SWFT Blockchain Exchange Listings - Yay or Nay?

[mehowbrainz]

Hey all,

Please vote at the bottom of this post.

Yesterday I was approached by SWFT Blockchain re: listing ZNN / wZNN on their CEX/DEXes.

In this post I will share:

• Their proposal
• A copy of the questions exchanged so far.

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Emailed received from the biz dev:

SWFT Blockchain is simple, fast, and secure cross-chain swap supporting 600 + currencies on ETH, BSC, POLYGON, HECO, and 30+ blockchain.

The benefits in listing ZNN on SWFT:

• 600 + direct swapping pairs including 20 major blockchains like BTC, ETH, BNB, HT, XRP, DOT, MATIC and more.
• Redpacket and SWFT PAY support. Sending reward and payments is as easy as sending a link.
• Full mobile wallet support both in android and ios.
• Decentralize swap using major wallets like Metamask, Trustwallet, Tokenpocket and Coinbase via dapp: allchainbridge.com
• AMA session with your team. Trade events and joint Social media promotions(only upon request).
• Have your own Swap Widget powered SWFT Blockchain via our API integration or simple iFrame Widget.

We only require a one time listing fee of 3000 USDT and atleast $1000 in ZNN tokens as initial liquidity.

In the meantime, if you still want to learn more about how SWFT Blockchain works, visit https://defi.swft.pro, or download our app on the iOS App store or on Google Play and do check out the attached slides to find out more about SWFT Blockchain.

Thank you for your time! I hope to hear from you soon and look forward to trading ZNN on SWFT Blockchain

Click to see the PDF attached to the email.

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My reply:

Hello,

Thanks for your email. I have a few questions:

1. Are your pairs listed on CoinMarketCap, CoinGecko and other market aggregators?

2. May you provide some data which shows your trade volume and userbase?

3. Do you tap into THORChain liquidity for native assets swaps i.e BTC, LTC, BNB, ETH, DOGE, BCH? If not, is this something you’d be willing to integrate? A good example of interfaces using THORChain liquidity are: Rango Exchange, THORSwap, DefiSpot (more here: https://thorchain.org/ecosystem/interfaces)

4. What’s the difference between defi.swft.pro and allchainbridge.com? Is one of the 2 centralized with KYC, and the other a DEX?

5. Rango Exchange listed the $wZNN token (the wrapped BSC variation) by tapping to its liquidity on Pancakeswap. Do you also aggregate from DEX’s and route orders during execution?

6. If you’d use the PancakeSwap $wZNN liquidity, is the $1000 fee waived? Since you don’t need initial liquidity.

7. Where are your users mainly geolocated?

8. Which pairs have the most 24h trade volume, and how much?

Thank you,

Mehowz

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Her reply:

I will tempt to answer your questions

1. The projects listing on our platform are trading on exchangers and swaps therefore they are listed on coin market cap and coingecko

2. 

3. We can consider this in the future if ThorChain is listed or any tokens under ThorChain. RUNE is listed, but I think, we are using binance for that.

4. We have both centralized and decentralized platforms:

• For more information about SWFT Blockchain and our platform feel free visit any of our official links:
• Website: http://www.swft.pro
• Platform: http://transfer.swft.pro and http://swap.swftcoin.com
• App: SWFT Blockchain
• dApp: http://allchainbridge.com, http://defi.swft.pro and https://www.bridgers.xyz/
• Buy NFT: http://linkNFT.io
• Allchainbridge and Bridgers are decentralized supporting most wallets

5. Yes we aggregate from pancakeswap and other exchangers but we require initial liquidity. We can waiver some fees from the proposed listing fee.

6. We still need initial liquidity.

7. We have users allover the world.

8. Given the fact that we have major coins and lots of listed coins i don’t have the data of which coin has highest volume.

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I didn’t reply yet. What’s your gut? Vote below and leave a comment:

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Update: See this data about their followers.

• Yay
• Nay

[mehowbrainz]

If anyone can help dig into this exchange it would be great. I’ll see if I could get a report re: their Twitter followers using followerwonk (can’t login to my account atm, waiting for support to reply). Will try to paint a better picture about them.

[0x3639]

I’ll do some digging, including doing a swap on their platform. Will spend some time this weekend or later today.

[7nzalh]

Not familiar with their services/platforms, can’t really decide atm. I’ll do my best to get to know it. Maybe some other members can better help steer this.

[mehowbrainz]

According to Followerwonk, 827 Zenon followers also follow SWFT Blockchain:

[mehowbrainz]

Some more stats about SWFT Blockchain followers. Looking at this data, it seems like:

• They’re most popular in asian markets
• Most followers have relatively low amounts of followers.
• Their followers don’t seem like an engaged audience on Twitter.
• Primarily non-english speaking.

My vote is to pass on this listing. I was skeptical about their exchange since they don’t even have pairs listed on CMC (at least I can’t find them).

[0x3639]

I noticed 3 things that felt very scammy.

1. I was greeted with a pop up when I went to the exchange to sell me some shitcoins. I’ve never seen a pop up on a DEX. Feels like a Web2 wrapper on a “DEX”
2. There is a rotating banner at the top of the exchange selling me more stuff. I would never trade on an exchange that pushed this on me. Feels like a scam.
3. The angled font used in the marketing is not traditionally used. I see this font on sites that only want to sell me something or are some sort of scam.

Based on this and the data farmed above, I vote NO.

[mehowbrainz]

If they can’t provide data on users, trade volume - can’t trust.

[coinselor]

Yeah an exchange that doesn’t provide volume data is a hard pass. I initially used gut to vote no, but seeing how both of you dug deeper, seems like we should avoid them.

[mehowbrainz]

A step forward in the right direction.

https://twitter.com/SwftCoin/status/1544258404365275137?s=20

I asked the contact if she could provide more data re: stats, with some ability to validate the information shared. IMO it was in majority an issue of missing trade volume, depths and overall activity/userbase. If they can overcome those concerns, it could help us evaluate again IMO.