We may consider this path in future, once our current roadmap is complete.
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We are not working on an affiliate program for Nash Link right now, but this may be something we consider in future.
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The Layer-2 exchange is not currently our main focus, but we do believe that by expanding our fiat gateway products we will attract more retail users to the exchange. Bizdev is approaching institutional traders privately.
There are currently four people on the marketing team, plus developers who help realize the products (e.g website). We will not reveal internal business metrics, budgets, etc.
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Yes, though we will be doing an A Series. See answers above.
Answered above in response to Stoaty: Q1 2021 Quarterly AMA - #89 by Kellogg
That seems like a rather optimistic target for this year, but we wouldn’t want to rule it out.
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As stated above, we’re looking to secure Series A funding. However, our goal is not to obtain a securities trading license just to allow the trading of a single token. Our goal is to obtain licenses to expand operations into more jurisdictions. If we do approach securities trading with a view to listing our own NEX pair, it is more likely we will do so via a partnership.
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The team is currently working on a major refactor that we hope will resolve many of the bugs users encounter related to the trading wallet. The state channel technology is complex and has many corner cases, which unfortunately makes some user issues difficult to resolve. We are happy to have seen many fewer user issues and bugs with the fiat spot markets, which validates our reasoning to expand growth for those services.
Answered above in response to algorithmicdesign: Q1 2021 Quarterly AMA - #96 by Kellogg
The major bottlenecks that Nash has at the moment are not problems that more developers will solve. This may change as we finalize our architecture for adding new blockchains to the system and gain more traction on the fiat spot markets.
Trading competitions generate volume, not liquidity. Their goal should also be to acquire new users, not generate volume.
We cannot support a non-liquid pair. This would cause more harm than good as it could lead to users losing funds.
You seem to be confusing volume and liquidity. 300K volume shows the amount of trading being done. Liquidity refers to the order-book depth, which determines slippage (i.e. how “usable” Nash is). The large trades you mentioned prove that Nash is totally usable for high-performance traders and that we have no problems with liquidity on our main pairs. This can be considered separately from the volume on the exchange.
An independent study by L2_dex_wars was conducted to see how much ETH you would lose if you sold 100 ETH and bought it back right away. As it turns out, Nash has very deep liquidity: https://twitter.com/L2Wars/status/1367542611473551363?s=20
Large orders are no problem, so long as you have the appropriate KYC tier.
Answered above in response to Stoaty: Q1 2021 Quarterly AMA - #89 by Kellogg
There is no fixed end point for the collaborations.
Answered above in response to Stoaty: Q1 2021 Quarterly AMA - #89 by Kellogg
Regarding advertising, we’ve said it before and it still holds true: marketing a product that is not market ready is a waste of money. You only get one chance to grab a user’s attention and convert them. We understand the importance of marketing/advertising/promotion and are in the process of testing certain media platforms. We will double down on those that work as well as invest in new advertising venues in the coming months.
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We try to set realistic targets – which are targets, not deadlines. Some slippage is to be expected in software development, and the roadmap is a general indicator. The UK markets have been held back by a legal blocker related to Brexit that we did not anticipate and the recurring buy feature is essentially complete.
Nash is not dependent on NEO in any way at the moment.
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Nothing has changed since we announced the pivot except the announcement of even more integrations and Nash being even closer to releasing and promoting our new products. There really is no reason to think differently of the project right now than a few weeks ago.
It is worth remembering that there is enough business in the crypto sector to go round. Nash does not need to control the entire market to succeed, just to win a decent share. So the existence of overlap with competitors is not a sign that Nash has failed. It’s also important to understand how these different services can be integrated into a single convenient app and made as accessible as possible. Offering the best overall combination of features is in itself a powerful USP.
Short-term, Nash aims to offer the simplest UX for moving between fiat and crypto, with highly competitive rates, unique wallet security and a good selection of tokens (including more Uniswap pairs). Things become more interesting later this year, however. The main USP will be digital banking services that put crypto first. Unlike Revolut, Nash will offer users real crypto in their own wallets, multiple assets and easy access to DeFi-powered savings (which will be far easier than buying USDC and sending it to a CeFi platform). When bank accounts and earnings are integrated, Nash will look quite different from competitors. We are bridging the gap between traditional and decentralised finance. See my first post above!
You are also overlooking our business products. See our response to Hitesh: Q1 2021 Quarterly AMA - #93 by Kellogg
Nash is primarily targeting retail crypto investors, rather than traders, and will in particular be targeting people newer to the space looking for a combination of simplicity and good prices.
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The question isn’t about whether the token is a security or not. The question is why we made a revenue-sharing token and not a utility token. For an exchange, the most logical kind of token is one that shares fees and revenue, not a utility token that people have to hold in order to use the service, which just keeps users out. A revenue-sharing token gives real value back to investors, just like shares that pay dividends. However, as such, there was never a question of whether it should or should not be registered as a security. We never contemplated making an unregistered security, potentially putting ourselves in legal jeopardy and damaging the future of our business.
Sharing 75% of company revenue is unprecedented. When we designed the token, we wanted the lowest share rate (25%) to be in line with the best stock dividends, and for higher rates to totally outperform that. As such, we don’t see any reason to add even more incentives to holding the token. NEX already aligns our incentives with those of holders: to bring as many users as possible to the platform. Adding more incentives will not bring users. Building and promoting our products will.
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Yes.
Yes.
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The company cannot comment on what a fair price for our token would be. We’re considering various options for the Series A.
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Most of our goals have two main elements: legal/business processes and development processes. These are independent of each other. Expansion to the UK and NL doesn’t require much development work, for example. Bank accounts will require both. It’s fair to say that these two main areas (legal/development) are always being worked on in parallel.
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Nash’s Layer-2 exchange doesn’t work following the same principles as DeFi platforms (automated market-maker protocols and liquidity pools), so this solution would not work for us. We have, however, already secured good liquidity for our main market pairs and will be focusing on those going forward.
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We are not considering approaching other exchanges to list NEX at this time. The NEX Uniswap market is the top market displayed in our mobile app and NEX can also be found elsewhere on the standard Uniswap token lists.
Answered above in response to GeorgeG: Q1 2021 Quarterly AMA - #119 by Kellogg
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No. The ECB is working on its own digital euro project. It also seems unlikely that upcoming regulations will favor third-party euro stablecoins: ECB wants veto power on stablecoins in the euro zone | Reuters
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That’s all for this AMA.
As you can see, we’ve got a clear vision for Nash and the resources to execute it. If you didn’t read it yet, check out my intro post for more details!
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