After reading up on @steemhunt's IEO initiative I thought I'd check out Daybit (yeah, use my referral link!) to see where I might be able to trade the HUNT tokens that I've been holding on to at some point.
I'm generally a huge fan of Steemhunt and I really like their pioneering the whole IEO thing, even though I really don't like the term. It's what ICOs should've been to begin with. After an IPO, the thing is getting traded on an exchange, that's the whole point, after all.
Anyway, let's focus on the exchange at hand. Ever heard of Daybit before (I mean, before the IEO)? Probably not. Me neither.
Signup
Signup was quick, but a pain. Somehow the fields in the registration form wouldn't allow me to type so I would end up with this (on Chrome):
So if you experience the same problem, don't type but copy&paste your email address and password (what a lovely way of doing it!).
The confirmation email took a few minutes to arrive, but then it arrived twice. Boom! I was done really quickly.
Deposit
In order to get your deposit address for any coin to deposit (no fiat allowed), you need to submit a valid phone number. No other KYC. I actually they will improve on KYC even if they just do crypto-to-crypto.
I've deposited some EOS; this was suprisingly quick, it actually really just took the 300 confirmations they displayed before my funds where there. In EOS terms, 300 confirmations is about 2.5 minutes.
So far, so easy.
Trading
Here it gets a bit more difficult. Liquidity is shit. There's about 4 pairs that are somewhat tradable:
- DAY / BTC (DAY is the native token of Daybit)
- DAY / STEEM (hooray!)
- DAY / EOS
- EDNA / EOS (what the hell is EDNA?)
We have trading volumes of over $100k per day for those pairs, and spreads are...let's say kinda acceptable.
Fees are rather lowish, especially when you combine trading with owning DAY tokens:
One DAY is about 0.038$, so 2m DAY would only cost you about 75k$ so you can trade really cheaply. That's quite a lot, but you can also just get DAY rewards! So let's have a look at those.
Rewards
Daybit has a reward program. For every $ in trading fees that you make you currently get about 10 DAY. So to get to the top tier for fees you would have to pay 200k$ in fees (meaning trade more than 200m$ volume at the highest fee). Wow, now that's only for professionals :-)
In any case, holding DAY and trading at least once per day makes you eligible for the BTC reward which is paid every day according to contributions to fees (I think fees paid in BTC, but not enitrely sure). There's between 0.1 and 0.4 BTC paid out in that program every day, so it's probably nice to get the share - there's typically no more than 200 contributors.
Overall impression
From a technical and UX perspective, Daybit seems really nice and it's a pity not more people are trading on it. The overall number of trading pairs is rather small and liquidity really bad, but with a little boost from the Steem community this could actually evolve into something nice. I'm really curious whether the listing of HUNT can actually give this a little push - can't wait to have it traded there!
Until then, I'll try to "mine" a few DAY tokens ;-) See you there!
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