Brainstorm new program: fixing missing incentive design

Community
#61
  1. Agree need market makers. Fees need to be competitive enough for them to swap. Volume attracts more volume.
  2. Referrals - good idea but I wonder how effective it is. Worth a try.
  3. Liquidity farming - rewards would benefit if NEX could be traded on Nash to be honest. Basically you have to use Switcheo to go and trade the NEX! lol - it would be more of a Switcheo promotion than a Nash promotion. If you have a small amount of NEX, staking NEX right now is worthless due to no volume = no incentive.

To be honest, I still use Binance to do my trading. It’s still better in everything that is noticeable (fees, liquidity, range of markets, near-instant fiat gateways in Australia) except the custodial aspect. I really do want to trade on Nash as a supporter and investor, but for small trades that I do I, can’t justify it yet. Really keen to see progress here on these dimensions. We don’t even have like 0.001% market share of volume! (but I am still optimistic!)

2 Likes
#62

This view has been expressed by many of the community members in multiple channels who have a strong interest in something like this, contributing capital to a team/community member for the purpose of driving volume. The challenge is how do we minimise risk, I’ve already taken a huge risk by allocating largest portion of portfolio to Nash anticipating higher volume before the most recent halving. Recently I’ve been adding to Bitcoin and ETH positions as a hedge against Nash in case Nash doesn’t gain traction in this bull market. I’m happy to allocate all my BTC, USDC & ETH savings to a low return strategy such as the robocop method on @fabibi’s website if I can be sure principle capital is safe (early testing shows only small losses in some cases which is good). Ready made bots for users to deploy is great and worth pursuing however if the request to allocate funds to a liquidity pool can be met it’d be a good addition for the inexperienced.

I agree we’re better off giving away assets other than NEX, rotating assets might be a good way to boost volume on the markets with wider spreads and lower liquidity.

implementing

and having a

sounds like a reasonable way to bootstrap liquidity for new listings thereby improving first impressions for new users coming over from other communities.

Although the way the TRAC team seemed to be looking for a way to exploit the Nash trading community group who were trying to do something similar this week wasn’t very encouraging. Maybe we need a method the community can use when approaching teams who’ve had recent listings that makes it obvious that helping out is a win-win for everyone.

GunBot has a large community, HummingBot is also popular maybe we start with the most popular and work our way down the list…?

Finally Stripe has been successful because it’s easy to integrate with their API’s, their documentation and SDK’s are great for developers and as most users have a credit card there’s no on-boarding required for front-end users. This is something that’s a bit more challenging for Nash as users need to acquire funds before depositing them into a state-channel, Nash is well down the path to making this smooth and simple hopefully NashCash goes live soon making it even smoother on the front-end, this just leaves the back-end on-boarding for algo trading, market makers/liquidity providers which Nash seems to have started focusing on by way of the paid MM initiative.

The whole chicken egg problem with retail users, liquidity provides, market makers and institutions whereby liquidity begets liquidity has proven to be quite the conundrum demonstrating a strong need to bootstrap volume. Starting a community liquidity initiative → which attracts retail users (regular and automated) → which in turn attracts more users and gets the flywheel spinning makes me optimistic about the future.

1 Like
#63

rebate from the paid tokens and the rebate % increases with volume of fees. so the more you trade the lower fee % but the total paid fees detemine how much back you get.

let’s say 10% of collected fees in a specific token are distributed back among all traders who paid in this token but not in linear % instead. reward more the one who paid the most.

Ultimately, if the marketing strategy is to give away ALL fees for a stunt week or whatever. I support the idea. the promise of 75% back is on the collected fees. if the ME doesnt collect them, we don’t get them. its simple :wink:

#64

What we have is much closer to preferred stock, common stock has voting rights, preferred doesn’t.

I don’t think having a governance token is required for liquidity incentives. (just my 2 cents)

#65

I wanted to edit above post but its too late :smiley:

If fee programme has fees for makers I’d really support a 1 month 0 trading fee for every KYCed customer. Let them try and decide if they want to continue trading after 1 month.
Because even if the new customer’s transaction is free on thier side, exchange still has a chance to collect fees from maker but that is the model which is really flawed not the NEX token model.
Consider this; if we have the same spread as another exchange that charges 0.1% both side of the trade, and the price is the same, it means avarage Joe is paying 0.15% more in fees using Nash, thats 150% more fees than 0.1% at the other exchange. if the fee is split. 0.1% each then we have a chance to attract more small traders and play more with fee discounts and rewards. also my 2 cents :slight_smile:

#66

Thanks for the clarification.

Focusing on the trading protocol then, here are some novel ideas I think are worth considering:

  • Monthly lottery: @canesin this is similar to your initial idea, but instead of distributing rewards proportionally to your participation in total generated volume, you would get raffle tickets for each trade. Here again, there’s a possibility to introduce a logarithmic function in the number of raffle tickets granted (as suggested here for Nash Pay), making it more attractive for “smaller players”.
    Personally, I’d much rather have a 1 in 10000 chance to win 100 NEX, than to be guaranteed to earn 0.01 NEX and I’m sure many feel the same.
    Lastly, this idea if successful can be scaled horizontally (as in: other services could grant you tickets as well, which would give you additional chances at no additional cost for Nash).

  • Spamming competition: we all heard about trading competitions on exchanges: a “Spamming” competition determines the leaderboard by multiplying a user’s volume with his number of trades. I believe this could be a way to attract algorithmic traders, which are high potential users for Nash. It could also be an opportunity to advertise for openlimits (for instance “Get a 50% score bonus if you use openlimits”). Lastly, this sort of event should be time-limited and could be used on a specific pair as suggested by others in this thread.

13 Likes
#67

I like the lottery idea but I think it needs to be expanded to target communities that are not already aware of Nash.

For example, when a new token is listed, we have an opportunity to harness a new community’s interest in Nash. They want to see their token on another exchange and we want them to trade it. Can we offer a lottery where all taker fees for that token are given out as a lottery prize?

How can we focus on getting external user communities to trade their token? They will have an incentive to bring the liquidity.

2 Likes
#68

I love both ideas @Oldsport brilliant!
The lottery idea is appealing and pays respect to the fairness of how Nash launched with its lottery as well!

1 Like
#69

Giving away Nex as an incentive will deprive the company fund of future earnings.

I would suggest that for any incentive models, we give away tokens from the market making.

For example, if you want to attract TRAC community to trade on Nash. Don’t give them Nex. They want more TRAC.

Motivate people with something that they already own and probably want more of.

3 Likes
#70

These are all interesting ideas everyone is coming up with, but I am in the group that is wondering if we are now getting to the point where we are trying more ideas than working on the basics. The basics being getting pairs people want to use, marketing the product that we already have, and getting the NEX token on the exchange.

For basic 1, nobody wants to use an exchange that doesn’t have pairs. People care about BTC, ETH, and having a reasonable amount of alt coin options. We have done great on providing the first two, now we need to work on the others so that the exchange will offer AT LEAST just enough for it to be a one stop shop.

Basic 2 can’t be seen well from the communities eyes, so we are honestly putting our heads in the sand and hoping that Nash hasn’t started it’s marketing yet and are waiting for GA(I hope that’s the case).

Basic 3 most of the community understand that this is a legal issue and it can’t be rushed. But it’s hard to promote an exchange based on a token that generates 25-75 percent revenue when the token isn’t even available on the exchange itself. This goes back to the idea of the one stop shop. This is why everyone is happy Nash is working on doing their own onramp. My Wyrex verification on Nash is still pending and it’s been over 6 months.

Let me walk you through the crypto year in my shoes as a casual investor and not active trader. When I purchase crypto I start by going through coinbase purchasing anywhere between 5-10k in my buys. I do this a few times a year. Nash loses out on this consumer because onramp isn’t ready yet (which is fine, just an example of potential loss). Then I usually purchase Nex or whatever altcoin I desire with that. So it is transferred to another exchange, in my instance Tokok, in order to get the nex I would like. Another missed opportunity, because Nex isn’t tradable on Nash, and looking at Nash at a glance it has 5 of the top 100 market cap coins. I don’t care what research says that adding more pairs is too expensive for the volume it brings, because you wouldn’t go to Robinhood if you could only trade stocks for Google, Tesla, Ford, Amazon, and SPY. I understand I am simplifying the problem on the developers end of making these pairs happen, but it’s also a simplification to look at pairs from the angle of how much volume they individually bring. It’s about the idea of the one stop shop and its attraction to consumers.

Now this isn’t to say I am not for trying new ideas, but ideas and new marketing tactics should be implemented with a guided laser like focus, not a shotgun approach. Because some us token holders would like to be seen and treated as investors and not as much community members. Just look how quickly everyone got scared that Nex supply might be raised inflated or tampered with. The wording on the original post definitely raised red flags in my eyes.

6 Likes
#71

Just a thought, being that Nash is similar to Coinbase having the goal of a “one-stop-shop” the coinbase education program was extremely successful. Nash could do something like that to offer free tokens to educate people on Nash and promote liquidity. My suggestion would be to lock the initial tokens given to be non-withdrawable. This would force people to not only learn about Nash and the exchange to earn free tokens but also force the trader to experience the platform. They would have to learn and use the tokens to trade in order to withdrawal them.

2 Likes
#72

Hi all, want to share my idea

No new token will be create, you can use the tickets system in place with the old referal program

Staking Nex
Stake x Nex give you x amount of Nash tickets every weeks

NashReferral
When you refer a friend and he use a Nash product (need to subscribe and trade at least 50$ or buy 50$ on NashCash or Stake 50$ on NashSavings)
x amount of Nash Tickets for you and your friend

NashCash
When you buy USDC or other crypto we give you x amount of Nash Tickets

NashSavings
When you stake we give you x amount of Nash Tickets

NashLoto
Use Nash Tickets to participate in NashLoto give you the opportunity to gain
1000 Nex + 1000 USDC every week (will be take on Nash fund no new Nex mint)
The amount of Nex win will be stake directly, Possibility to choose between 1 year or 2 years.
The more you have of Nash Tickets, better are the chance to win

NashTournaments
-Traders of the week (based on profits): 500 Nex token to stake + 500 USDC
-Liquidity providers of the week (based on volume): 500 Nex token to stake +500 USDC
-Ambassador of the week (number of referrals): 500 Nex token to stake + 500 USDC

At the end of the week the number of tickets you have will be reset

2 Likes
#73

Just to expand on that you could offer 1 nex for watching a Nash education video on an education section. Something to educate people while also rewarding them with their very first Security Token.

1 Like
#74

I fear I may come off like I don’t know what I’m talking about, but I wanted to do my best to add my input to this thread.

Personally, the most attractive thing about NASH is the simplicity it provides. I’ve been dabbling in investing for about a year now, and the big thing about investing crypto or shares is there is a huge learning curve. A lot of people aren’t comfortable risking their money when they don’t know what they’re doing. I think that’s what made a platform like RH or Coinbase so popular. You can literally download them, deposit money onto them, and then begin purchasing and trading while the design is very simple to use.

A buddy of mine keyed me in on Nash two months ago. All he had to tell me was the dividend rate it would provide and I was sold. I didn’t even know how to transfer crypto from different platforms, but I learned just to get in on this amazing opportunity. In the time since, I have looked at the platform and appreciated how simple it is to use. Right now I only have NEX tokens staked, but when the on ramp becomes a thing, I plan to move all of my crypto trading to Nash and use it exclusively. This is because of how straightforward the app itself is to use. I believe that when we hit GA and the marketing ramps up, people who have been wanting to get into crypto will be motivated to use Nash because how simple it will be to deposit money, buy tokens, and trade on the platform.

So with that being said, I feel that adding more features such as the ones in this thread are not appropriate for the time being. I think it would be better to look at them once GA has been reached and we have attracted a set amount of new users. I’m afraid it would con volute things and take focus away from the main goal, and distracting focus leads to a lot of uncertainty. Not so much in doubting the product, but more so not knowing what the features are in order to explain them to others who may be on the fence about joining this great platform.

I hope I got my point across. Thank you.

11 Likes
#75

Thank you very much for sharing.

It’s not always easy getting a fresh opinion: when you’ve been following it for a long time, Nash feels so obvious. And yet so many people have never heard about it. It’s frustrating.

My questions to you are:

  • How important was the fact that Nash is non-custodial?

  • How important was the fact that Nash aggregates and manages 3 wallets (BTC, ETH, NEO)?

  • Did you write down your private keys right away?

  • When you say…

…do you day trade, swing trade or buy, hodl for a bit, then sell?

  • How important to you is having a large choice of tokens on Nash? Suppose you have moved your assets and trading to Nash but a token you’re interested in is not on Nash: would you pass on it because of it, or get it from another exchange?

Thanks again and welcome to the community!

2 Likes
#76

Would be kind of strange to use a secondairy token you woul;d need to buy to lower fees which in turn make for less revenue for Nex holders which in turn will make them not want to stake. So the 1st investors would need to pay for the late commers. No thank oyu

#77

I think, the only way you’dd pull off a 2 tier token sustem is if the only wat to get the 2nd token is by holding Nex. Still I do not feel for any of these ideas.

Not to be salty, but I gave you a few tip I really miss on other exchanges and there is where you yourself said your power lies.

You know…even if Cryptopia got hacked, the fact they had all the shitcoins and a Doge pair, made is very good entry level exchange. There are still faucets giving doge and I even used it in learning people to trade and open a wallet.

You miss a social system. You keep staying in the "telegram and own forum"mindset. You need "facebook"mentality_> make people want to be a part of it. Just like Yam…its almost people did not care it was a scam, people needed to be there.

Get like NTFs…look at Vechain collab with Playtable. Make stuff people want to share…then the masses will come.

The incentive program…for me personally…is a slap in the face…I don’t know how many hours and ideas I shared and I have never seen any:“Hey man…we want to thank you! Even if your ideas are not fit…we need all this input bcause the 1 golden idea could be in it.” And because I do not trade or not want/have time for team trading, I would never make a chance on some incentives.

You putting up some tokens from the foundation/team would be a good idea. I know I have Vechain for them fuzzing people in the behind with their fake Xnode program and the people that were most loyal got screwed the hardest. That burnscent will never wear off. So giving something back for people that staked for 2 years right after the ico should be noticed and rewarded for putting their trust in this project.

you say adding pairs is expensive, but you are willing to give away a lot of money. Why not use it to add those pairs. And cross pairs. Like make icx tradable with ltc or doge…stuff like that. Make for a learning platform where people can’t get rekt that easely. Make it $10 is enough to put in some shizz coin trades and maybe make it big. Make every trade under $5 half fee price. Maybe it would get abused by immense amounts of orders, but that would make for insane transaction speed and you could also cap it to $50 a day.

I understand you want to bring more users, but as far as I see it, since there is so little trading going on, adding bigger market makers will only push the same makers away. They want the herd. So focus on that. If you get average joe, the makers will want a piece of it not vice versa

1 Like
#78

definately glad this has been brought up some really good ideas above … not sure what to add

“Uniswap. That is not technically possible on Nash as we are a real limit order book exchange.”

something similar possible ?
set up pools on Nash platform that connect to Nash MM bots that arb and provide maker liquidity? u could “time harvest” by arbing between uniswap and and nash even ?

anyway yeah pool on Nash and pay out the pool fees or NEX tokens based on % share of the pools and its effectiveness … similar to uniswap poolers own a % of the MM bot pool

#79

Just thinking about how to ensue that passive Nex token stalkers are also active users of the exchange.

Is it possible to have a precondition to “activate“ your staking rewards?

i.e. You need to make X number of Trades, Volume or NashPay transactions per month for your staking to be activated.

This is how my bank account works for me to get free ATM withdrawals. I need to deposit a minimum each month (like my wage) for the extra perks.

How can lock passive investors into having to use the exchange to get their dividend?

It could be a very low barrier to “activate” but at least it keeps people engaged. i.e. 1 transaction per month but that’s enough to keep people coming back.

#80

Thinking very low like $10 in trades per month.