Title: Proposal for Expanding $Hifi Token’s Listing on Cryptocurrency Exchanges
Summary:
The proposal aims to enhance the market presence and community growth of Hifi Finance by adding the Hifi token to two different cryptocurrency exchanges every month for the next twelve months. With over 580 independent crypto exchanges available, this initiative seeks to increase Hifi Finance’s visibility and accessibility to a broader audience.
Details:
At present, Hifi Finance is listed on only 15 exchanges. By strategically adding the Hifi token to two new exchanges each month for the next twelve months, we can significantly expand the token’s reach and trading opportunities.
Motivation:
The primary motivation behind this proposal is to capitalize on the benefits of free marketing and establish a stronger community around Hifi Finance. Increased visibility on additional exchanges will attract more investors and traders, ultimately contributing to the growth and success of the platform.
Effect:
Expanding the Hifi token’s listing on different cryptocurrency exchanges will lead to improved liquidity, increased trading volume, and enhanced market exposure. This, in turn, will foster greater interest in the Hifi project, attracting new community members and investors.
Action Required:
Upon successful voting and approval of this proposal, Doug Leonard, as a key member of the Hifi team, will be responsible for overseeing the execution of this initiative. He will collaborate with the appropriate Hifi team members to ensure a seamless and efficient process of adding the Hifi token to new exchanges each month.
By implementing this proposal, we are confident in taking significant strides towards establishing Hifi Finance as a prominent player in the decentralized finance space, and we look forward to the positive impact it will have on our community and the broader crypto ecosystem.
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Idea source: King Cliff (proposal co-written by King Cliff & Hollywood41).
This is interesting. However I believe having a token listed on exchanges is not something that can be done from a simple phone call.
I am not personally aware of the approach needed to have exchanges list a specific token, but I’m sure it’s probably hard to do.
What are the steps needed for exchanges to accept HIFI?
Would it be beneficial financially for Hifi Labs to put these efforts at the front? It will bring more speculative buyers around for sure, but is this what we need as a community?
I remember this coming up along time ago, and Doug seem to say that he felt if we built a great product (&
build TVL) that it would just naturally be added to exchanges.
Though, I do see where King Cliff is coming from. The more exchanges we get out into incrementally the more people will know about us.
I am a fan of this approach, though, I suppose I consider it marketing, and in order to do marketing I’d rather have a more fully developed product.
So I suppose I am in favor of this type of a strategy, though I would like to see the new NFT’s project up and running, and I’d like to see more RWA products & TVL growth, and then use the strategy.
I don’t know the ETA of additional rwa’s or the next NFT project or PooledNFT v2; though I feel like these pursuits take precedence.
So I guess my vote today — is to pursue adding to exchanges via outreach — after the launch of the new NFT project & PoolefNFT v2 & 1 or 2
additional rwa assets.
I’m wondering about Hifi Labs internal timeline and workload. We should probably take the time to consider and understand the amount of time needed for this work to happen. Then we have to understand this might slow down the team on some other deliveries.
But then, at the same time, if it really helps gather more people around, it can be good in trying to raise the appreciation of the HIFI token, but as long as it does not impact deliveries too much, which then would have paper hands run away because things take too much time.
I know the community has been hard on the team because they don’t deliver at a specific pace, so, my concern is that it would slow the deliveries even more.
Let’s imagine filling for a new exchange takes 2 days of work. Then, you want two exchange per month, that’s 4 days per month. This is 1/5 less time for an individual of Hifi Labs to work on other things, which is significant considering the small size of the team (in my humble opinion).
I don’t feel in favor of this proposal right now as is, however my mind is not totally made up. I could be convinced otherwise.
The first step is probably finding out what is involved to get a token listed on an exchange.
I did a little research:
• Research and identify suitable cryptocurrency exchanges.
• Review each exchange’s specific listing requirements and criteria.
• Prepare all necessary documentation, including token details and team information.
• Contact the exchanges and express interest in listing your token.
• Highlight the token’s value proposition and unique features.
• Showcase the active community and successful marketing efforts.
• Ensure compliance with legal and regulatory requirements.
• Be prepared to pay the required listing fees.
• Wait for the exchange’s approval and review process.
• Upon approval, expect an official listing announcement.
We could begin to identify the exchanges by daily volume & hit the free ones w/ the highest volume first. Would be a great excel sheet to create to give us an idea of which exchanges to target first (lowest hanging fruit).
I agree with muchffungible and I would prefer that we do not distract the team from their current work.
However, I would rather that you include in your proposal that 500,000 new HIFI is minted to be sold into the market. The money from the sale is used to fund the strategy above that you have proposed and hire someone to implement it.
This is not the US government. We dont want to just Mint more for them to sell.
They have plenty of money from the PB sale royalties that they can draw from.
We have to be realistic here and it has come to my attention that this proposal will need the Hifi token mint to fund this proposal if passed we also have to take on board that we won’t be getting put onto big exchanges unless there is a really big mint and at the mo, I do not think this is the right time for that here is a sample https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees
so our aim here is to get put on as many as possible with low listing fees
wages: so let’s say $50 at 40 hours will mean $104,000 a year
listing fees: $500,000
So a mint of 2 million tokens for a one-year base also the person who is hired to give the community a monthly document of the breakdown of listing fees
2 million minted tokens which can be used for development, marketing, and Exposure with being added to exchange sites what we need to do is work out as a community do we vote to invest to try and make more and expand Hifi.
More exchanges mean more exposure with no impact on current work and priorities
twelve months of a staff member dedicated to getting Hifi on exchanges 40 hours a week with a target of two exchanges a week
Building a bigger HIfi community to help towards marketing the NFTs and Crown Ribbon
The start date of 6th November if this is passed in the next couple of weeks it also gives the team time to get ready for it and hire someone and gives the team time if they also want to release things around that time
Totally get it. Right now the focus is on building a robust infrastructure that can support scaling out the total value locked (TVL). That foundation is crucial for long-term success. Once we’ve got that in place and the trading volume starts picking up, then getting listed on those big-name exchanges becomes a logical next step. It’s all about setting ourselves up for sustainable growth.