Someone in the community has asked me to start negotiating with mexc.com exchange about opening peercoin markets over there.
Here is the summary:
(in the context “token” is peercoin)
20k$ for listing
50k$ in Token for Airdrop
50k USDT + some Token for Liquidity (tokens can be flexible but 50k usdt is required, and can be withdrawn after 30 days)
30k USDT security deposit (kept in your mm account also, can be withdrawn after 3 days)
They will happily accept 50k USDT instead of “50k$ in Token for Airdrop”. Which makes the listing fee effectively 70k.
I believe that “airdropping” some peercoins onto their users could be beneficial, but dropping 100k peercoins is crazy. I’ll see if I can negotiate some 20-30k ppc to be airdropped.
Thanks for following through on talking with them. $70k listing fee is higher than i thought. I believe negotiating for “MEXC being used/promoted by Peercoin as the primary exchange for 1 year” should get some discounts.
The other question is: can the foundation provide the 80k they require as liquidity loans/security deposit?
If you can negotiate for 30-40k total listing fee ($20k + 40k PPC for example) it could be shared by foundation + community via fundraising.
The Peercoin-listing exchanges that I am familar with, Bittrex and Southxchange, are ranked #51 and #188 respectively in terms of volume.
Mexc meanwhile is ranked #15, so it would be a big step up the ladder.
If interest/activity can be sustained in Peercoin at a #15 exchange rather than two smaller ones, that should serve Peercoin’s strategic interest. Peercoin needs a foothold at a higher level.
Regarding the $80,000 liquidty/security fee, I understand the need for tokens and a 30k security deposit, but what’s the other 50k USTD for?
I don’t know how this expense stands with the Foundation’s other aims, but the Foundation should ring-fence a year’s worth of salaries and regular expenses, and see what’s left over.
Hi, it seems you have many misconceptions about how this works.
“Ranking” means nothing, since “volume” means nothing. In a scene where 90%+ of volume is fake, it only means that 90% of the ranking is fake.
Paying for a “listing fee”, though it’s basically a racket is actually something that Foundation has agreed on regarding this case. What the foundation does not agree to and will never accept is the requirement to wash trade by the said exchange. Not just this specific exchange but most of the others as well. The foundation will not be breaking laws.
There are a handful of T2 exchanges that people actually use. I’d guess by order of real usage these are Kucoin > Gate io > MEXC > Bybit > Bitmart, Lbank etc. In my opinion, other ones lower the CMC exchange ranking list are even more plagued with fake volume/users.
T3 exchanges, for example Txbit list for 0.1 BTC (txbit . io / listing), but the listing is basically worthless as no one trades there and volume is fake.
My suggestion is to get one decent T2 listing for ~$50k which will bring new eyeballs to Peercoin (and besides opportunists who are in for the quick money, also real supporters/miners/contributors, etc). Imho, that money should be considered marketing expense by the foundation for the next 2-3 years (so effectively 15-25k per year).
I’d argue there is nothing more effective than paying $50k for a decent T2 listing. Which particular exchange is dependent on their offer.
I think these centralized exchanges are asking too much. It’s too risky to spend this much in the current regulatory environment because it’s difficult to know which exchanges will still be around a year from now. Too much money for almost no guarantee of long-term service.
I think the community would be better off using wrapped peercoin on Uniswap and QuickSwap. These DEXes are permisionless, so Peercoin cannot be delisted on them. These markets will be up and running as long as Ethereum and Polygon are operational. We need more liquidity though, for those capable of providing it.
We can also try our luck applying at Coinbase once btcd and rosetta are finished being ported, although recent rumors seem to suggest they may be moving out of the USA.
