New Year, New Aphelion DEX
Aphelion DEX is only entering its third day of getting re-activated and we already have plenty to do to in order to drive volume, fixing bugs and adding enhancements. We’ll start by saying the launch went quite smoothly as users have successfully updated the wallets and quickly moved through the newly integrated KYC process. We are pleased to announce, we already have hundreds of KYC approved Aphelion traders. For the most part, everything has worked as it should and users are approved and trading as planned, making Aphelion the worlds first fully compliant DEX.
**NOTE: We already have 9 Million + APH in commit**
Users are already seeing the benefits of the updated fee structure as the DEX have collected more fees for redistribution in the first few days than they did in the entire initial DEX launch.
We do have some isolated reports of challenges related to KYC and also some known issues that we’ll cover here today. We’ll also update on what are immediate plans are for the first part of the year.
Questions/Issues from the Community
Question: Is Aphelion releasing an API?
Answer: Yes, we already have an API done that we’ll be adjusting in the coming days for a public release hopefully sometime this month.
Question: SDUSD pairs are not working for me?
Answer: Yes, we are aware of the issues being reported and are working on a fix we anticipate will be done by next week at the latest.
Question: KYC not working for me on iOS?
Answer: We are aware of the issue and are working on a solution. In the meantime, users are encouraged to complete KYC on desktop or an android device then access that approved wallet address on your iOS once approved. We will update as iOS KYC is fixed.
Question: My KYC went to manual review, what happens next?
Answer: We are reviewing manual KYCs as fast as we can and we anticipate approves or denials to be made within 24–48 hours. We are also working on putting together an email response to those users with the outcomes. Those should start next week.
Question: Where can I see the contract assets on the DEX?
Question: Is mobile DEX active?
Answer: Yes, mobile is working across web, Android and iOS with the same features and processes as the desktop DEX. Commit also works great on mobile across those channels.
We’re working to increase awareness as strategically as we can. This includes press coverage, updating YouTubers, alerting various communities, adding additional trading pairs and some paid ad placements. It’s important to point out that we are still operating in a limited market (being open only to NEO based assets) and we are fairly confident that most users in the NEO community are well aware of Aphelion but not everyone is aware that we’ve been brought back online. It is our job to make sure everyone knows.
Now that the DEX is live we’ll be working to drive as much traffic as we can through some strategic initiatives, partnerships and paid campaigns but we are also saving are larger marketing budgets for cross-chain trading. We believe we have the best trading experience, least expensive option and superior technology wrapped behind it all but that isn't enough; we need users to experience the difference for themselves and share that experience. And that starts with us.
We also understand that the bigger market is in cross-chain and so we want to be prepared for that with a much bigger marketing push. That doesn't mean we won't market, it just means it will be limited while we are still on NEO. NEO is a small community with total tokens trading volume less than .1% of total crypto market volume so it doesn't make sense to spend huge budgets on paid campaigns at this time. With all that being said, we are committed to a strategic marketing plan and will continue to release updates as those pieces come together but for right now its all about optimizing, getting the word out and continuing to keep the community engaged while we continue to develop to the next phases.
A Note on KYC & Security
We are fully aware that many users are not keen to KYC and we anticipated that would impact volume. With that being said we stick by our decision as the right one (all things considered). We are betting on the long-term sustainability of Aphelion and that comes with maintaining compliance. We want to grow the right way, even if that means we grow slowly.
For those users reluctant to KYC, we can assure you that your information is protected; we are partnered with the worlds leading KYC group: Identity Mind Global. As part of the process we hash and encrypt the userid once approved and whitelist your address directly in the contract; we never store or use your private information as part of that process.
We feel this is the future for all exchanges and will eventually be accepted as the new norm for a regulated exchange landscape towards mass adoption. Yes, we understand it's not ideal but we believe its necessary. Its a one-time thing and only takes a few minutes; we encourage users to join us on telegram with questions or support related issues for the new process.
We’re also working towards opening in the US markets as a broker-dealer. Now that we are live and compliant, one of our top priorities is opening back up to US markets as a fully licensed broker-dealer and likely the first DEX to do so. It's not an easy path but nothings been easy for Aphelion and we are up for the challenge and process and look forward to setting the precedents in the industry and securing our future for our users.
DEX is back and we’ll be working hard to increase awareness and volume through strategic planning and listening to the community. We’re also working around the clock to fix known issues and making the trading and KYC experience as best as it can be for all. We are here to stay and have a long-term vision to stay open and continue to build amazing tech for the community. Next stop: US broker-dealer and cross-chain Aphelion DEX trading. Our goal is still to be the worlds #1 DEX and we’re taking all the right steps to get us there.
HUGE thank you to all Aphelion supporters and look forward to a prosperous New Year!!!