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  • Request For Comments #2 - CEX Listing

The only advantage I see to CEX listing is more exposure… however we already have that, top 50 MC and counting, we have enough exposure now and if more is needed we got a fantastic team that can focus on marketing and flood the space with interviews about the amazing concept and 3,3 etc.

What we need is to work harder on onboarding new ohmies and non-defi folks. This requires smooth experience in the UI, homepage, staking, one click buy-stake, maybe an Olympus wallet that is "chrome extension" or mobile to make it easier.

The team so far did a fantastic job on the Playgrounds simulation, discord resources, etc. but we can put more resources into a streamlined user experience ..

One last option, partnership with existing reputable on-ramps/custodial, Nexo? Swissborg? etc. to add Ohm and allow people to transfer fiat into their accounts there, buy ohm and stake… these are different than CEX I believe…

First time commenter, interesting proposal but I'm against this, for now. My views are that this would:

  1. Decrease revenues received from LPs, which in my opinion provides a layer of protection to the downside as the protocol makes money when volatility arises
  2. Increase correlation to other tokens given the ease of trading on CEX, as well as the amount of algorithms and market making bots that run on CEXes
  3. Decrease incentive to bond, as acquiring on a CEX is easier and quicker.
  4. Reduce staking %, as many will leave their OHM on the exchange

For these reasons, I'm out for now. Protocol and price action are what we're looking for, wouldn't want a bunch of bots and wash trading to take away from the bigger picture.

    How will CEX acquire Ohm? Through the bonding program? Will that not accelerate the circulating Ohm supply and bring about a reduction of the current emission APY much more quickly? This also would dilute the early (read: pre-CEX) ohmies very heavily would it not?

    Remember when Binance used the coins in their custody to vote on behalf of the owners without their knowledge… what if they do the same with Ohm?

    In order for 3,3 to hold, it's important holders of OHM tokens have access to staking, otherwise the game theoretic advantages to holding over selling won't apply. Correct me if I'm wrong in making that statement. As a result of this, I think it's important for staking to be possible on the big CEXs where OHM trades - so that anyone holding spot OHM is incentivized to stake just as holders of OHM on chain are.

    I'm for exploring options. Especially if they would add native staking it can be a net positive. Take into account these type of listings typically take months, it would be wise to hire a market maker to see what type of exchanges we could be listed on.

    I think exploring options makes sense would like to have clarity on how the exchanges are going to bootstrap their Ohm liquidity whether it's buying bonds (would be against them purely doing this because it puts a lot of downward pressure on the price of current ohm holders and would be unfair) or by buying from the LPs which is fine, but maybe it makes sense to do a combination of both to keep the price stable?

    Also if a CEX were to gain a majority position in Ohm it would compromise the decentralized spirit of the protocol, but again they would need a ton of capital to do so…

    AoshichanX what do you mean, could you please provide more details here?

      1. are they asking for any special deals for listing us? (like discounted OTC trades?) then No. if they are bonding or market buying then we obviously can't stop them.

      2. I'd rather it happens much later in our growth stage when we have less price volatility, CeX listing imo will exacerbate the price volatility, and since a lot of that trading will be happening off-chain, we won't even benefit from the LP fees like we do on DEX.


        so my overall leaning is towards no.

      To be honest, I'm very conflicted on this. On the one hand having CEX listings would be great for exposure and it could attract a lot of new users. On the other hand, it has all the known downsides: we don't get any trading fees, they probably won't offer the same staking rewards as we do (meaning users would be diluted which could alienate them from the product), and it usually - at least in the past - required some backrooming and discounted OTC deals to get started.

      So I wouldn't be against it, but I think we need to be very selective in which CEX we select and what type of deal we make with them. If listing requires discounted OTC deals it would be a no from my side. If it requires enlisting a market maker on our side then I think that warrants a separate discussion. But if the CEX is willing to list OHM without any "shady" details and offer staking rewards to their users then I think we could explore that.

      In short, I think we should be open to CEX listings but I don't think we should necessarily pursue them.

      4 days later

      OK, I was mentioning this in the chat channels… instead of CEX let us work on something else >>

      Ohm needs the masses .. so imagine we release an OHM wallet ... that does in-wallet Fiat On-Ramp (credit card or debit etc.) and swaps… easy path to ohm: (1) install wallet, (2) use card to buy Dai .. (3) click button swap dai > wsOHM ..

      This wallet needs to be on AVAX or FTM or ARB since the fees are minimal .. so downside is Credit Card fees for fiat to crypto .. infinitely lower than the ETH gas fees and the frustration of approve/stake/swap etc.

      This to me is better than both CEX or DEX ideas for now .. sure later we can look at the Ex's options .. but a wallet directly to the people no middle party

        mauijoe my question here though is why would they leave ohm on the exchange when they can stake ohm here for sOhm and receive rewards ? I think a cex is purely a fiat onramp at this point. I think maybe we could do that on our own. huh. I voted yes but in the midst of my own comment ive talked myself out of it. iol

          OberonSky I was literally just mentioning this. cex is just an onramp. lets do a fiat onramp/swaw/staking/wallet on our own and tell them to fuck right off

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