Dapp. The ways of doing things by the development team have turned it into that something else with incredible potential that can go beyond the ecosystem to which it belongs. I am going to be talking about precisely this matter, the potential of LeoFinance in today's article.
Pay close attention because you will find some points that you surely did not know.
What is LeoFinance?
According to their own whitepaper, LeoFinance is a Web 3.0 ecosystem that develops and manages a wide range of applications based on blockchain. It started in July 2019 as a social media platform geared towards crypto and financial content, but they have evolved from there.
Perhaps many of the users who use the LeoFinance interface to interact with the Hive blockchain publishing content do not know that this platform goes beyond this blockchain. LeoFinance's path has led them to evolve towards a multi-blockchain Web 3.0 ecosystem.
The community that has been created around the social interface that serves as a meeting point has allowed them to go a step further. LeoFinance's token native $LEO is a second layer asset in Hive and it is possible to move it to other blockchains such as Polygon or BNB thanks to an implemented bridge (LeoBridge).
This allows the token to acquire relevance beyond its own community, since, being on other blockchains, the doors are opened to new investors who can bet on $LEO without having to be on Hive. Another advantage is that this token can be obtained without the need for financial investment, since it is distributed to content creators and curators in LeoFinance every day in a decentralized manner.
It is the same principle that is applied in Hive, you create valuable content that enhances the community and in exchange you are rewarded with tokenized money. These tokens you can freeze to gain voting power and thus earn rewards through curating other people's posts.
However, LeoFinance's economy is a bit broader than that. They integrate different strategies such as the use of ad systems in the UI whose profits are used to buy $LEO and distribute it among those who delegate Hive Power to the project or directly burn it.
Some LeoFinance projects
If you have noticed, the LeoFinance.io website is just the starting point. This is where several of the main main features of the project are grouped together and it is where the community interacts with each other.
However, this not all. Let me mention some of the projects or applications that LeoFinance has created or been involved with.
LeoFi
Leofi is a project that defines itself as decentralized finance (DeFi) for the LEO token and is still in beta status. One of its main features is P2P leasing that will allow Leo Power to be rented between users in a decentralized way.
This creates an incredible opportunity and a new use case, as many users don't want or need to use the Leo Power every day. It is not a secret that a lot of effort is required to generate content every day, but also, most users do not require a large amount of resources to operate normally.
So, instead of wasting their voting power, they can lease it to other users through LeoFi and receive a profit in liquid $LEO. This profit can be spent or used to increase your Leo Power and rent it out again.
Something positive to keep in mind is that the Leo Power never ceases to be yours and there is no risk of losing it.
This is one of the business models that I discussed in the article Let's talk about Hive business opportunities, but applied to LeoFinance.
LeoBridge
We had already mentioned it above, but this is a project worth delving into. LeoBridge the same LeoFinance team defines it as one of the most challenging projects they have worked on.
LeoBridge offers the ability to exchange assets from one blockchain to another by using decentralized smart contracts in every system where it exists in the $LEO token.
LeoBridge currently allows you to switch from Hive to three blockchains and vice versa:
Ethereum
BNB
Polygon
In the case of the BNB and Polygon networks, it is also possible to send HBD and Hive to these networks through this platform. This aspect gives LeoFinance quite a privileged place in the Hive adoption process.
LeoPedia
This is an open resource or repository for crypto education. It can serve as a guide to cryptocurrency where you can explore, learn, and educate yourself about one of the most revolutionary technological and financial phenomena of our lifetimes. To access this tool click here.
LeoDex
LeoDex is a decentralized cryptocurrency exchange that allows you to manage, buy and sell all tokens and cryptocurrencies based on the Hive blockchain.
HiveStats
HiveStats is a tool that allows us to explore the Hive blockchain. In this way we can review the transactions carried out in more detail and even play Sherlock Holmes in the analysis of our accounts (or the accounts of others).
Hivers who take their presence on Hive seriously will find this website a powerful ally to draw up growth strategies or analyze the performance of their content.
All-in-one Web 3.0 application?
As I mentioned, LeoFinance started out as a long content interactive network focused on cryptocurrencies and finance. All users could create and share articles and analysis on these topics. However, during the 2020-2021 stage, the need to have a short content application on the web3 was identified.
The team undertook the task of developing and adapting the code towards a platform that would adapt to this type of content. The new interface was finally released on May 1, 2023. Obviously, the feedback from the users led to a series of improvements and corrections. Thanks to this, today LeoFinance focuses its main interface on interaction as a short content social network, but maintaining the essence that gave rise to it with a space for the creation of long content regarding cryptocurrencies and finance.
In addition, in the article The Evolution of LeoFinance: Behind the Scenes of Paywall and Content Models - Decrypting the Future they talk about the possibility of incorporating a paywall for content or a kind of payment for subscriptions. This would mean a gigantic impact not only for LeoFinance but for the entire Hive ecosystem since it is something that has not been achieved so far.
But if we go further, this would represent the perfect incentive for content creators who are still in Web 2.0 to decide to move towards the web 3.0.
Final notes
I think it's clear that the potential for LeoFinance to become the epicenter of web 3.0 and Hive adoption is huge. The work they have done taking $LEO to other blockchains is impressive and could cause the value of this token to skyrocket and exceed the value of $HIVE (although remote, it is a possibility).
Another surprising thing is the constant communication that those in charge of this project have with the community. They inform of the plans and objectives months, and even years, before starting to develop them.
In my opinion, in terms of communication, they are one of the projects that performs best within the entire hiver ecosystem.
After researching, obtaining and analyzing all the above information, I think that in an oversimplified way Leofinance could be divided into two:
Your token and economic principles.
The interface and its work team.
Of the first, we already explained in a basic way its operation in the initial paragraphs of this article and it is what guarantees decentralization. Being a layer 2 asset of Hive, no one can limit, prohibit or censor the use of this cryptocurrency.
This second point is more centralized, but it is where the constant evolution and creation of solutions is guaranteed. Obviously the main interface of leofinance.io belongs to them and they can push innovations and new features without asking for anyone else's approval. In the same way, they create and promote applications and solutions related to Leofinance and LEO Token. As many others could do if they wanted to, since the first point guarantees them that possibility.
Now it's your turn, did you know that the LeoFinance universe expanded so much or did you think it was just the interface to publish content? Do you agree with my reasoning about the potential it has? Is there any point on which you disagree with me? Leave me your answers in the comments that we all learn from the debate.
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*Originally posted in Hive
