Globe’s Second Council of HODLers Recap — August 2021
Hello Globe community,
Here’s our recap from Council of HODLers past weekend! The purpose of this event is to present the progress and development happening at Globe, especially to connect with our community and create a two-way communication channel for feedback and Q&A. Thanks to everyone who showed up, for those curious you can watch the replay here. Here are also some highlights from the call below:
What’s Happening In the Market
Globe founder, James shares his perspective on the industry
So as expected, it has been a stumbling cautious recovery / dead cat bounce… actually fundamentals are improving: retail adoption, funding rates looking healthier — all about getting to EOY and feeling the effects of M2 monetary supply hyperinflation;
As a result, we’re now operating on this hypothesis:
- Now is an amazing time for growth as older venues stumble with regulations reducing leverage, restricting regions, etc.
What’s New on Globe
Our recent major milestones from Globe
- Volumes more than 2x over the last month, including several record days and overtaking some other venues that were asked about at the last council
- We’ve redesigned the site navigation to make space for spot trading, a richer selection of wealth products and a better mobile experience
- The gems platform also went live, but we had to postpone the first two sales planned as the turn in the markets changed our thinking a bit around what was an attractive first offering
- Core trading experience: toggle on/off notifications, follow trading more realtime with live candles, cancel all limits more easily and a host of other minor improvements
- Custody: we’ve added generic ERC-20 custody (automated deposits/withdrawals), including $GDT itself — this is to pave the way for the unified margin platform we’ve been building the last week or two
- [What’s new section on the website]: a bit meta but now you can track what is new on closer to daily basis, as we typically do larger/disruptive releases on Mondays and minor things throughout the week
- Customer support:1% of enquiries taking longer than we’d like, please keep sending feedback so we can further improve the process
- Listings also resumed this month with one of our partner / investor exchanges, we’ll resume fully next month. Expect mid month (~15th) for logistical reasons, we’ll confirm just before
- Due to popular request there is now also a Globe Discord
Sneak peek behind the scenes!
So we’re a little over 2 months post mainnet launch now
- Adding roughly a new product line per month (futures / IEO -> wealth / earn -> gems), expect to keep the pace, furthest out we have planned is about 4 months from now… don’t want to spoil it!
- Constantly iterating and improving our core futures offering from customer feedback
The next big step going from being a “new” exchange to being mid-size is substantially increasing our liquidity and range of contracts to trade
- Instead of adding & managing lots of smaller players, we’ve decided to add an anchor market maker
- This will lead to 5x-10x liquidity in most markets, and rapidly support expansion into offering more major crypto perps and also more globe exclusive futures
- We’re currently onboarding, early September is reasonable here
Continuing to extend our risk engine
- Offer (AFAWK) the most performant risk engine in crypto, but also one of the safest with protections (Proof-of-solvency), fat-finger = TFB, OOB-packing attacks built in
- Now extending this to support multicollateral as we planned back in December, starting with BTC, stablecoins and $GDT; tempted to add COPE next…
OTC product line: initially just GDT due to popular request, working with some of our strategic partners to enrich the offering
- Has now been in testing for some time, looking good, due to the extended risk engine we’ll combine the two into one release
- Seems the alpha testing was leaked yesterday, UI still needs some love (we’re API first)
- GDT/USDT pair first, then majors, then IEOs, then minors
- First market maker signed up, working out how best to structure with the rest and business taker partners
- We’ve been testing out our core offerings on new servers in Tokyo to help market maker latency against the primary price discovery venues
- We’ll keep all traders informed around when we make the move
- We’re also improving our cold storage protocols around the token, and will likely make changes here as a 2-for-1 and sort out updates with coinmarketcap etc. following other API integrations that are coming
- Reminder: data on our transparency page currently is correct, thanks to everyone who has in-some-cases forensically verified this. Biggest issue I’ve seen is people confusing a uniswap pool that we funded from unsold public sale tokens for “us selling”. It’s not.
How You Can Help
Become an active participant in the Globe community
- Trading discord communities: always looking to meet more to understand their needs that aren’t being met by existing exchanges
- Keep trading and giving feedback — we iterate and release new stuff every single week, often multiple times per week
Q & A
Become an active participant in the Globe community
Abracadabra: it’s disappointing I can’t engage with the project directly being UK based, what’s the timeframe for this?
- So we’re splitting out different product lines into regulated-categories, and there are already product lines that are UK friendly. At the same time we are prioritising Canada and Japan over the UK. Next 3–6 months is reasonable, depends on how quickly regulations change
JohnW: Hi Richard and James, are you two brothers?You two look similar
- I think the official position here is “brothers from another mother”
Why doesn’t Globe market their btc vix product more? Seems like something institutions would love to hedge or speculate with.
- It’s a first ever product so needed a special kind of market maker for it, we don’t insider trade on our own exchange, so needs the anchor discussed above
And more questions and answers — join us next time to ask your own!