CEX is old tech, DEX is future. CEX is a legacy mindeset too. âNot your keys not your coinsâ Use the financial recources to finish Memeswap without the dankmeme team instead.
Iâm invested in DEXâs and for sure believe in the potential they have. However, itâs not realistic to expect DEXâs to fulfill the liquidity and volume a healthy market needs. I would like to know more about what youâre thinking with Memeswap? Now as far as resources, I donât see a lot of people out there adding liquidity with me and my friends on Uniswap, Sushi and Quickswap so for me, itâs worth my money to help get on a CEX to give us more access to our potential clients.
2 Likes
i like memeswap because it has a nice positioning in the market. nothing new in genreal but the tech is new. but since etherspot with pillar wallet is main focus i can kind of understand that memeswap stayed a showcase so far. check out what you can accomplish when you stay focused https://foundation.app/about
Pillar now has a great product. It is noticeable that since the release of V2 there has been a rise in activity on social media and pillar has gotten more popular. This however, is exactly what happened during the release of the original wallet and unfortunately the buzz around the project at that time petered out after a short while. IMO, this was largely down to the fact that there was little to no âbig newsâ following the original release and people lost interest.
As an investor since 2017⌠it would be great to see the ball kept rolling with the V2 and I feel a listing of the token on a CEX would do just that. Some of you on here have mentioned DEX, which is also great. DEX is future but for now the popularity lies with large CEX, such as Binance, Coinbase, Bittrex etc. Each have their own benefits as many of you know. And for pillar to be the âgrandma wallet of the massesâ, it need to be where the majority are right now.
I understand there are pros and cons. The price to pay to be listed on just one of these sites is a risk in itself. Also, you have to consider token utility. Will listing a token with little use cause more harm than good? Will it just be large pump and dump with FUD to follow? Itâs hard to say but maybe with more use of the token itâs could make the transition of listing on a big exchange a safer bet.
1 Like
Well said . I never read you in govenor house . Did you join ? BTW more the token recover more cheap it will be for the DAO . Maybe hope of ico holders will reborn when we ll hit 0.1 again ?
We have 1.4 T market cap so i can t imagine we stay at this range with a good product like V2 is
I appreciate the initiative and pursuit to get an important discussion going. I voted NO because at this moment I see itâs far from being Snapshot-proposal-ready. Iâll try to unpack it below.
This needs an update and better research as it was some time ago when weâve discussed it and already then it wasnât brought up as the most up-to-date news. The price of PLR has also moved since then. In general, each DAO funding proposal should strictly specify the amount to spend for any given initiative. Thatâs actually what we vote on - funding for a project, not the wish to start a project.
That looks like a great source to use in our research - should help understand whatâs there on the upside. The problem is thereâs the downside as well - weâre talking about an effect comparable to one of the top 10-15 PLR wallets dumping all tokens on the market. It needs to be considered and widely acknowledged before we move on with signature-ratified voting on such release of funds.
Believe me, I wish it works like that! 
Unfortunately, we need a lawyer to sign up under such a statement. Would be great to know Binanceâs requirements on that matter as well.
It most likely has to be a legal entity that formally applies for a listing on Binance. At this moment Pillar DAO canât be the side of such a case, so it will fall on Pillar Foundation or the UK company which means legal implications that need to be identified and clear to everyone involved.
Thatâs a good start. Do we have ideas on how to make those a bit more measurable?
PS. Letâs take notes from this process and include findings in PIP #2 - Approve the Pillar Governance (Idea-2-Proposal) Process - #27. Weâre undoubtedly still in the learning phase.
Well this begs the question are we really a community run wallet? Or do we just call ourselves that when itâs convenient for the team/foundation to do so? Whatâs the community think?
I wouldnât think that a call to refine the idea and add more data to it challenges the community-run status of the wallet. I think itâs in the DAOâs interest to see the whole picture and talk in specifics about what we intend to do with quite an amount of PLR.
Not sure which part exactly made you feel so, but if weâre talking about taking action on this right now, it needs to be said that DAO is still in the process of becoming an independent legal entity. Then it will be able to apply for listing independently without any involvement from the team/foundation as soon as such proposal passes. Even then, perhaps it would be a good practice to consult them and have their opinion before moving on with a given proposal though.
Iâm agree with Jack for the data , it was a proposal from Boba with no information then Val gives information that she haves and the goal of this was to see the interest of holders to be listed in bigger exchange like all the top projects . I think that this idea of CEX come back cause holders try to see token get traction and some guys sit on 500-1M usd value in ETH with their pillar token which decline to 20-25 times since ICO . If we see traction with token , DEX volume increase with cakeswap for example that is a top 4 exchanges in june in term of volume , we will not probably look in this kind of direction. I think the goal is to have exposure , utility for our tokens . we want to see the light ( green ) 
Itâs a much larger amount of Pillar so there should be a much larger amount of research and time put into this discussion
100 % agree with you on this . The only thing is that this kind of research must be done by team member and then offer the possibility to holders to vote on this
So even looking at what weâve discussed in a few posts here, thereâs already a solid list of tasks.
Information to confirm/establish:
- Cost of listing on Binance
- Binance listing requirements
- Amount of PLR to enter the open market
- & a model for potential price change
- Legal/compliance risks
- Data-driven, measurable objectives
Any volunteers?
- Four years later, Pillar didnât even have the confidence to build a big CEX. What else could it expect? Itâs not a question of being ready. This is just a team mistake. If you try to appear in a perfect image, you will probably never appear, and you will find that in this rapidly changing circle, you can only do it behind closed doors if you do not come out.
I think itâs imperative from an awareness and recognition standpoint that we take the next step towards trying to get on a CEX regardless of DEXes being the future. Pillar needs a larger community to get the work done in the DAO, and in my opinion, when fresh eyes are looking at Pillar they need to see several locations to buy the token for credibility. Especially for a project that has been around since 2017. Having the PLR token on a CEX is a step towards increased credibility in addition to a working product.
Hey everyone,
To clear things up and avoid any confusion, I shall do all DD on my side regarding the exchanges and requirements then pass on the information to you all. What we require from the Governors for this vote the following 4 points:
-
Which CEX you want to be listed on
-
How much of the DAO fund you would like to spend on this listing
-
How much liquidity on the CEX
-
How much would you like to spend on the market making per month
We will not know how much it costs to be listed (as this is never publicly available) until after the company has first been onboarded with the exchange, in order for us to list the token. This means company DD and applications which need to be approved, which only after that will we know how much it will cost.
Things to consider:
-
Extended DD needs to be carried out on any exchanges we look to engage with. Due to the FCA coming down hard on exchanges which operate in the U.K (not just from the UK), We wouldnât want to work with an exchange that could potentially no longer be allowed to operate in the U.K, as we have recently seen.
-
Take into consideration costs for listing on a CEX are considerably high. I remember back in 2019 it was around 500k to get listed on Binance, let alone what it has reached now (some projects have stated up to 1m). Thus using up a huge majority of the DAO fund.
-
The token came before the DAO and is owned by PPAG (who ran the ICO), so although PPAG has donated the 100M tokens to the DAO, the token listing itself & onboarding would still be with PPAG. The DAO also has no legal entity status, hence why we are now looking into ways it can be granted legal status required to make these kinds of decisions, solely community based.
-
Onboarding as a company on a CEX to list the token can also be a long process as the DD required for us is which we have to provide is quite extensive, and takes about 6-8 weeks on their side to process. In no way am I saying It cant be done, just flagging it that we can propose and pay to be listed, but ultimately denied.
For an example take a look at kucoin listing requirements - How to List a Coin on KuCoin â KuCoin Help Center . I would say this is one of the âlighterâ onboarding processes Iâve seen.
I am in the process of doing research on rough figures for exchanges, which I will report back to you guys for guidance so we can push this forward!
5 Likes
@AmberHales Good explanation and I think we should avoid Binance. IMO⌠with enough decentralized exchanges like Bancor and upcoming automated market making strategies thereâs no need for Pillar to pay to be listed on a centralized exchange
@beizidi Itâs not about perfection, itâs because itâs ridiculous to pay a centralized exchange percentages of the total token supply when it can already be traded on dexs
1 Like
Short summary of the exchange discussion in governance call 15th of July, 2021
Video at 30:47, link in discord>governors-house
Exchange discussion
Centralized Exchanges
Amberâs last statement on the forum
-Binance suggested, Binance is more expensive, but ok if community wants it
-Do we want to use dao funds?
-How much to spend on liquidity?
-How much to spend on market making per month?
-We canât know all the prices, some are said after the listing
-We might have to wait 5+ weeks, so there is small amount of time to discuss
-Find an exchange first, then move on?
Governor opinions (different speakers from here on)
-We know Binance, Kraken, Coinbase are going to be most expensive. Suggest we look at CoinGecko exchanges and pick an exchange that better fits our budget.
[Team could] provide an example of exchange that could work
-Suggest an exchange with US access, widely available to everyone is preferable
-Suggest doing a survey to narrow it down between 2,3, or 4 exchange
-Reasoning is that application process is extensive, and exchange can still choose to deny token listing at any point
-Binance in particular could cost 1m pounds, but favorite tokens were listed essentially free
-Kucoin fairly short requirements, Amberâs post references that one
-Remember exchange security (avoid hacks)
-Amazix recommendation? They can, havenât been approached yet,
âcould have contacts in the space,
âmaybe better quotes,
âuseful if we have a specific change in mind
-Can list on both cex and dex
-Need to discuss moving liquidity from DAO to exchange
-not much liquidity in Uniswap v3, could do proposal
-same with sidechains, a proposal for liquidity movement
-Avoid high mainchain fees, BSC and Polygon have lower fees
-Suggest doing discussion on the governance forum
âhow much liquidity to move to exchange
-How will we derive a list of exchanges?
âAvoid comments getting lost within discussion
âAgree on a approach
âUse survey method with an initial list
-Suggest finding price and current dao amounts to properly price/send funds
â99.4m PLR (rough estimate of DAO treasury after liquidity mining rewards)
-Lower ranked exchanges on CoinGecko may be less expensive
âNo one discloses listing price until after youâve started listing process
âNot usually public information
-Suggest doing research on Pillar users in order to find the best exchanges for widespread reach
âPillar team will provide geolocations
-Soft voting on exchange listing, perhaps in discord, or somewhere else
-Suggest using a broad email or newsletter to talk about exchange voting/listing/etc but:
-What to be asked in a mass email/newsletter, that would not be implied to be a financial promotion?
âPerhaps risky, the letter could be a link to the governance forum
-Ask people what exchanges they use the most?
-No need to mention Pillar plans, ask about common exchanges DEX/CEX
-Generic questions
-14000 holders - Segmentation - Who is programmer/Who is defi user
-Late opinions may cause comments to get lost so keep summaries on governance forum
2 Likes
Summary
Since we did not move much from the call, Iâve made a softvote for top10-20 exchanges on CoinGecko. This is a test so we can see if we can agree on one of the exchanges on the list. You can choose multiple exchanges which you prefer. We will also do one with top1-10 exchanges later if we donât find a winner here.
Last poll had some issue so we moved to another survey site which seems much more stable.
1 choice decision this time, we narrowed it down to 5 CEXes which are widely available. Added on question is your geolocation for our research purposes to see if there is a location majority where govs reside in.
1 Like
Results are in. From 13 votes a majority (8) have voted for KuCoin. Geolocation info shows most are in Canada and US, but we also have European govs. Some avoided to answer this so we didnât get too much data.
As far as it stands, it seems KuCoin is our future cex vote.
1 Like