Proposal to list TrueBit

kang

Hi guys, as part of preparing for listing many tokens in the future using governance, we need to list a few to practice.

I'm thinking TrueBit as a potential candidate.

What is TrueBit?
Truebit is a solution that helps ETH to scale. It has been in development for 4 years and have been recently launched. Currently it is doing 20+million dollars in volume daily and has a community of 6k people.

As such, I think it is a good first candidate to test out for the following reasons:

It's legit
It's not a memecoin that may fizzle out after a few weeks
The volume is quite substantial (about 20m in uniswap per day)
No big exchange has listed it yet
No BUSD pair.

I'm proposing to list this as a TRU/BUSD pair.
The reasons are

BUSD pair currently doesn't exist - Will be a good USP
Showcases the cross-chain feature of our exchange

I am also considering to propose to add the reward weight of 1x to incentivise liquidity so that we can push for point 5 (see below) to suck some liquidity from uniswap, since there's nowhere else they can get APY on it. This is a proven strategy - just like how pancakeswap kindly gave us 1x weight from their cake pools to incentivise SWTH-BNB pools, we can do the same.

To help make it a success, I will personally seed it with 100k liquidity - it's not much, that's about all I can do. There's no guarantee that it will work, but I think it's better than sitting around and not taking action.

After that, I'll need all you ppl's help to get the word out to as many people as possible.

The key messages are:

Buy and Sell TRU without paying 150+ dollars each time !
Buy and Sell TRU and pay only cents for fees !
Buy TRU with BUSD and save XX compared to buying on Uniswap !
Buy TRU with your BUSD without converting to ETH
Get XX% APY when you provide TRU liquidity on Demex compared to Uniswap!
Set limit orders for your TRU so that you don't have to keep looking at price!

Information about the project:

Coingecko link : https://www.coingecko.com/en/coins/truebit-protocol
Quick Truebit Explainer - https://threadreaderapp.com/thread/1388642390932664323.html
Vitalik Buterin Co-Authors Interactive ICO Whitepaper with Truebit Founders- https://www.coindesk.com/ethereum-founder-vitalik-buterin-co-authors-plan-iterative-ico-protocol
Andre Cronje reviews Truebit in 2018 - https://cryptobriefing.com/truebit-code-review-scalable-blockchain-verification/
VB wrote about it in ETH forums: https://ethresear.ch/t/evm-optimistic-rollup-using-truebit/9318
Charts & Volumes : https://www.dextools.io/app/uniswap/pair-explorer/0x80b4d4e9d88d9f78198c56c5a27f3bacb9a685c5
Introduction to Truebit: https://medium.com/@simondlr/an-intro-to-truebit-a-scalable-decentralized-computational-court-1475531400c3

Links:

Website - https://truebit.io/
Twitter = https://twitter.com/Truebitprotocol
Github - https://github.com/TruebitProtocol/

Comments are welcomed.

We can't wait forever as well, need to move fast. I'll leave this forum post for 24 hours before I start taking action.

padzank

Sounds good to me! Good first step towards successful community listings. This forum post should be thrown around the TrueBit community to warm them up and hopefully onboard many of them when it goes live.

kang

@padzank yea if the community is okay with this, we can start brainstorming on how to reach them

menno-v

First of all, Thank you for your contribtuion kang! Great proposal. What you are saying is correct, this might be a good test for the platform. Furthermore, there are benefits for currrent hodlers to come over to demex. A great opportunity to get some people over to demex. My hat off to you sir!

rygel

Thank you for your proposal and for providing some liquidity!

shonghay

@kang I like the idea to add Truebit (TRU) as on Uniswap and also 1inch's eth-exchange one has to pay 200-300 USD per Trade and as TRU is getting now popular and as it is a great scaling solution for eth. To buy it on Demex with 5 Cents transaction fee is a great advantage compared to Uniswap.

kang

Hi guys, when creating a market, it's important to choose parameters such as maker and taker fees. It's great that Demex allows customisation of fees rather than flat fees for all pairs. I would like to propose to list TRU_BUSD with 0.02% taker fees and -0.01% maker fees for a 3-month promotional period. This means that stakers get the difference of 0.01%.

The reasons are:

We need new users to try out our platform, therefore we need a strong selling point to get them over. What better way than to say, come trade with almost no fees!
The negative maker rebate will not be significant in attracting liquidity at the start - the rewards will form a significant portion of it.
It's an experiment to see if reducing fees work to increase volumes.
These fees will make us cheaper than Binance, which is a great selling point.

I would like to propose that this promotional period will last for 3 months. After which, we will have another proposal for the community to vote whether to revert to the fee schedule of -0.05% maker and 0.1% taker.

We will also monitor constantly and propose earlier if needed.

proposal is live for voting: https://switcheo.org/governance/proposal/64?net=main

intsol

@kang - All good points, we will need to put our money where our mouths are and seed liquidity, as you say, the raw maker fee rebate will not be enough initially to be an attraction. All of these listing should aim to build a habit in a growing number of traders in new communities to do it on TradeHub exchanges.

Thanks for the initiative.