- November 11, 2023
So I guess I will continue to remain on my soapbox for another day. I have been in the crypto space for around five years. I have built many different projects including NFT projects, Wallets, DAO, CEX and DEX exchanges for both myself and for various clients. RebelCoin was my attempt to give back to the crypto community and at the same time learn some things along the way. My plan with RebelCoin was to build a coin similar to BitCoin using everything in the public domain that existed over the last ten years. I wanted to develop a similar store of value coin but with additional security and with super fast transaction speeds. I feel like I have been able to achieve that goal. In fact, I extended my original plan to also develop a new transaction system that would work like our current credit card systems. The idea was to pull from a pool of RebelCoin allowing users to purchase items as easy as they do with credit cards without the annoying fees.
We all know that in order to build a successful project it needs a very strong community which we have been working on for around 5 months. In order for my project to take hold and allow me to launch our transaction system we needed to get RebelCoin into the hands of people and give RBL a dollar value. The best way to do this is get it listed on as many centralized and decentralized exchanges as we can. This is where the problem comes in.
I am not a fan of regulation. I think one of the things that makes crypto interesting is the entire decentralized nature of the industry. So I am not going to suggest any additional regulation, however I think there are some areas where we could use some standardization. This is very true when it comes to exchanges.
Right now RebelCoin is listed on 3-4 exchanges including Xeggex and Dex-Trade. The process of getting listed on these was very new to me. I admit, I was even scammed out of a good deal of money early on with “listing agents” turning out to be scamming agents. I would like to suggest some items that should be standardized when it comes to crypto exchanges.
- All exchanges should have a common listing procedure where requesting listing, listing fees, Coin/Token info from the project owners, licensing agreements and all payments take place on an exchanges website. No more sending listing fees to some random crypto address. No more filling out Google Docs with coin or token info. If exchanges insist on using listing agents on Telegram or X or wherever, all final documents and payments should be handled through the exchange website.
- There needs to be a more standard system for liquidity and market making activities. As a coin owner it gets complicated juggling exchanges where you are handling market making on one, and another is using a automatic market making or liquidity pools. This also allows way too much price manipulation for the coin owner which is not fair to the users.
- Listing fees should make way more sense. I understand that these fees are based on traffic and trading volumes, but even these values can be arbitrary. Exchanges including even the mighty Coinbase, KuCoin, and Binance should have entry level listing options for new coins that meet a certain criteria or go through a specialized vetting process.
- Coin owners should have more and better benefits once they are listed on a specific exchange. For example, free trade accounts should be forever. Exchanges make plenty of money on fees when a coin or token is bought or sold and the lister of that coin should get higher percentage rewards for supplying liquidity or for MM activities. There should also be additional ala carte marketing options with the exchange where coin owners can pay monthly fees for additional marketing by the exchange including social, email, banners, etc.
- The use of bots need more transparency. There are plenty of traders out there that spend a great deal of time analyzing the very small details of a specific cryptocurrency, and when they see bots making trades in various ways, it gives many of them pause wondering what type of manipulation is going on. Some additional transparency would give traders more trust in exchanges and allow crypto to reach a more mainstream audience which needs to happen for this industry to grow.
So those suggestions I guess are part of my crypto exchange standardization manifesto. I realize that some of these things will be hard to do because of different rules and regulations in various countries where the exchanges are based. I also know that many exchanges view the way they do business as “this is how it has always been done!” I think we can agree that the crypto space is still a bit of a wild west and many exchanges are trying all kinds of different things. We all want crypto and Web3 to become normal for everyone so some of this standardization needs to happen. If we don’t start doing some of this standardization on our own, the governments will do it for us, and we don’t want that. So just follow the motto: “Standardization not Regulation!”