Proposal: We do not need more than one DEX! Move all liquidity to Uniswap v3

NB! You can vote for this proposal at this link PROPOSAL #3: We do not need more than one DEX! Move all liquidity to Uniswap v3 - sign it by using the “like” (heart) function under the top post.

Hi, guys and girls!

I think we do not need more DEX in another blockchains (networks).
Ethereum uniswap is ok.

Why?

  1. Our 24h volume is too small - only ~$600000-$650000.
  2. Our main blockchain is ethereum. Tokens migration (for example, with bridge) to another blockchain - it’s commission. VERY big commission (~$100). It’s not working solution!
  3. If you want sell/buy token without uniswap commission - send tokens to gate.io (~$20). It’s MORE-MORE-MORE cheaper than token migration to another blockchain. No one will transfer the token to another network with $100 commission, if he can sell this token with small commission. Please, think two steps ahead!
  4. If we split our pools to 2-3 DEX exchanges - it will be too small pools with too small liquidity. And one big whale (or big token amount) can drop token price very easy (and start panic on others blochkains). Why You Need It?
  5. Don’t step on the rake again. We already had testers tokens distribution for DAI with “small commission” and… after… bridge to ethereum for $150-$200 :) Think two steps ahead!
  6. We are technologies project. No trading project. We need good technologies, not financial speculation.
  7. Added after discussion with MoreObfuscated:
    We already have 2 blockchain now - ETH and xDai. How many people transfer their tokens to trade in Honeyswap? Totally no liquidity. And don’t forget - all test tokens were claimed in xDai network! And still there is no liquidity. And you want more and more DEX “zombie” exchanges? :) It’s not working solution.

My current proposal:

  1. No new DEX exchanges in other networks.
  2. After the HOPR Farm competitions ends, move all the Uniswap liquidity to Uniswap v3 (fee tier: 0.30%, price range: unlimited).

Please think about future!

We are too small to split on blockchains.

Together we are power, separately we are nothing!

29 Likes

I’m not at all against this, but I still have some comments on your points:

  1. You say commissions are very high to move tokens across bridges. But one advantage of using other chains is exactly to avoid the high fees, because other chains have very significantly lower fees.
  2. I don’t think this is an issue. If a big whale significantly moves the price on one smaller pool, it will soon cause a similar movement in the other pools as well. In the end it will have a total effect similar to the effect it would have had if the entire liquidity was in only one pool.
  3. Very good point. However, if the token is not successful, it will be harder for the technology project to be successful. Think of the successful token as advertisement.

(Sorry about the empty elements in this list, the forum software would otherwise renumber them)

2 Likes

Thank you for your reply!

  1. How you plan to get tokens in other blochain? Only with bridge. How many people spend their money to transfer theirs tokens to others blockchains? For what target? We are too small project with small token holder count (only ~6k) to do this.
  2. For example:
  • If automatic bots see, that price in one pool is too small, they can start automaticaly sell tokens in other pools to fix price or to arbitrage.
  • Panic sell. People see small price and want to fix good price in other pool.
  1. I think we need to concetrate team power in programming - to finish our solution and launch node stacking. We do not need to spend team time to create another pools and something this. I think, that working solution is the best advertisement!
7 Likes

(2) Many people would happily send some token to another chain over a bridge, even if it costs some fee. The advantage is that they can then do 100+ separate trades at almost no fees. Maybe I’m wrong, but I certainly would do that.

(6) The team does already concentrate on the programming. That’s why they delegate the token decisions to the DAO. While we discuss this on the forum, they create a working product. The number of exchanges we come up with does not really affect how much work the team has to do afterwards. Implementing the plan will be quick.

2 Likes

(2) We have 2 blockchain now - ETH and xDai. How many people transfer their tokens to trade in Honeyswap? Totally no liquidity. And don’t forget - all test tokens were claimed in xDai network! And still there is no liquidity.
If you want separate trades - you can use spot exchange (it’s more comfortable).

(6) Maybe you are true. But I see team members discuss about this topic in telegram group and forum. For me - it waste of time :slight_smile:

Thanks for sharing your opinion!

5 Likes

(2) I admit that you do have a point there. The xDAI HOPR pools are tiny despite many tokens having been distributed on xDAI.

Anyway, thanks for your ideas. I certainly do like the simplicity of it! Often simple is better. Let’s see what others think.

2 Likes

(2) Yes, it’s very important example. I added this point in my main message. Thank you for idea :)

5 Likes

Please, You can provide screenshots for the community with the amount of the commission for the transfer across the bridge.

We can calculate how much it will cost to switch to bcs over the bridge + add liquidity to the Bcs network and compare with Eth.

1 Like

https://etherscan.io/tx/0x7745191979a44a100f2b2f078e22cbe88d915c1aeee5e7bbf641b2bf6be9c058 - this is transaction of HOPR token swaping on OmniBridge from xDai network to ETH. Comission - 0.048814878 ETH = 185$.

If you want - you can now add your liquidity to Honeyswap. But no one use it to sell/buy, because all actions will finished with migration to ETH network to get original token with bridge comission.

1 Like

Hi. I’ve marked this as incomplete because I’d like to confirm what it is that you’re proposing. From reading your post, I think that you’re proposing to do nothing? I think that’s within scope, but you would still need to clarify what you intend to do for Uniswap. See here: Uni V3 Validity requirements

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3 Gate is a centralized exchange, it requires KYC to withdraw your funds and the withdrawal fee is really high.
6 I think reaching as many people as possible is very important for a decentralized network, this is not just a trading matter

2 Likes

We DO need more than 1 dex. Look at the trading volume on BSC, Avax,Solana and hype about Matic, Fantom, Elrond. Then forget about ETH. It’s not only matter of trading, but matter of awareness. Huge communities over there and it’s natural way to make them aware of Hopr.
Plus we definitely need liquidity on Xdai (as long as we run on that funny chain - which i’m totally against, but it’s what it is) to make buying Hopr for node runners as easy as possible. Xdai now has stable coin bridge to BSC and Matic, so it won’t be hard to transfer funds there

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we do not need uniswap is very expensive to buy it would be good other chain solana is good and cheap pancake is good and cheap

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Yes, you are right. I was added this text to my main message:

My current proposal:

  1. No new DEX exchanges in other networks.
  2. After the HOPR Farm competitions ends, move all the Uniswap liquidity to Uniswap v3.

Is it ok?

Yes, you are right. They need KYC. But we have not only Gate. We have others SPOT exchanges too. And many users use SPOT exchanges and have KYC already. Please read my proposal carefully - my main idea, that you will not have “people traffic” to trading in other blockchains. We already have xDAI excahnge - how many people use that? 0.01%?
Look at the stats - HOPR price today, HOPR live marketcap, chart, and info | CoinMarketCap

How many new people you have reached in xDai network? :)

1 Like

This exchanges trade with their network native tokens. If HOPR, for example, will be BSC network token - no problem. But it is ETH network token. To migrate it to another blockchain we need to pay very big commission. This is not working solution. No one use it. xDai exchange is 100% real life example.

We do not have 100% garantie, that xDai will be the “production” network. Node stacking rules not be published yet. All can changes. After node stacking rules was published, we can return to this question. But not right now.

I think you don’t understand that HOPR is ETH network token. Not Solana token. Not BSC token. Please read my main topic carefully to understand technicalal issuie (how it’s expensive) with token migration for trading to another network.

If you are talking about your personal tokens - yes commission is rather big, but you don’t have to migrate it. Just choose your network, transfer stablecoins there with a fraction of penny and trade. If you are talking about DAO tokens from uniswap - it’s will cost less than 0.01% of pool to deploy proper smart contracts and migrate.

As for xDai, i would prefer other L2 or even L1 network, but as long as everything regarding nodes is already deployed there, i assume it will be xDai as production network. Anyway, to migrate the whole system to other network won’t cost too much, if it will be done through Dao

For normal trading we need users tokens too. Not only DAO tokens.

1 Like

If hoprnet were already running on the Ethereum network with low fees, that would be a good proposal. But no.