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
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.
Hey there, thank you for the nice note. To answer your first two questions, those factors weren’t super important to me. I honestly didn’t know what non-custodial was until after it was explained to me. Once it was explained, I feel more secure in knowing that Nash operates that way, but it wasn’t a must have going in.
Yes I did write down my keys, don’t worry haha.
I would like to get to a point where I day trade, and I think Nash will offer that opportunity for me soon. I know I could do it now, but my focus is obtaining NEX and staking them for the time being. Day trading is a distant goal, but for now I just hold my coin and sell when I need to.
The large token offered on Nash already is one of the other things that gets me really excited about the potential of this exchange. As I mentioned, the only way for me to onramp right now is through Coinbase. So when I deposit money into CB, I have to wait for it to clear and can’t send it to other platforms. If there is a coin I get a whisper about, odds are it’s not supported there. So it’s like I can’t send coin bc of the hold from CB and I can’t buy on that exchange bc they don’t support a lot. Having that ability on Nash is very attractive. If it isn’t on Nash, I’d most likely pass unless if it’s something I’m really big on.
I hope I didn’t ramble too much. Thanks again for including me
+1. Whatever get’s implemented it must be simple (KISS : Keep It Simple Stupid!). The proposal @Oldsport suggested about active participation rewards sounds great but I worry about the complexity involved (no offense, I love the idea).
I like the lottery idea combined with tickets/points (@Oldsport, @Greg). In my opinion, the fairest source of funds for a lottery would be from dividends for unstaked tokens that are currently being collected by Nash, and similar dividends from short-term stakes. Tickets/points would be awarded for trading (proportional to trading volume). Since some regions do not have access to the exchange (e.g. Canada) I think it would be fair to reward tickets/points for other positive contributions to Nash, e.g. staking NEX, referrals, more based on your referrals trading volume, likes in community chat (people would probably be more stingy with likes as this would give others more chances to win). This would also encourage more positive activity from the community which has obvious benefits for Nash. Chances of winning would be equal to your percentage of the total number of tickets/points awarded that month. Tickets points would reset to zero after the lottery. Perhaps award 10 smaller prizes instead of one large prize. Allow the winners to decide which token(s) they wish to be rewarded with.
Just want to add
It’s possible to give tickets too for a certain amount of volume you generate on Nash Exchange
For me every action on the site should be rewarding, If you give objectives with a prize at the end, it will motivate people to do things, not just stake and wait.
I’m not for Monthly program or a 1 time referral program like last time, You could do special event but the main should be something that you can win every time.
You really need to be agressiv on that, If you do it on a weekly Basis it will be better to gain traction
If I get it right it is just about getting people to trade and insentivice them for it. Right?
Therefore I would suggest the following:
Take a gameification approach and built a questing system (like in computer games) or call it challenge system. This would mean that there is an additional tab in the menu below …/staking/referrals which is called quests. As user you can enter this tab and you see an interface offering you to start different quests.
A quest would maybe look like:
“Trade in the next 7 days in the market GAS/NEO a volume of 2500$ - You will be rewarded with 1 NEO and 2 NEX”
“Provide for the next 24 hours 500$ liquidity for the market NEO/ETH - You will be rewarded with 0.001 Eth and 0.5 NEX”
…
Nash can create whatever type of quest they want. With this Nash can incentivice traders as well as manage the traders to support specific markets with the design of the quests. Also nash can calculate the rewarding easy because they can limit the quests. For example in total 200 NEO will be rewarded through the first quest then only 200 quests are available, following first come first serve principle.
It will be important to implement boundaries that the system can’t be abused. Examples are a trader can only have 3 active quests, it is only possible to hold 1 quest/market, …
If a user accepted a quest the progress will be displayed and supportive tools will be linked (a bot for creating liquidity) as well as the remaining time. Also a user can cancle the quest whenever he wants.
I think one of the strenghts of this programm for a user is to be activly involved. It is always the personal choice if someone wants to do a quest and which kind of quests. Also it is clear what the reward after finishing the quest will be. This won’t cause some random dust in your portfolio which randomly appeared with passive contribution.
This could really harness the energy of some smaller accounts and motivate them to run bots. Offering them a rewarded without having to win on highest volume is smart.
We need to create some pain around centralization, and present the solution for it. People forgot or don’t know about the hacked exchanges in the past.
Education on what is Non-Custodial, and people will come without considering other options.
Maybe also hacking some Centralized Exchanges as a reminder of the risks.
For greater good, why not to show people how vulnerable are centralized exchanges. No need to be big exchanges, some small ones will raise the question.
Thank you for addressing this. I have been thinking about this hurdle for NASH for a while. You are smart to ask your community because many of us Love the vision you have created.
I really like Incentive #2 as the Youtubers are what drives adoption by many. Most youtubers are not making that much yet, and many of them remember the day when they talked about the new Trading Platform named Binance that was cool, wasn’t backlogged on KYC (and also paid a small percentage of trading fees for the referrals). That referral incentive program, combined with a few mistakes of the other major trading platforms made Binance the king of the hill while they used their revenue influxes to perfect their APIs for institutional traders.
I think if Nash can find a way to get the attention of Youtubers across the spectrum and so they take notice and talk about the great system you have created, it will bring out the message. Many don’t know about Nash, they remember the NEX exchange and heard lots of hype around it, and the actual token came out under a different name, and they don’t even know it is up and fully working.
I understand NASH needs to make money (selfishly I want you guys to be rich so you have revenues to build the best platform out there). Binance paid some kind of small referral on trading fees. I know NASH already does this (I have NASH staked at 24 months because I like the idea of the high returns). Perhaps you simply copy that and pay them out at a higher rate year 1, and keep paying out for up to 5 years for anyone they refer to NASH. Perhaps the rates are the highest year 1 and 2 and then decrease a bit till year 5.
Another idea is that they earn NASH tokens by referring when that new person makes a few qualified trades, and they make some kind of percent, but paid in NASH tokens, which are automatically staked for them for perhaps a 3 month lockup. That is then going to earn them trading dividends. As they see their NASH balance increase and start getting rewards that will keep them looking more frequently, and NASH will be on their mind a lot, and so they will naturally want to talk about it more.
The main advantage you have over Binance is your Decentralization. In a craze where Defi has sky rocketed, I think this incentive will give Crypto Influencers to get up to speed on NASH and share it with their viewers. That will also drive the token price which will then drive even more adoption.
Thanks for reading my short novel on this subject. Obviously I am passionate about NASH, and also passionate about good incentives to drive desired behavior.
This is a great idea if technically possible. I wonder if it is possible to create a liquidity pair (MM BOT pool) for example for BTC/LINK based on a smart contract and allow Nash savings to be added to the contract for a defined reward (based on a percentage of trading fees) - the rewards are then distributed daily in the given pair (same as current staking rewards).
Liquidity pairs with potential BTC rewards would be unique and by using the current state channel architecture minimise current ETH fee limitations.
I’m a user waiting to utilize the future release of bots, and I already have a monthly expenditure in mind to contribute to volume. If I was provided additional incentive during my trading cycle I would definitely consider.
For example
I am approaching my monthly maximum of $75K, and a notification to contribute another $10K with [insert reward] as incentive. I can envision additional trading levels (e.g. $30K, $45K, etc.) being visible and with greater rewards.
My ultimate goal with trading is to break-even and contribute volume to the platform, and if incentives are in place that would be greatly appreciated.
Just piggybacking on this idea originally presented by @Nash_Investor. Disclaimer: I know very little about the digital collectibles (DCs) space, but here’s the idea; Nash hosts auctions for, and allows trade of, DCs. Auction credits are awarded to Nash users proportional to trading volume but DCs can also be purchased with any token traded on Nash. DC providers (e.g. someone starting up a new blockchain game or publishing a limited-edition novel) would be encouraged to gift some collectibles to Nash (which would offset the cost of auction credits) for the opportunity to have their goods auctioned on the exchange (purchases would go through ME). The downside here is that some individuals may consider this sector to be a bit unsophisticated, but perhaps it would be an incentive for some. I believe some projects like (e.g.) Elastos are involved in the tokenization of assets like literature and music so there’s more to DCs than skins for a video game character.
