Dear NEXER,
I would like to hear your opinion about the NEX competitors and how we will beat them, advantages and disadvantages of one against the other…
NEX will face strong competition, the decentralized exchange market becomes saturated.
I will only mention some projects:
Binace DEX - set to launch the beta version Q1
StellarX - no fee transaction with each class of assets: crypto, fiat, bonds, commodities
DIGITEX: zero fee, beta launch Q4
I believe in our team of experts who is the best of the best in the blockchain industry and that we will come out of this race as winners, but we should bear in mind that it will not be easy to become DEX number 1.
With future total market volume and the influx of users to the cryptospace there is enough room to have competitors. It’s nowhere being saturated.
Having competitors is good to keep fees competitive, the space/service/product innovative and also less centralised.
I mean, there isn’t only one stock exchange and neither will there ever be.
I do agree on learning from advantages/problems of competitors and most of all the possible disadvantages of this platform.
The BEST and most simple DEX I have ever seen is the one currently being worked on by EOS Lynx. Disclosure: I am an Advisor to the company behind Lynx and hold a decent amount of Lynx-related tokens. That said, I am very hopeful that NEX will rival or better what I have seen the Lynx folks doing – my company’s bet (and most of my personal bet) is on the NEO ecosystem. Once I can share screenshots of Lynx DEX, I will. It will be up and running publicly within a few weeks. I can tell you the design philosophy has been to remove every element possible – clear the clutter – make a minimalist, stripped down, Apple-like exchange experience suitable for normal humans in the normal world.
When the bull market comes, then no project will have a problem even the white paper projects will flourish. But we are still in the bear market and Binance has a big advantage with 10 million users. I think it is very important that the NEX team delivers on time and that the marketing team and the community do their part of the job.
I think that we should indeed gather information about the competitive advantages of NEX over the other DEX and even centralised exchange.
This information should be consolidated for ease of use so that we can use it to bring in more users to NEX. I would be happy to being able to answer objections of a potential new user so that I can convince him/her to join and bring in some extra volume for us.
We are part of the NEX project since we invested in it. If we want it to work we also have a role to play (not only a mercantile role) don’t you think?
Don’t forget that during next bullrun a lot of established exchanges will run into scaling issues, just like last December with a lot of top exchanges. They simply couldn’t handle the influx of new users, some even had user-stops.
Also i think we are all still looking at this from a user POV and for NEX (with its security aspect) i guess we need to start thinking more from a business POV.
Sure the user POV is important but i think the most volume will come from business.
At this point everything is only speculation, but as soon as NEX exchange launches, there are two main things we should do to attract users:
Give constructive feedback on features and usability of NEX and offer way to improve that, if you think it is possible.
Create promotional material - make Youtube videos (or request that from our favorite youtubers), medium articles, engage in reddit conversations.
Those are things that would attract simple users.
But for most part all depends if team can create product that is better and safer for institutional investors and big players in comparison to competitors and also is legally complaint (this part is VERY IMPORTANT!). If I am big player that invests millions, I would not want to risk using some unregulated exchange and risk government coming after my money. Better safe then sorry
Advanced technology require both high value and fascinating UX/UI to be successful. I wish NEX in that early phase can apply lesson learns and best practices from existing tech giants that started small, what NEX basically is today. Customer satisfaction is the ultimate goal to aim for. If we, official NEX team and community, can create an excellent feedback culture, that will bring a lot of benefit to the entire ecosystem. To be successful as a company from my point of view will require
Deep focus in a good direction that will determine the success
Spent money on things that actually make the product better. Basically put all the money into R&D, design, development, engineering, hiring great people and small insignificant portion of money in to marketing.
Great feedback culture that turns things into improvements.
People need to stop comparing NEX to other DEX platforms. The whole point of NEX is to compete performance-wise with centralised exchanges. All other DEXs compromise on trading experience/performance in the name of being decentralised. The idea behind NEX is to offer a competitive alternative to Coinbase etc. with the security/fund control of decentralisation.
People will compare NEX to other DEX platforms whether we want it or not. Because it is a “hybrid” . By People I mean our “prospects”
For that we need to know how to respond when it is compared to the other DEX and we must also answer to the comparison to the centralised exchanges; we must have a deep enough understanding of what makes NEX better than the rest, what makes it different and why using it will bring benefits to the prospects compared to what they currently use (answer the objections ) ; hence we must understand the competitors as well.
How about we get some sort of consolidated list where you have all these pros and cons of the competition (at least for those that want to know for the greater good of NEX )
@HarrisonP When NEX acquire the licenses that they aim for, they will be directly competing with Coinbase and will also force people to compare NEX with Coinbase because no such Dex today as i know wishes to get licenses from banks and be compliant with regulatory sides…
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