Proposal overview - SSV Networks should apply to Coinbase to list the SSV token on the Coinbase exchange.
Motivation - SSV is currently mainly traded on Binance where most of the SSV tokens in circulation are concentrated. This makes the SSV token very centralized and prone to market manipulation. It also makes it very difficult for SSV Token holders, Investors and staking enthusiasts in North America to purchase, invest and grow the SSV Network. Therefore it is in the interest of the SSV community to diversify and list SSV on at least one additional major exchange outside of binance.
By making SSV more readily accessible to the general public, we are spreading the news and bringing more attention and excitement to the SSV Network and the greater Staking Economy of the future.
Mechanics - SSV Network / SSV DAO should apply to Coinbase to start the process of listing on their exchange. The DAO should pay for the listing via the DAO Treasury.
I think that specific people should be directed to execute this vote if it passes. Saying that the DAO is not clear enough. If the proposal passes, no one specific will be liable to executing it…
i agree…is there anyone specific at SSV that is in charge or can assume this role?
or should the DAO nominate someone to act on its behalf to execute this and similar tasks? the idea should be to bring SSV to new markets and exchanges.
hi Fod, is this a task you see yourself pursuing if the DAO nominates you with this task?
The recommendation can be extended to other major exchanges.
For example, I recommend FTX.
There is no fee when sending from Ftx exchange to Cold wallets. I think this is a huge advantage.
Especially about increasing the number of our SSV holders.
Yeah, no problem. Feel free to put me down for this. I can get the process started soon and reach out for help as needed. The DAO vote will definitely be needed if Coinbase requires that we provide funds or hire a liquidity provider, but I imagine that there will be several steps to complete before we get to that point.
@Ahbaay Regarding FTX, I agree that we should reach out to more exchanges. But I’d prefer if we just started with Coinbase, then expanded to others later. I’m guessing that the logistics won’t be trivial, and I think we should understand the general process a little better before we dive in.
Agree, SSV ought to be listed in more tier-1 exchanges to improve liquidity and adoption.
But on the meanwhile, hiring a market maker before the listing will benefit the current liquidity status and make our negotiations with other exchanges easier.
what type of market maker did you have in mind other than listing on tier 1 exchanges?
great! if this proposal goes up for a vote i will add that you will be in charge of this task.
Do you see any other changes needed to be made to the proposal? I don’t see too much enthusiasm around this proposal so i’m not sure it will pass the minimum required votes…any suggestions how to bring more awareness?
For those professional market makers/arbitrageurs like Amber group, Wintermute, etc. Those market makers will guarantee token liquidity like spread at least < 0.2% and ± 2% depth > 50k $ on all pairs.
SSV doesn’t launch the mainnet which means there is no solid product working now. Not sure if it is good timing to positively prioritize cex listing but anyway, communication is always better.
that’s true but listing on tier 1 exchanges is a long process, can take many months.
If we start now we will be lucky to have it listed before mainnet is live…
We can investigate market makers if we determine that we need one. I think we might already be using one on Binance, and I have some connections on other projects that I can mine for wisdom. Regardless, I’m going to start the paperwork for Coinbase today and get that discussion started so we can try to move forward quickly.
great to hear Fod. So do you want to bring this up for a vote? or you are moving forward regardless?
In my opinion, I don’t think we need to vote on this. I spoke to the Blox team, and an application has already been submitted. So everything we need to do has already been finished
However, in the future, there might be action that is needed from us. For example, if they accept our listing but tell us that we need a market maker, then we will likely need to vote on spending the funds to hire one. But until then, I think we can put this aside.
Might be worth while doing a bunch of independent applications? Might create buzz on their end?
FOD mentioned he is open to submitting an application
Yeah, can’t hurt. I can finish the one I started. If anyone else wants to submit one too, feel free to reach out to me for information. There’s a bunch of legal stuff that requires knowledge of the token’s history and such, and I’ll be compiling that information.