All About CoinEx AMA recap: Chat with Haipo Yang
Today we are pleased to gather here to host this AMA in honor of the distinguished guest, Haipo Yang, the founder and CEO of CoinEx. We would avail ourselves of this opportunity to extend a warm welcome to you all. It is such a delight to have our users in Telegram!
Here are the questions we’ve chosen, can’t wait to share with all of you. (some questions may be edited slightly for grammar and readability.)
Q: What is your plan on CoinEx?
1. Support more matured coins/tokens as well as emerging ones.
2. Continue to perfect our products, including Margin, Financial products, Contract, OTC etc.
3. Build and improve self-support quantitative trading system and platform liquidity.
4. Continue to bring more talents to our R&D, Market and Operation team for better performance.
Q: How to attract more people trade and deposit in CoinEx?
Generally speaking, unless with sufficient reasons, it’s hard to attract a user from one exchange platform to another. Aside from supporting more coins/tokens, product functions and liquidity, we aim to provide them with different products and services so they could have a reason to trade on CoinEx.
Q: Do you have plans for CoinEx to be more community-oriented and transparent? And will there be any strategies to strengthen the relationship between CoinEx and its users who will then have a chance to participate further in its development and growth?
1. We will update users on our progress and plans regularly through various outlets to be more transparent.
2. Our previous community-oriented attempts, including Vote for Listing, have ended up not working quite well, so I would say for exchanges, it’s not the best way to go.
3. Considering Lock & Mine CET might pose high legal risks, we do not have plans for that for the time being. That being said, CET holders will be able to receive CET rewards via POS when CoinEx Chain is launched.
Q: What is the plan to bring more traffic to CoinEx? On the technical side, we never doubted yet we want to see more marketing highlights.
For now, the centre of our work is product building, including coin/token listing, new features, liquidity etc and these are what I consider the “Core Competitiveness” for an exchange’s long-term development. To bring more traffic to CoinEx, listing is a vital method: On one hand, we will continue to support mature coins/tokens and support them as early as we can; On the other hand, it is equally important to control the risks. Now, the so-called trendy coins/tokens might also be of high legal risks.
Q: For oversea Chinese, they knew about CoinEx mostly from BCH community or their friends. What is the plan of overseas promotion aside from CoinEx Ambassador?
1. The CoinEx market team has just started and we will put more human resources as well as budget on oversea branding.
2. We will set up more operation centers worldwide for local marketing.
3. I believe the more effective marketing is to provide differentiated or irreplaceable products/services which can bring viral effects.
Q: Since your last AMA, Bianace was hacked for 7,000 BTC. What did you think of CZ’s response, the exchange’s commitment to make users’ whole and cover the costs, etc?
Security matters the most to any exchanges, but it’s impossible for an exchange to guarantee they’ll not be hacked. What’s important is that we take precautions and cope with the consequences. Luckily, they were able to afford the amount of hacked assets and responsible for the losses.
Q: In Germany or some European countries, we didn’t read English very well. Will German being listed as a display option for CoinEx?
We are planning to add more language support. Germany is in our plan, will support soon.
Q: Since USDT has been performed quite unstable recently, in comparison to other trading pairs, ex. BTC/USD. Is it possible we could trade USDT like BTC, BCH or other digital currencies in the perpetual contract trading?
1. Currently, there’s no plans to support fiat currencies on CoinEx. I’d recommend Coinbase or other exchanges because we’re more focused on crypto-crypto trading for now.
2. However, we actually have considered supporting USDT/USD perpetual contact and the likes after contacts are officially launched.
Q: What about CoinEx Meet-up?
Yes, it’s in our schedule.
Q: Will “Vote for Token Listing” be supported by using CoinEx Token as its vote? For instance, MXC exchange has promised their voters using exchange token with priority purchase at a 1/3 market price once the token/coin wins the voting.
We tried “Vote for Token Listing” in different ways and other exchanges like Huobi, Binance have also tried multiple methods of “Voting” yet the results didn’t turn out as expected while the quality of listed coins/tokens is also compromised. We think that the sifting and evaluation from a professional team can bring higher coin quality.
The long-term development of an exchange relies on two factors: A wide range of token options and the high quality of token selection. That’s also the reason why I believe that Binance survived the Bear market.
Q: We see some of the coins/tokens that maybe fail to meet your criteria get delisted. Does it indicate a lack of consideration when listing them in the first place?
We listed quite a few new coins during Q3–4 last year. Even though the tokens/coins were listed after strict evaluation, some of them fell far behind our expectation and there’s lesson learnt. We will be more cautious when it comes to listing new tokens/coins in the future.
Q: The Accelerator got suspended and why? It’s a nice feature but some modification of participation method might be good.
Currently, we are still looking for suitable projects, quite rare, and there aren’t many quality new projects.
Q: You can learn from Huobi to sell BCH at half price.
Our Accelerator projects — SEELE, LAMB were sold at 70%-80% discounts on market price. We will launch more similar projects in the future.
About CoinEx Chain
Q: What is the progress on CoinEx Chain development? When can we expect its release?
Currently, we are still working on the overall design and initiating the Whitepaper — It’s about to be settled. We will lately publish the CoinEx Chain Whitepaper and the official release is scheduled in Q4.
Q: Will you consider, say, issue CoinEx Stablecoin based on CoinEx Chain or CoinEx Token and use CET as its gas?
We have plans to issue Stablecoin on CoinEx Chain in cooperation with our partners in the future and CET also will be used as gas on CoinEx Chain.
Q: Will you consider building a decentralized exchange that supports huge amount of data and real-time settlement based on BCH or CET public chain?
This is exactly what we want for CET public chain. See https://www.coinex.org/ for more details.
Q: How will SLP Tokens be issued on CoinEx Chain and what are their applications?
SLP Token is just one of the solutions of token issuing and it’s not a specific token. Fundamentally, it is no different than a ERC20 Token issued on ETH.
About CoinEx Token
Q: You mentioned on Weibo that those who missed BNB can pay attention to CET. Are you saying that the potential value of CET is unequal to its current price?
Personally, I think the potential value is much higher than its current price but I don’t give any investment advice.
Q: We see you have a new wallet product launched. Will it support CET?
ViaWallet was released recently and we are adding more coins in the future including CET.
Q: What do you think of the connection between the uprising of ATOM and other public chains and their community as well as technology? Is there anything CET could learn from?
I’m not familiar with ATOM community but technically, we did a comprehensive research when studying DEX development. The technology of ATOM is quite advanced and it is why it shortly receives market recognition.
Q: Long-term CET holders felt a little hurt because CoinEx doesn’t have enough liquidity and trading volume. And it’s not good to attract new users as well.
We will bring more unique rights for CET holders including those for Accelerator. CET holder can also have VIP fee discounts and we’ll have more airdrops in the future.
Q: Why did coinex stop the dividend given to CET holders?
CET could be considered securities if we continued to allocate dividends to CET holders, and this method might not comply with certain regulatory landscapes. In fact, repurchasing and dividends have the same impact on the market.
Q: When will we see more pair with CET?
CET trading pairs are now available against Accelerator projects, but if you have any other requests for more CET trading pairs like LTC/CET, welcome to tell us.
Q: Will you consider to introduce more fiat options on OTC?
Yes, we plan to upgrade the OTC platform to make it for global market.
Q: What are the fees of contract trading?
The fees are the same as BitMex: Taker 0.075%; Market -0.025%. We plan to provide more tx fee discount for users according to their trading volume.
Q: Hi, Haipo. After exchanging VIAT with CET, will it influence the price of CET?
CoinEx provided 2 methods of VIAT market-exit for our users to choose from: Those who chose to exchange VIAT with CET are also the users that support CET in the long term; Besides, all these CET are locked and will be released in 5 months. Therefore, I don’t think it will influence CET price in any negative way.
Q: What’s the expected time to repurchase VIAT?
It may take 2–3 years to complete the repurchase and it’s also dependent by the market.
Q: When it comes to perpetual contract trading, stability is one of the most important factors for everyone, especially under the high fluctuation of price. How would you avoid network error or overloading problem when there are tons of requests at the same time?
The two major issues for us to tackle in perpetual contacts are stability and matching capacity. The languages and structures in CoinEx Contracts are way more sophisticated than those on Bitmex and can handle thousands of orders per second.
Q: Will Margin trading be released?
Yes it’s under testing and will be released soon.
Q: Apart from public chain, contract, margin trading, is there any new features or directions that differ you from other platforms? This is rather essential for a small exchange or else new users wouldn’t come over.
The features you mentioned above are the foundations of any mainstream exchange in the future; They are must-haves.
We will continue to perfect product functions, for instance, for the spot margin (To be released), we will introduce the “Index price liquidation” and it will adjust the liquidation risk rates etc according to users’ positions dynamically, which will improve user experience and further reduce user risks to a large degree.
We are constantly exploring and thinking about how to present unique and differentiated product/services to our users.
There you go. All chosen questions from this week’s AMA with Haipo Yang. All participants are appreciated!