Binance DEX chain migration?

exchange
maidsafecoin
#1

I have not done a bunch of research on this but it is very noticeable that every coin that gets added to this is pumping. Is that a bubble or is it really gaining market share hard to tell yet. Prolly some of both.

But anyways, since we are trying to get MAID on more exchanges this might be a doorway in perhaps? TBH I can’t believe they have like mazacoin but don’t have MAID just for the fact its a “legacy” coin. It seems to me to have your coin added you just “apply” here https://support.binance.com/hc/en-us/articles/115000822512-Listing-a-Coin-on-Binance-com. Has anyone tried to apply for MAID to be listed yet? Even if we don’t want to migrate to the new hype chain its worth it to just get regular omni-MAID on there IMO. Not seeing any downside here, but that is where you devils advocates come in!

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#2

Binance charge ludicrous fees to add coins.

Edit. Possibly thats changed as their site says so.
I do believe thats why we never pushed to get on there before though.

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#3

That is true for their regular exchange, but is it different or the same for their DEX (decentralized exchange)?

#4

ok ya I was not sure if “apply” meant send your resume or send money lol. How much does it cost? if its like 1 bitcoin ya that’s a lot considering they are gonna also make money off trading fees… but doesn’t seem like more then we could crowdfund. Then again, 1 bitcoin to be one coin among hundreds might take a long time to ROI. Really interested in their new chain not for any intrinsic features… but because it puts those coins on the top shelf and lots of new people consider buying them

#5

been doing a bit more research and this article ( https://medium.com/binanceexchange/watch-our-new-binance-dex-sneak-peek-8b942cc733d2 ) seems to indicate that anyone can create a token on the chain. Also anyone can propose a new trading pair and that gets voted on by the community. Sounds pretty free except for the work of making sure that we aren’t creating new tokens and every MAID on the DEX chain results in one less MAID on the bitcoin chain and vice versa.

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#6

For the Binanace regular exchange it is something like a $100k or similar. As you comment it might be a different story with the DEX. Sounds like it could be a possibility from what you describe. Need some more research.

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#7

working on the more research! The question I am really trying to answer right now is do we have to abandon the old chain. We can’t create and destroy (well maybe destroy-but irreversibly) MAID tokens on the bitcoin chain. I am hopeful just because of the DOGE-ETH bridge. They basically found a way to lock some DOGE in escrow until the ETH chain said this dogecoin is moving back to the DOGE chain and here is the secret code for that.

One solution, and it depends if they still have some MAID to sell… is the dev team burns some bitcoin chain MAID and creates and equal amount of DEX tokens with the promise they will be equally redeemable for SAFEcoin at final.

Edit: a bit more reading seems to indicate no two way bridge. You can create a thing where you send bitcoin-MAID to a DEX address (which essentially burns it on the bitcoin chain) and then an equal amount of tokens appear on the DEX chain. So at the very least the accounting part should be automated and decentralized. I think what we need to do is just set this up and see if the people come. It would require a promise from the dev team these tokens are equally tradable for SAFEcoin at final but not for them to figure out how much of their own coins to migrate.

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#8

It seems binance (main exchange) dont charge anymore to add coins.
Well on the surface anyhow, but as to who runs the charities they donate to and how transparent and above board it is, is a different mattet.

From their site
Binance will make a change to our listing fee policy. Starting immediately, and going forward, we will make all listing fees transparent and donate 100% of them to charity.

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#9

that’s sorta weird. Why they gotta twist my arm? I can just go donate to charity I choose. I agree people should be suspect of THAT plan lol.

Question still remains is how much money are we talking about here? I mean even if it’s going to the best of causes we could only afford a small amount if we are crowdfunding from an active community of like 50 regular posters here. I would donate like 20 bucks… x50 we got 1000 dollars available maybe (unless I am way off here and some of you are super rich and wana just whale it lol)

#10

I doubt they can afford to mess around with that. It’s just not worth to risk their good guys image for a bit of monetary gain that they don’t depend on anyway.

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#11

It seems its their own charity so im not convinced.

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#12

well I think the safest thing is to assume it is basically for them or thier agendas anyways. Ok that’s settled now how much they asking?:stuck_out_tongue:

#13

so just wondering from the big boss @dirvine would you give your blessing to a token on the binnance DEX chain? I mean as long as the total supply of MAID in both forms remains constant. Just asking if you would create the initial token swap on the DEX chain and honor it for SAFEcoin at release same as the current bitcoin chain MAID? Basically it’s one more thing to do when it comes time to figure out how to let people swap MAID for SAFEcoin. I don’t think it would be a major thing but just wondering if you would object to this cause it slows things down or any other reason?

been informed I should tag @dugcampbell actually for this

#14

David is not the best to tag for this. Dug or Nick are far better to tag.

And its not just a case of them saying yes or no, they will investigate, maybe a few emails and evaluate the information they receive/find out.

Previously there were issues with the main exchange, and the cost was not just the fees, but other costs involved including the liquidity they had to put up. It was a whole lot more than 100K. Now the DEX will need them to check it out. So tag Nick and/or Dug if you want an answer sometime in the future.

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#15

Ok I will take Dug here to. And ya really just curious of the answer is a right away no or a maybe at least :wink:

ya I think this is pretty much free but still on totally certain. well other then you need to convert your coins into ones on their chain and I don’t think there is any way back to the original chain in this case.

#16

@andyypants, to ping Dug you need to use the “@” like this @dugcampbell.

Anyhow this has pinged him so no need to do it again

Dug, look back through a few posts.

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#17

just an update I think I found the best source of info: the FAQ they put out on it… duh https://docs.binance.org/faq.html so reading this here’s some key info

1: token creation is not free but its like you just pay some miner fee and then get your new asset so its prolly not that much. Doesn’t say in there exactly how much though.
2: there is actually no hard coded interchain bridge. The ones that migrate to this chain they handle manually. This sounds like a place and time they might be like um I could use 100 grand lol

There is still that solution I proposed earlier where the dev team acts as the party that facilitates the swap. Either they could burn some of thier pile and issue that many tokens. Or set up some kind of automated system where you burn some bitcoin-MAID and then they create that many new tokens on the binnance chain and send them to you. Heck start with a manual one. Chances are at first it will be like 50 people from this forum that want to do it lol. If it grows into a big market then invest in setting up an automated teller for swaping bitcoin MAID into binnance MAID

edit digging a bit deeper here https://docs.binance.org/trading-spec.html

issue asset costs 400 BNB X 25 dollar current price is 10 000 dollars errr this might be a problem. Hope that doesn’t kill the whole thing. Maybe if we wait a bit for the hype to die down BNB will be cheaper. Also minting more costs friggin 200 BNB so it would not be worth it to mint a million small amounts every time someone wants to convert 20 dollars worth of MAID.

Still thinking there might be creative solutions. Like what about a “crowdsale” where for like 1.01 bitcoin MAID you get 1 binnace MAID, with the extra 0.01 getting liquidated on polo or wherever to cover these fees. maybe think a little harder on the numbers. Might have to be more like 1.05 to get to 10k but if its too high ppl be like no thanks not trading more MAID for that much less MAID just to be on a DEX. This would solve the problem of minting more because that simply would not happen unless we did another major crowd sale. Its either get to 10k so we can list this puppy or refund by some date so it will be one big blob all at once or nothing.

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#18

I suspect the hype is just beginning. Binance is becoming the Google of the crypto world.

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#19

maybe true but at some point cost/benefit is gonna come into play. Even for our fairly developed project with a decent following its like 10k to create and asset WTF mang?!?!?! Smaller just starting out projects would find this even more a deterrent. Like a lot don’t even expect 10k of trading volume for a while. I guess they could make more blockchains if they want to realize that small business demand. On this particular one though I think they are like right on the edge of where people would buy it to actually use vs a big hype bubble but to expensive to be useful.

I think this coin is pulling and ETH. Bubbling up because there is indeed something new and innovative about it and that’s exciting to investors… but gonna come down alot as people realize most of the price movement was traders trading it up and actual users to feed it to are relatively low, also its easy to clone. So buy it when the bubble pops or clone it if there seems to be more and more demand.

I suggest we just start crowdfunding and when what we have been able to accumulate crosses over the price we list our asset. This makes sense if the price is gonna come down but if we just chase it forever at some point people are gonna want a refund.

#21

Hi @andyypants, thanks for the various pieces of info on this. We’ll take a closer look at things and give you our thoughts once we’ve had a chance to discuss through the team if that’s ok :slight_smile:

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