Xeggex listing : Potential and Pitfalls - Community Input Needed!

Asgardians-Pillar · February 12, 2024, 10:22pm

Hello Zenon.network Community,

As we explore new opportunities to enhance the visibility and accessibility of Zenon.network (ZNN), we’re considering listing ZNN on the Xeggex exchange. This move could provide several benefits, including increased exposure and a no-KYC trading option. However, before making any decisions, it’s crucial to discuss and understand the potential risks and rewards from all angles. We value your input and would like to gather your opinions through a poll at the end of this post.

Xeggex Exchange Overview:

Security and Features: Xeggex promotes a secure trading environment with features like cold storage, two-factor authentication, encrypted wallets, and DDoS mitigation. The exchange, operational since 2021, offers ultra-low fees and supports a variety of digital assets Review
Market Reputation and Volume: Despite its security measures, Xeggex is characterized by a limited selection of listed assets and modest trading volume, focusing on a niche market of low to medium market cap cryptocurrency Coingecko
Coinmarketcap

Listing Zenon.network on Xeggex: Pros and Cons

Pros:

Increased Accessibility: Listing on Xeggex could lower the barriers for users to access ZNN, especially those who prefer platforms without KYC requirements.
Visibility: This could also serve as an additional platform to increase ZNN’s market presence.

Cons:

Exchange Stability Concerns: One significant risk is the possibility of the exchange “going poof” - a scenario where the exchange suddenly shuts down or experiences catastrophic failure.
Market Impact: There’s a risk of a megadump on Uniswap if Xeggex were to liquidate its ZNN holdings, potentially leading to a sharp price decline.

Given these considerations, we want to understand your stance on this potential listing. Here are the options for the poll:

Yes, proceed with listing on Xeggex: The benefits outweigh the risks, and it’s a step forward in increasing ZNN’s accessibility.
No, the risks are too high: The potential for exchange instability and negative market impact is not worth the exposure.
I need more information before deciding: Uncertain about the decision without further details on risk mitigation and strategic benefits.

Yes it’s worth the risk
No it’s not worth the risk
Yes and I’ll contribute a bit to the cause

0 voters

Your insight is crucial to us. Beyond the poll, please share any concerns, suggestions, or additional thoughts you have regarding this potential listing. Your feedback will play a significant role in guiding our decision-making process.

Thank you for being a part of this journey. We’re looking forward to your participation and input.

SugoiBTC · February 12, 2024, 11:32pm

Reason why I’m voting no is because people in our community got both rekt on STEX and Mercatox.

If we decide to list here, there’s a big chance that we risk the funds of community members in yet another kyc-less exchange.

IMO, it would be better to save our funds and use it for a better CEX listing.

Yourself_ZNN · February 13, 2024, 8:18am

Okay, I see your point: a CEX without KYC can get rekt anytime leaving Zenon in a shithole. But then what exchanges you consider “fine” to list?
There was the idea of MEXC and BitMart > where are we with those right now? Those are on the borderline of Tier1 & Tier2
Would you go only for pure Tier1? > Kraken, ByBit, Gate.io?

SugoiBTC · February 13, 2024, 8:47am

We’re getting mixed reviews on both options. But I agree we should strive to get listed on a CEX that will offer native ZTS tokens.

Tier-1’s are definitely out of our reach right now, maybe Ascendex?

Yourself_ZNN · February 13, 2024, 2:03pm

BitMart or MEXC or even Xeggex - I’m annoyingly perfectionist > if we really waited for an outstanding tier 1 exchange, we wouldn’t progress anywhere.
Success: 10% is studying and theory, the rest 90% is action
I experience the drawbacks of my perfectionism on myself > I’m not getting anywhere when I’m waiting for the perfect product/occasion > I always find something that needs correction
TBH I feel like this project is stuck mostly because of the bunch of overcomplicated things and the constant perfectionist attitude.
I’m not saying to have a low standard, but to just accept the a fact that a decent upper tier 2 exchange would serve us, rather than be against us.

Yourself_ZNN · February 13, 2024, 2:08pm

Xeggex reply to my yesterday’s message

Asgardians-Pillar · February 13, 2024, 4:07pm

Could you ask them if they would support withdrawal of wUSDT and wBTC to our network as well if we sign up.

0x3639 · February 13, 2024, 9:32pm

How do they operate with no KYC? Is there any country in the world where this is allowed?

Yourself_ZNN · February 15, 2024, 8:03am

Thoughts?
Xeggex is likely based in the Seychelles but customer support is in Lithuania.
The new listing price: $4999 plus $200 per market we want (new policy, their website says the same).

Asgardians-Pillar · February 15, 2024, 8:29am

5k is still reasonable imo. But as the poll shows it’s not exactly a majority that backs this listing.

Everyone has ptstd from all the other exchange fuckery over the years and want higher tier listings. Most don’t want to pay much either so to me it feels like it’s going nowhere for a while.

Even if gate.io gives us a 50k deal we won’t be able to raise the money and that’s why I think we should push the xeggex thing.

No AZ just an deposit address and go.

TheDev1776 · February 15, 2024, 8:41am

There’s <$1M in BTC volume and <$3M total crypto volume in the entire exchange.

A listing here will have minimal (if any) impact.

Asgardians-Pillar · February 15, 2024, 9:24am

Closed the poll the people have spoken.

0x3639 · February 15, 2024, 9:57am

This is a hit list of potential exchanges

Yourself_ZNN · February 15, 2024, 2:44pm

Just a quick note: the guy I’m talking to, from Xeggex, would offer listing at the old price $2500. Please like this in order for me to have the final sign on ignoring the offer

0x3639 · February 15, 2024, 3:15pm

would anyone market make here?

Yourself_ZNN · February 15, 2024, 3:34pm

Locked Liquidity: $200 for EACH market you want ($100 value of each asset in the pair)

Basic automatic market making (AMM) in your markets using the liquidity you provide.

AMM Market Making Service (included with all listings)
The market making service is an internal AMM system using our liquidity pools. You must setup your liquidity pools prior to activating the spot markets to ensure your orderbooks are filled at launch time. The AMM is an included and required service and helps to ensure your orderbooks and charts look good for potential traders of your asset, as well as making your data look good for data aggregation websites such as CoinGecko. The AMM system does not create large volume, it only creates small volume to keep your charts looking good.

Yourself_ZNN · February 15, 2024, 5:50pm

WhiteBit reply - it actually sounds quite posh:

@Yourself_ZNN , nice to meet you.

May I know your name and position in the project?

My name is Dmitriy and I am BD Manager at whitebit.com.

I am here to discuss a business collaboration between your project and our company, understand your goals and needs, and find a mutually beneficial solution.

Because we are going to talk here about business collaboration, let us discuss 3 important moments, which are vital for any successful listing:

marketing and promotion campaign;
liquidity management;
technical integration with your blockchain (listing itself).

We utilize a custom approach, not a mass adoption. Therefore, we simply don’t have anything like prepared beforehand packages, price lists or something like that we can share with you immediately.

Let me represent our platform to you first of all:

We are a top-1 European exchange and the biggest liquidity provider for offline exchanges of our partners;

Our ecosystem consists of 4 products ( cex: https://whitebit.com/, dex: https://ws.exchange/, WhiteEX - Buy crypto gift card - the easiest way to cryptocurrency - WhiteEX, crypto POS solution: https://whitepay.com/).

Our user base is more than 4,000 000 users and growing further, most of them are located in Europe and CIS ( 60%), Asia (22%), South America (15%), Africa (2%), and others (1%);

We have signed governmental-level agreements with Spain, Portugal, and Turkey;

We have fiat gateways: USD, EUR, UAH, KZT, TRY, GEL, PLN, BGN, CZK, AUD, GBP;

1 of the lowest spot trading fees on the market - 0,1%;

Top-3 by cybersecurity https://cer.live

24/7 support service;

passive income up to 19% APY in USDT;

referral program with an income of up to 50% from the referrals’ trading fees;

margin trading with up to x20 leverage to multiply profits;

futures trading;

We have already been on the market for more than 5 years on the market and having a team of more than 700 employees.

@Yourself_ZNN, can I ask you, please, to introduce to us the following facts to be able to move forward quickly and smoothly:

primary goal to join a centralized exchange;
how are you experienced in collaboration/interaction with exchanges;
your marketing strategy;
the range of an overall investment you have prepared for our collaboration (including
marketing & promotion, liquidity deposits, etc.);
size of your target audience across all social media;
the value you see and want to receive from the collaboration with cex?

Then it will be much better to understand your intentions and prepare our proposal for you.

Looking forward to hearing from you shortly.

Thank you for your response in advance.

Yourself_ZNN · February 20, 2024, 2:49pm

Carried on with the WhiteBIt chat - they would do a bunch of marketing campaigns:

May I ask you to share how your marketing & promotion will look like?
In return, let me share how our robust and working marketing & promotion campaign will look like:

Listing and Activities announcements on the Web, App, and Social Media (Telegram, Twitter, Medium);
Poster design of Listing and Activities;
Email digest;
Listing confetti:

● Deposit race
● Twitter storm
● Price oracle

Quiz;
Learn and Earn;
Balance bonus;
Trading competition (https://whitebit.com/trading-competition);
Crypto Lending plan (https://whitebit.com/earn);
Content competition;
Q&A-session and Q&A transcript on Medium;
Hold&Win.

How does it sound to you?

Any thought on this? BUT I still haven’t got a quote for the listing price.

cagri · February 20, 2024, 3:10pm

Can you show me Xeggex’s, Whitebit’s or MEXC’s office? Can you show me any responsible real person? I don’t think any of anonymous exchanges worth to get listed. CoinTR Pro may not be known since it has started 2 years ago as a Turkish exchange but at least when something happened, you can find someone personally in real life and ask where your assets.

I’m open to any offers and exchange ideas to be listed but I don’t want another Stex disaster happen.

aliencoder · February 20, 2024, 3:16pm

I support any CEX because every CEX right now is better than none.

Users buying from these CEXs will move their coins to a non-custodial right away.

If you don’t keep your coins on the exchange, you’re safe.

We need as many on-ramps (including CEXs) as possible to increase exposure.