Upbit Listing Proposal

I wanted community,

In this thread I want to inform you of the progress and opportunity we have to be able to list on UPbit exchange tier 1 and top 5 in the ranking in coinmarketcap.

As everyone knows, UDT is not listed on any CEX and this is a problem since many people are only interested in this type of token when it is listed on a tier 1 CEX.
This process would give us the opportunity to take the next step with the token and achieving greater visibility and opportunity for new users.

The current volume is very small and little by little the value of the token has been decreasing just like the liquidity… given that for the DAO the value of the token is important to guarantee a healthy treasury that allows us long-term control .

Listing on a CEX like Upbit can allow us to have greater volume, liquidity and therefore better visibility of the token.

The current offer that UPbit proposes to us is 100K, distributed as follows: 70k in USDC and 30k in UDT.

I am attaching to the thread a PDF with more information about the proposal they have made to us.

On the other hand, this offer includes marketing through kols that would be agreed with Upbit managers to define the best strategy and achieve the best results.

Conclusions: It is a great opportunity for the token and the DAO and I think we should take advantage of it.

Participants: @stellaachenbach and @David-Moderator

What do you think?

1 Like

Thank you for sharing the Upbit Listing Proposal @David-Moderator <3

Here are some of the essential facts I have been looking at for my own understanding which I would like to share:

Background information around Upbit:
Upbit Korea is the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base, with over 180 crypto coins/tokens listed and over 300 trading pairs readily available. Upbit’s ecosystem comprises of Upbit Exchange, NFT Marketplace/Drops platform, and its Staking services. The Centralized Exchange is listed among the top 10 exchanges on Coinmarketcap, with a spot score of 7.4 and on Coingecko under the top 30 exchanges with a trust score of 8/10.

Coinmarketcap: Top Cryptocurrency Exchanges Ranked By Volume | CoinMarketCap
Coingecko: https://www.coingecko.com/de/börsen

When researching really anything, I always find it helpful with today’s tools to try and do it in the project’s native language to capture sentiment within their home audience versus their outside audience. In the case of Upbit, I discovered the following:

  • Over the past few years Upbit has become the top five global exchanges by volume, with over 80% of Korean trading volumes handled on the platform.
    Upbit’s partnership with K-Bank, an online lender, allowed it to become the first exchange registered with the Financial Intelligence Unit in 2021. This has led to criticism from Korean lawmakers, who voice concerns that the bank has become “Upbit’s private safe deposit box.”
  • Upbit now accounts for nearly 5% of overall crypto trading volume globally, up from 1.4% in January 2021.
  • Upbit delisted tokens from the Pica Project, leading to legal action against the issuer.
  • Upbit faced a class-action lawsuit over suspected technical failures, resulting in damages for some users.
  • Apparently, the Korea Fair Trade Commission plans to designate Upbit’s parent company, Dunamu, as an enterprise subject to limitations on mutual investment due to monopoly concerns.
  • To be aware of are new regulations that South Korea is introducing for token listings on centralized crypto exchanges, requiring exchanges to bolster reserves, obtain investor protection insurance, and enhance monitoring for suspicious transactions.

That said, the current proposal would require the DAO to provide liquidity, which doesn’t seem like an ideal business case. Therefore if we were to do this I would like to agree with @wonderwomancode’s comment on the weekly DAO Call to find LPs who would do it for us. At the same time, I believe we need to give them a good reason to do it.

Here are my suggestions to get there:

  • Working on a holistic business plan for the DAO so it can be self-sustainable and generate its own revenue. Right now we are depending one hundred percent on being subsidized by Unlock Inc.
  • Incorporating the DAO so no individual is responsible for this task (legally speaking). Unlock Labs is working on a proposal to the DAO, which we can take or leave with a time frame for around mid-June.
  • Establishing a working group around the new token and add further utility and integrations also to establish a safety net around the token (see according thread in Discord).

I hope this helps and just so I am understood well: Of course I want us to be listed on one of the top five exchanges :slight_smile: