Sup biz, I'm starting an exchange. It's called the Cooperative Exchange (COOPEX), and it's a decentralized exchange that is owned by its users via a voting and revenue sharing system. Every month 75% of exchange trading fees will be aggregated and used to market buy and burn our exchange token (COOP), decreasing the supply and increasing the price. This is like BNB on steroids.
Starting an exchange is not an easy task. It requires a lot of work and a lot of funding. So we've launched an ICO for our COOP exchange token, but we're only raising the minimum amount to maintain and advertise our exchange. Our hard cap is $950k and the soft cap is just $500k. I'm happy to let you know that the beta version of our exchange is actually ready to go, and we're launching it in about a week and a half with seven projects on board. So you aren't investing in some pajeet scamcoin, this is a real exchange with a real MVP already finished. We've collected enough for exchange development and maintenance - we really only need funding for marketing and a liquidity pool.
So you're probably wondering, why are we better than any other shitcoin exchange?
1. 75% token buyback/dividends program (3-4x more than BNB or KCS)
2. Faster than other DEXs - IDEX pushes all transactions on-chain which is slow and expensive. We will use an Ethereum sidechaining solution such as Loom or Tomochain for on-chain settlement (our MVP has off-chain settlement until we are able to use a sidechain).
3. Security, no custody of Ethereum assets - ETH/ERC20 tokens will live on a smart contract so you won't have to worry about us running off with your funds (it won't be possible)
4. Liquidity provision - We have already partnered with a market maker for liquidity (chainrock.io) so your shitcoin won't be plagued with an empty order book.
5. Margin trading - we will release a margin trading (lending) component to our exchange so you can short your (least) favorite shitcoin.
If you're interested in participating in the ICO, go here: coopex.market/ico
Basically, you've got three ways: Use the smart contract interface, send tokens directly to the smart contract, or create an account on the exchange and buy the tokens that way. We support BTC/BCH/ETH.
And if you want to read the whitepaper, go here: coopex.market/Coopex_Whitepaper.pdf We're in the process of updating the Whitepaper (that one is from July).
I'll stick around here for a while to answer any questions.
Joshua Long
75% of the fees used to buyback the tokens. Looks interesting, might look into it. Problem is you will have to get some volume for this to be effective.
Anyway this looks to be possibly the most profitable ET so far, quite risky though.
Great another shittoken trying to capitalize on the dex trend.
Bentley Morgan
Posting the one-pager here for those interested
Yes, you're right, we'll need volume. We'll have market makers to help with that but it won't be as simple to generate it organically - that's what we need marketing funds for. We're spending 50% of our ICO on marketing. But also, in general, we'll be listing IDEX-style projects that will do marketing for us because they need an exchange to trade on.
The project sounds interesting. What are the seven coins that will be listed at launch, OP? Did you consult with their teams or will you list them on your own?
William Price
We will be the first DEX running on a sidechain, you can call it a shittoken if you want but I don't see this being a 'trend' since most exchanges are still centralized
Sharder, Silent Notary, Zoin, Xinfin, 1WorldOnline, Origami Network, Project Hydro We aren't listing them without permission - they all applied and were contacted.
Ryder Fisher
Might be a shittoken, but if its profitable who cares lol? Cool this
Brandon Hall
Oh boy. More garbage exchanges! Because there aren’t enough already
Levi Murphy
We just got fucked by the coni pajeets and you expect us to believe muh dividends again?
Wyatt Stewart
CONI exchange was a fkin meme LOL. The first time i visited the site i already knew it was a fkin scam it looked like hot garbage. It got PnD'ed by fkin whales.
This exchange though, if they really do get some volume going and use 75% of the fees to burn tokens, it will be ez money.
Juan Wood
I think you're missing the point. We're giving out 75% of our trading fees to token holders. This is more than almost any other exchange.
CONI was primed to dump, it has a total supply of like 1 billion. This will have a starting market cap of $500k, big difference.
Luis Hernandez
>if they really do get some volume going
In the current state of the downtrend bear. Is this a chink dex?
Austin Allen
What happens to the unsold tokens? The max supply is already pretty low.
Adam Bailey
Ok better not buy any coins because its a bear market then. Close all ICOs, bear market!
I mean i get your point...
Gabriel Wood
No, not a chink DEX. We're part of a couple incubators at the University of Texas. I honestly think CONI was just a huge scam - they have a total supply of 1 billion so who's to say that they weren't just keeping all the divs themselves? And they were doing transaction mining, which was inflating the circulating supply considerably. CONI is a bad example because that was just a mess - we aren't doing any shady shit like that.
All unsold tokens by the end of the ICO will be burnt.
Michael Myers
When is the end of the ICO? The main page says there are still 57 days left but the ico page (coopex.market/ico/) says it lasts from 1 month from July 3rd.
Austin Campbell
Thanks, just updated that. It will last until we hit our soft cap or until September 31st, whichever comes first. Our soft cap is pretty low though so I'm confident that we will hit it.
Your roadmap says your backend has already been completed, how many transactions per second can the exchange handle?
Alexander Cruz
The ICO will end immediately. Basically, when we hit our soft cap, we will give the ICO a couple more days and we will then begin trading the token. But if we hit our hard cap, we will end immediately as there won't be any tokens left to sell.
Right now our exchange MVP is centralized and can do about 2k TPS. When we move to a DEX on a sidechain it will be less, but still faster than IDEX because sidechains are faster than Ethereum mainnet.
Nathaniel Parker
1) What blockchain related experience does your team have prior to this?
2) So I can simply send some ETH to 0x6c909cce376b7e9715b7795e5F5B3d2005cC83Ca, and the smart contract automatically sends COOP back?
James Phillips
1. I have worked on ICOs in the past and I'm currently a blockchain researcher at the University of Texas school of engineering. My CTO is the head of the UT blockchain organization with 200+ members and has lots of experience with bitcoin, hyperledger and ethereum. My developers have all worked on blockchain projects in the past, and my blockchain advisor who is helping us integrate with a sidechaining solution, has a lot of R&D experience with Hyperledger and Ethereum.
Given that the exchange shares 75% of the fees and assuming the ICO fund has ran out, what daily volume would the exchange need to stay operational and keep development going?
John Clark
The ICO funding is for liquidity and marketing, primarily. To run the exchange in perpetuity we'd need something like $500k daily volume on average, which is achievable.
Michael Rogers
This will fail
Asher Ross
A dex with margin lending would actually be a first. If they market, they should focus on that.
Carter Ward
If you get this to work with p3d (trading it) and apply the "red button" contract in it, you would get explosive growth and marketing from the get go.
Liam Phillips
Are you talking about the p3d token?
Isaiah Parker
>The price during the ICO will be approximately $0.10/COOP What was the price of tokens during pre-ICO?
What's your name OP so I can contact the UV of Texas and cross reference.
Robert Turner
Get BWK into that list and I might buy some tokens
Jose Hughes
My name is Jonathan Downing, you can view our team on the WP
$0.05/COOP, but we sold only ~500k tokens
Josiah Long
>$0.05/COOP, but we sold only ~500k tokens OK that's not that unreasonable. 4-8% of total supply.
I might put some shekels into this if the ICO hasn't closed in a month, after doing some research. If I do I will probably try to make a few listing applications happen from some promising future high volume projects I have connections with.
Good luck trying to grow in user base. 75% burn is a very aggressive move and I understand why you're doing it. It looks kind of crazy, but it could pay for itself in making people sign up for the exchange mainly to buy the token and then there's a low barrier from there to just using it (assuming you don't list on other exchanges too. doing that would be a mistake, I think).
~230k$-500k$ marketing budget might be sufficient if spent very cleverly. Can you disclose the specific marketing strategies you are planning to use?
