Many people are saying, SMT (Smart Media Token) platform will become a game changer in the crypto world. But Steemit inc. has no choice but to separate its SMT launches into two phases - SMT lite and SMT full version.
As one of the SMT candidates, the challenging parts from these delays and phase separations are as below:
- It delays the token issuance and economy creation.
- It makes it difficult to raise fund and token liquidity.
The second part is a crucial barrier for projects like @steemhunt that require a lot of initial project build-up and abundant liquidity to create a token economy. Even though the SMT-based DApps have their own crypto with many users, the lack of token liquidity and funding opportunities will lead them to fail.
Here are some important questions to think about if you are involved with SMT candidate projects.
- If you are an SMT-based project, how will you raise your seed fund?
- How will you approach ICO? Which protocol will you utilise prior to the SMT launch?
- Without STEEM-trading pairs on exchanges, how can the SMT-based tokens have enough liquidity to run its token economy?
As a witness activity, @steemhunt has initiated an active discussion to answer these questions, while also promoting exchanges to launch our STEEM trading pairs for the SMT tokens.
Let’s Create STEEM-paired Markets for SMT Tokens on Daybit
Daybit is an Elixir-based crypto exchange launched three months ago by Chain Partners, the largest blockchain company in Korea and has received over $12 million in equity funding.
Even though it’s a new exchange, its initial market volume reached the top 12 globally, and now they are preparing for a completely new approach to rebound their market influence in March.
As one of its strategic pillars, the Steemhunt team has been discussing how to create the STEEM trading paired market for SMT tokens. These are our goals for an agreement with Daybit:
- Listing STEEM and SBD token trades.
- Support to list temporary tokens from the SMT candidate projects (such as ERC20 tokens).
- Create STEEM-paired market section and swap the temporary ERC20 to SMT tokens.
- Support fundraising for SMT projects via IEO (Initial Exchange Offering).
We Need your Support to Make this Happen
None of the items above are decided at this moment, but we are discussing writing an MOU (Memorandum of understanding) to reach an agreement for the goals. We need your support to increase our influence power with Daybit to encourage them to agree with all the goals we mentioned above.
If you think our action will help increase the success of SMT projects, please support us via:
- Vote for us for Steem Witness so that we can be qualified to lead this MOU.
- Check out Daybit exchange and create an account to participate in an upcoming campaign (more details will be disclosed after we write-up the MOU with them).
...
Connect with Steemhunt:
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Please vote for Steemhunt - a witness which will take Steem blockchain to the next level in company-wide value stream and scalable user experience (learn more).
It's a wonderful idea if Steem market is created in Daybit.
Always thanks for your support :)
:)
Just now created account, already voted SH. You are much faster in everything. FlashM👍
Thanks Sabari :)
Done
Vote you as a witness and I made an account DAYBIT.
Good job, steemhunt!
Sure, my support is with you @steemhunt :) already voted you as witness and going to create on daybit exchange.
I have signed up for Daybit exchange
This will definitely help! I am already on Daybit waiting to trade Hunt!
I had thought about this once, creating a steemit pair for all the SMT based tokes just like with Ethereum on exchanges, this is a nice idea and I hope it is accomplished.
done.... Let's to trade
And thanks for everything you did for this community, I'm very looking forward to being one of the members of the SMT ecosystem!
Account done created in Daybit
Already voted for SH as witness
We hope for SMT to be a stirring success of Steemit
What's the leading project is always you @steemhunt
Always here for supporting.
Make account in Daybit and you're my witness from the start you release your witness on Steemit.
Thank you for everything
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It is a great idea. I couldn't understand 2nd and 3rd points of your goals that you kept in agreement with Daybit. How STEEM trading paired market for SMT tokens would be created on Daybit until SMT gets launched by steemit?
Before SMT launch,
SMT temporary token (mostly ERC-20) / STEEMcan be traded.Good job @tabris 😁
I love it 😍
You have my support. @SteemHunt
Upvoted.
Resteemed.
Ill make steemhunt as my proxy, to think Hunt token will be the first most successful SMT to be launched.
Why is this post not trending yet?
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Interesting to find that you're taking the initiative on this one. Apart from waiting for the SMT DEX (which is on hold), It would be great to have SMTs listed on exchanges, much like how ETH tokens are. Cheers!
Resteemed...
Seems like a great plan, and for the sake of our SMT candidates, I hope at least the first 3 points will be accepted. Resteemed!
Is Daybit a KYC exchange?
It's optional. You can increase withdrawal amount by doing it optionally.
yeah! sure My support is with you. great Job steemhunt.
Exchanges has been the bed rock of crypto-currencies with out exchanges i dont think most of our tokens have any value, i will benefit them the most to create steem per on not only smts but to other crypto, as to enable uss cut, multiple transactions fees.
Have you included @blocktrades in any of these talks. I would hope this is something he's thought about or at least looked into. I don't know with regulations if this would be something he would want to take on, but with the ability to trade Steem for other cryptos I just assumed he would add the ability to trade Steem for SMTs.
Also, there are a lot of talented individuals in the community. Maybe it would be easier to set-up a bounty of some sort of the creation of an exchange that could handle this built by the Steem community. Probably hard to start building for something that doesn't exist yet, but think it would be possible to at least start on the foundation.
We haven't talked with @blocktrades yet because I thought they're more like a converting service instead of an exchange so they only list tokens once it's tradable in exchanges and have market value already.
I guess we can do something together with @blocktrades if they have plan to expand their business area.
Thanks for sharing your thought :)
Why is @steemhunt not collaborating with Steem Engine to support the overall Sidechain / Smart Contract Development of the Steem Ecosystem?
https://steempeak.com/exyle/@exyle/tokens-will-soon-be-here-on-steem-with-steem-engine-and-a-fiat-steem-exchange-is-being-developed-called-freedomex-io
I would find it better, if most SMT Projects would agree to one Sidechain concept like e.g. Steem Engine or Dlux, and than join forces to establish a true community driven SMT market.
And when the official release of "SMT" will be launched, than Sidechains like Steem Engine could focus on more specific Smart Contract Development with an already established Token Market.
Don't get me wrong, its a great idea and effort to push for listings on other exchanges, but right now like many other users have mentioned the Volume is very low and most demand probably would come anyways from the Steem Community by itself. I guess, most of the Steemians don't want to have a dozen of exchanges to trade their Tokens. They would rather prefer 1 or two good "Steem-Inhouse" exchanges to do trading.
What do you think about it?
Firstly, timing wasn't aligned with Steemhunt.
We were planning and developing HUNT token release since June last year, but I heard about SteemEngine project just few days ago.
I've reviewed SteemEngine project and their source code as well, but it looks like it's still at "proof of concept" (I took this word from their document) stage for now (p2p consensus part hasn't been implemented). So it would take another few months to build and test for a production-ready platform.
Secondly,
It's probably true as users' perspective. However, founders and companies like Steemhunt need a proper fund-raising to continue the project. Steem community is the biggest in terms of the number of users, but it's not that big in terms of investors' community.
I also think bring more interest from the OUTSIDE of Steem community is the most important part for the value of Steem as well.
Thank you for your fast responds.
From what I can see the login via Keychain works on the Steem Engine site and the first Tokens have already been created and sent on the sidechain.
Sure there is a lot more testing to be done, but since it only costs 100 Steem to list your Token it should be worth trying. Why not go both directions?
Yes, outside investors are very important and I understand that you were planning for months to find a solution and a new external exchange is always a great option to have.
Looking forward to how things will play out, good luck and much success!!!
To be honest, down the road both efforts can still merge. As noted Steemhunt’s plan is to first go via a ERC-20, which IMHO also seems a smart solution for their roadmap. ERC-20 has been tried and tested already. Steem Engine, is a proof of concept right now and that alone may not be sufficient for founders to develop on, and maybe even for exchanges to already consider. Especially not as long as there’s no consensus mechanics.
Down the road Steemhunt will convert again to SMT token. Which protocol, smart contract, sidechain is used then... may the best and most solid option win. As mentioned in the announcement, this is for temporary token pairing already. A token smart contract provider can be developed at the same time, these things are not mutually exclusive. No, there were hundreds of spam filtering solutions.
Let’s not centralize on only one option... we should know better by now. The internet didn’t grow with only one solution for everything either.
Not wanting to be negative here, I believe in Steem but it is high time that Steem starts to look outwards too. Always within the same circle doesn’t necessarily result in any influx [of investors].
Imagine that this works then by the time Steem Engine is properly tried and tested, functional with everything in place there is also an exchange which has already embraced STEEM pairing. How awesome would that be? Why wait, let’s have multiple parallel efforts and not focus on just one.
Thanks :)
Hum.. I'm not sure if there's a case issuing tokens in more than one platform, but thanks for sharing your thought. We'll think about how we can collaborate with Steem Engine too.
You got my witness vote.
Daybit's trading volume doesn't even touch 1/4 of the trading volume of the 100th exchange (ranked by volume).
Seems like they are in need of a partnership with a platform that can bring users like STEEM. Seems like Daybit needs STEEM and not the other way around. You should have plenty of leverage already.
First of all, it's kinda newly launched exchange. But during the first month, it even hit the 12th level of the 100th exchange, but their volume sinked a lot because their Day token has some unfit part with what the market wanted.
Now they are preparing a huge range of revision work in their strategy. Because the mother company (Chain Partners) is one of the biggest blockchain companies in Korea, we think they still have huge potential to spike up again. This is why we think it's perfect timing to build the relationship when it is undervalued.
Yes they have low volume atm, but you know what? here is what we've found after meeting with many different exchanges (including few of top 10 exchanges).
My point is.. I think it should be a win-win situation for both side in order to be happened.
Here you have a team who actually go out there and try to achieve a listing, not just a listing but STEEM pairing which would work for a multitude of future Steem tokens... yet it’s still not good. Not even some appreciation expressed for the efforts.
Seems your demands are a can’t win situation.
I'm not discounting what they are attempting. I'm just saying that they shouldn't discount themselves. The point that I was attempting to make is that STEEM could bring more value to Daybit than what Daybit could bring STEEM. With that said, they shouldn't assume that they don't have leverage to bargain with Daybit. In fact, Daybit should bargain with STEEM.
As far as appreciation for efforts are concerned, I need to ask what you are talking about? So far there might have been perhaps some emails back an forth with an exchange that is no where near the top 100 in terms of volume. I wouldn't elevate that to the level of an effort that should be appreciated.
Maybe I'm wrong altogether. Maybe it is a matter of perspective. I have a level of "effort" that is higher than what I would consider the average while there are others that would consider getting out of bed each day may be considered a high level of effort. Tell me, how would you quantify a level of effort that warrants appreciation?
I think the more important element here is that when one exchange starts listing STEEM SMT pairs... more will look into it as well. It’s truly trailblazing what they are doing: no SMT token yet and already creating a possible market for it, even with temporary SMT tokens.
It’s a potential win and a definite experiment for both. Remember that SMT tokens do not yet exist, and Steem Engine the side chain is still unproven, even doesn’t yet have a consensus mechanic.
This is market creation, genuine creation and that not in the usual sense of using a bot. This is developping a whole new ecosystem: making the SMT DEX which may or may not come from another developer. And when it happens, then suddenly all potential dApps can actually apply to get their token listed, with or without existing SMT DEX on the Steem blockchain itself.
This is like State of the dApps listing of STEEM but then on exchange level. But that is seen or not seen.
Voted for you! Let's get SMTS going in 2019! Wooot!
What about any good airdrop from exchange?
You might want to edit that title.
changed. thanks much!
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STOPTo support your work, I also upvoted your post!
smt on hold, tell me something i dont know, ned is always late and this is not new. Make up some shit and delay it. I already knew this tactic.
Upvoted you as a witness. resteemed... tremendous world ♥
Congratulations @steemhunt!
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I approved @Steemhunt as witness.
Resteemed this article. Thank you for supporting Steem community.
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😍😍😍😍😍😍
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Vote me 😍
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Todo work for me today... tks
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s
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I think your action will help increase the success of this projects.My support always of this SMT project.So i done vote for Steem Witness.
Good job Steem hunt for help us.
It's a wonderful idea if Steem market is created in Daybit
hii
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Interesting discussion. Steem continues to increase, success for Steem.