Guys, they can only use what’s available on the market. If the exchanges don’t support fxcore, these guys are not magically going to make it happen. They’re just here to support the order books and trust me, FX needs it. I just tried selling a substantial amount on kucoin and it was absolutely pathetic. I gave up halfway and just did uniswap because there’s just no buy or sell support. Yes, kucoin is not part of the proposal but I was using it as an example.
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Indodax is the biggest exchange in indonesia
That will be huge market for fx
Thank you for your answers.
Appreciated.
Looking forward to the official proposal and long term relation 
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i’am sure fx will be the next bnb or eth
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Good morning.
This is great news, looking forward to your proposal. If I may suggest one thing, is it possible to include Kucoin mid way, or depending on market conditions to trigger additional funds for it, say to 7M perhaps…
I feel a small clause with regards to this may help in-between the proposal, so that users across, may find that Kucoin is less restrictive to their regions.
Or let’s say we surprisingly get listed on Binance in-between the year contract, we can therefore use this reserve of 1m for it, dispatched conditionally by the team.
Just a thought.
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Hum, and why functionx cant give that liquidity directly ? i dont get it 
thanks for your answeres @benyorke.eth
yeah i would sign that @Superbit123
kucoin is a musthave for many regions since upbit and bithumb are not really available in western regions and Coinbase for example excludes Germany.
Kucoin is #1 altoin exchange from operability and region support perspective and should be added.
Instead of 6m on 3 exchanges i would rather go for 8m and then go 2m on every of that 4 and if binance will be added for example draw out 500m per exchange and swap them over to binance positions.
Still some questions remains unanswered.
If you loan those, let us say 8M, coins what happens after that 1 year contract runs out. Will you pay back the 8M FX no matter what happened? Will you pay the USDT/BTC equivalant at the start time or end time?
i think this need to be fixed terms before such things could be decided.
- I would propose the loan contract whould be fixed on repay FX only, with the same number of coin, the interest free loan is the payment for the services.
- The Coins have to be in a market MAKER postion and it is forbidden to place the orders as taker (log of all transactions). Also the Market Maker postion need an uptime tracking, so that its not possible to let it lay in cold wallets or staking. This has to be monitored at all times and be visible for the dao.
- If for example a bear market breaks in and you take away losses from every project you provide liquidity for, how is it ensured, that you dont loose the coins or cant pay them back going bankrupt?
Do you have an insurance covering for that?
I think if you manage to answer these points, most of the community and team would be behind it.
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because theys dont have a market maker in their team… they searched for one but they want that position to be based in singapore. So i did not apply for that position, since i wont move from hamburg
still don’t get it.
if i want to put my money somewhere i just put it , will not give it to other to put it.
i think i didn’t understand the idea
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market making need at least one person that can work as market maker.
experienced in markets and can work with that positions.
its common to outsource that since the know how is not common in tech companies…
i wont say no if they get a market maker into the team and provide liquidity themselves too.
And if you @zaccheah want one working part-time from hamburg you get my CV by tomorrow 
then we can create more positions and not only 3-4 CEX.
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i have had bad experience with Bithumb i prefer Kucoin
Market making is not just providing liquidity on both side. Having an experienced market maker ensures us that both buy and sell side won’t have too much of a big spread which causes big random spikes and sell downs.
Adding on, I personally buy FX on KuCoin since it is literally the most popular exchange for altcoins and they are available to most countries, if not every. Would love if Kronos can provide their services on KuCoin too.
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I use kucoin too
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I would suggest you to create a new thread with copy of that proposal on the forum in Function X Proposals - Function X Forum so people can do the initial voting using poll.
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Thanks everyone for your feedback. Seeing there is a lot of support for KuCoin, so we added that to the proposal:
[Updated Proposal: Market-Making Initiative from Kronos Research]
Hey guys, based on positive feedback to my thread from a few days ago, thought I would drop in and make a more formal proposal for market-making services. Putting it in this thread since its in the suggestion forum, rather than the one for questions.
Summary: This proposal aims to improve FX liquidity on centralized exchanges. Market makers provide buy/sell orders on either side of the midpoint, allowing users on exchanges to buy, sell, and trade the token more efficiently, giving greater confidence in the asset. In order to provide ample liquidity, Kronos Research is requesting a loan of 6,800,000 FX tokens for a period of 1 year. With this loan, Kronos Research can provide liquidity on Coinbase (FX/USD), Bithumb (FX/KRW), KuCoin (FX/BTC) and Upbit (FX/BTC). Currently the liquidity on these platforms is inconsistent, and we expect, as the terms of this proposal, to increase it by 50%-100% with stable uptimes.
Note: Kronos Research does not attempt to influence market price in either direction.
Kronos Background:
Kronos Research is a proprietary trading firm founded in 2018 that trades on average more than $5b USD per day across global platforms. In DeFi, Kronos Research is a leading designated market-maker on platforms like dYdX, Matcha, and ParaSwap. Kronos Research also incubated and is the sole market maker on WOO Network and WOO X.
Action items:
Vote YES for: Accept the proposal
Vote NO for: Reject the proposal
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Since we won’t have any mean to control how thos 6.8M FX would be loaned, and especially how they will be used (centralised exchange transactions are not happening on the blockchain), I would not be keen to vote on this issue: i might just abstain.
I really think only the team can file a real and sound contract to process forward, with penalty clauses if necessary.
Moreover, I would expect such things to go in progress increments with intermediate reports showing how centralised liquidity increased volume.
Lastly, having more liquidity on exchanges could defeat the purpose of a cheap decentralized AMM exchange.
Just my 2-cents drop…
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I vote yes
Hi Ben,
Added the voting poll for you here.
@Community, let’s vote 
- Yes (Accept the proposal)
- No (Reject the proposal)
0 voters
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Kronos team is one of the best market-making team in the space, well-known amongst institutional players. Naturally we are very excited so welcome @benyorke.eth and team, and we hope you put up a strong proposal!
Agree on Kucoin @SCENE , good to see many of us use Kucoin here.
@ClaudioxBarros
Hum, and why functionx cant give that liquidity directly ? i dont get it
We do have market-making effort internally, but it’s definitely NOT at an extend how established market-making do it. And important to say market-making DOES NOT influence pricing but just to help price discovery better.
@Alchimist
And if you @zaccheah want one working part-time from hamburg you get my CV by tomorrow
Happy for you to apply for a position, some of our best hires come from the community. You must be warned that the test are quite eloborate 
@kenorb
Few questions:
- It’s a loan from which pool? Who’s going to fund it? Team or EGF?
- I guess some formal agreement is going to be signed?
- What’s your expected profit? Or it’s a propriet
It will be from EGF and a formal agreement will definitely be signed if proposal passes. Kronos have tentatively proposed to market-make without fees (pending confirmation), plus an option to buy $FX at a price slightly higher than the spot rate. Example, if during the time of the agreement is signed, the price is $1 per $FX, they will market-make for one year without charges but have an option to buy $FX a year from now at higher than $1. Naturally Kronos will exercise this options when $FX price sky rockets. So really I think they are in the same boat as holders.
I think we should invite Kronos team on our upcoming AMA, whatcha think?
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