Gate.io has restricted trading of all privacy coins in some countries. Nor do they say which countries are open to use. It is within the countries banned in my country.
I’m a little sad about that because Gate was a good exchange with real Grin liquidity, always allowing wallet transfer. It has always supported Grin. Although it used a method “memo” in the transfer, it was fine.
However, this is not a very important issue. Centralized exchanges are now cornered by states. The Liquidity Center is moving more and more from exchanges to DEXs. Therefore, Grin’s biggest need right now is new DEXs. Now, there is only a semi-decentralized Tradeogre and it works fine. But with Gate gone, sticking to one exchange is risky. If one day Tradeogre’s server goes into trouble or the exchange decides to shut down, Grin trading will be disrupted. Therefore, the whole community from A to Z needs to work for DEX. This is the best contribution you can give to Grin.
Here are some of my suggestions.
For Grin, announce the bounty for developers who can create a decentralized exchange and say you will always support it.
Contact DEXs that support privacy coins and encourage them to list by saying they can draw liquidity as Gate is shutting down.
Contact Old Core Devs. Maybe one of them will make a final contribution and lead the way for a DEX.
It was an inevitable end. In my opinion, all privacy coins will be delisted from centralized exchanges over time. Therefore, today is the day, moving to DEXs.
Nothing wrong with Trade Ogre. Don’t get me wrong, a more decentralized exchange would be a nice addition, but I do not expect that would be a ‘game changer’ in any way. Nor am I convinced we should fund it.
Creating a new dex is imo too expensive to pay for, so integration to an existing one is a more viable solution. There are so many dexes which makes it hard to pick a good candidate. What does “we will always support it” mean? Does it mean grin team pays no matter what price the devs demand for necessary upgrades? Do grin devs make those upgrades? There are many things that can go wrong, that’s why I prefer a more natural growth - when enough people will need feature X then someone will build it.
The liquidity is too low for them to integrate it (the same reason as why other centralized exchanges haven’t integrated grin).
It’s possible although i think btc and other known cryptocurrencies will need to improve their privacy to protect their users. So maybe one day coins with CT will be allowed on cex.
I agree with @vegycslol that targeting an existing DEX would be most practical. I am not an expert on this in any way, but I think Komodo and Verus have a decent DEX. Probably would be possible to implement a Grin trading pair there with a bit of trickery.
Lets also not forget Grin is available on Bisq, which is a decentralized exchange, so nothing new in that sense. https://bisq.wiki/Trading_GRIN
Bisq did complain before that trade volumes are low. So what we need is people who play market makers on Bisq. I do not think we need a bounty for that. Anyone can become a market maker and probably make a profit in the process.
I’m honestly scared to use tradeogre, that’s why I created an account on gate.io and went through all the KYC thing to buy GRiN, and is being banned on all centralized exchanges when everyone who buys it is KYC’ed
No need. TO forces you to use 2FA such as Google authenticator, is secure and has no record of ever being hacked. Most importantly, it is super easy to transfer to or withdraw Grin from TO to you own wallet while other exchanges have imperfect methods to withdraw.
Would you be less concerned using a DEX like Bisq?
I’m not sure listed in Bisq but I see that the board is empty.
My call is not about Tradeogre is bad or good. What will happen if the tradeogre suddenly shuts down or if they get hack attack or if the server crashes? Since it remains our only source, a second source is required. That’s why I advice to work on this issue rather than waiting like a believer. If it is listed on bisq, a call can be made to the community for using it. It can be said that existing DEXs can list Grin. If they lists, we can say, we will make announcements on twitter, forum and telegram for community to use it.
Also, just being listed in one place is incompatible with decentralization. Igno, i hope you are seeing this situations.
Still planning to put some work into it, I am actually working on building a generalized cross chain atomic swap tool right now. The plan is to include Grin ASAP. However at this point I wouldn’t be able to give a clear timeline as to when that is. Ideally I get it done this year. When I start on the Grin side of it, I will make a post here asking for assistance and contribution.
Its a matter of Survival for privacy coin to have DEX and native Atomic Swaps
if it cannot do Grin to Monero Atomic Swaps and vice versa it will not work and we need to go back at the drawing board.
