Does anyone else feel that the upbit vacuum is absurd?
I can't rationalise why air-dropping a community that completely abstains from actually using hive, not to mention actively voted during the witnesses wars to arguably hurt the good cause, deserves such a massive hold on the liquid supply of coins.
To get an idea of just how much Upbit controls..
Liquid supply ~ 232 Million
Supply on upbit ~ nearly 100 Million
It's even worse because Upbit can't even be used by non-korean entities.. which is probably 99% of the actual Hive users.
Those who have access to Upbit, also have access to other markets, but not the other way round. And because of the dominating float of hive on that exchange, they frequently try to corner the market resulting in very distasteful price action which absolutely does not reflect the health of the underlying holder base.
Yea I have been saying that Upbit is a systemic risk to Hive now. But the tokens went there purely because higher prices and market forces... when the HF happened back in March 2020, Upbit was on the third spot with around 20M HIVE. First was Binance, then Huobi. But in the last three years Upbit constantly increased their supply, while others have went down. Huobi especialy ... it was even a no.1 exchage for a while, with 40M HIVE, and now its close to zero. Bittrex is down as well. So we lost two major pools and added zero, leaving Upbit to dominate. DEXs now seem the logical next step, with Uniswap on the top, even if we need to pay LP incentives from the dao.
P.S. I forgot Hive Engine, as a new home made pool and has around 5M HIVE now...with all its limits it is wildly used from the userbase