I’m not sure if this is the right place to voice this but I don’t know where else is best. Apologies in advance.
There was a discussion in the Official Telegram regarding the slippage on the USDT/USDC market that caused someone to lose a decent amount of value. I was disappointed with this as, although it was the user’s responsibility to hit “Sell”, this was/is not a good user experience (of which I’ve been proud of Nash for leading in this space). I posted the message below and without any comment it was deleted. I asked why it was deleted and without any comment from an admin again, I’ve been banned from writing messages in the group for a week.
Surely I should be allowed to voice this concern in the group and entertain a discussion around it? It is a concern to me if this kind of conversation is blocked without comment. I don’t understand that angle from the community managers/admins. Please can I get a comment here?
The message I posted was: “This is awful. JFC Nash! Over 1 year after launch and someone can’t even sell 800 USDT/C without hitting a liquidity issue I’ve been invested for ~2 years and have a long term interest but this is appalling.”(sic)
Obviously it’s a poignant point of view, but in the context of chatting in a TG group, surely this should have been allowed or at the very least commented on?
On another note, it just so happens that in a different group someone commented that they used crypto(dot)com to get USDC back out to EUR. Obviously I suggested Nash Cash to them. It’s disappointing that I’m getting muted in the Nash channel but spreading the word elsewhere.
Final point is that the user that I recommended it to googled “Nash Cash” and came across a different site (.net). Is there something the team can do to rank higher for that search term? It’s a good avenue to bring people into the product now.
I do not agree with you. First of all, someone who understands that little of trading should stick to the simplified trading aka swap function in the mobile app. With the swap function this cannot happen. I believe the web app was supposed to get the simplified trading back aswell, I hope that will arrive soon.
Secondly, no orders in the book does not necassarily mean there is no liquidity. It could be that a market maker is holding back liquidity and does take your limit order when you place it. Although this is probably not the case on this market, since there is not a lot of risk to put the liquidity in the books on a stable coin market. However, whether Nash should provide this liquidity or not is another discussion.
Thirdly, I think your tone might have gotten you banned. Ofcourse, whether Nash should provide liquidity on this pair is a valid question. However, it is also known that Nash focuses on some main markets first and just because this one is not part of that initial focus does not mean the whole product is flopped, which is the impression you are giving…
It should be possible to add a maximum allowable slippage for market buys and sells (X%) that should be able to take care of excessive risk. Perhaps the same can be done when someone accidentally adds an extra zero too many or one too few and then provide a warning (basically when the amount differs from other prices (on the market book or the last traded price(s) by more than X%).
The liquidity part is the other component of this and this is being worked on and will improve in time. At Nash parties can relist orders much quicker, so the actual liquidity often can be a lot better than it seems. This is part of a risk mitigation strategy for market makers (and possibly traders as well).
The Nash Cash search issue is not all that relevant as most people search for other terms which is why it does not rank all that high yet. Once Nash gains traction it should be ranked higher automatically and ultimately will end on top.
Sure, it would be nice if there were no issues ever whatsoever, but Nash is still a very new exchange and it can do multiple things that many other exchanges cannot do and maybe even never will be able to. So in that sense, it is a personal choice to see the glass as half empty or half full.
I’ve been invested for ~2 years and have a long term interest but this is appalling.”(sic)