Launching $TVK - Why we chose Bitmax
We want to take a few moments to explain to the community the considerations we made and why we chose launch TVK on Bitmax.
Our Listing Strategy
It’s been the question investors and public have been asking us for months as the DeFi and then NFT sectors started heating up. There are more opinions out there than there are vFlects! It was an iterative and circular process and to describe it in logical sequence does not do justice to the journey we were on. The process ultimately involved exploring different options, seeking feedback from knowledgeable parties and waiting for the right answer to emerge as our criteria and focussed narrowed.
CEX only or DEX only?
The 2020 market has been powered by Decentralised Exchanges (DEX) as much as Centralised Exchanges (CEX). We needed to decide which to prioritise and in what order.
Many community and investors are in favour of a pure DEX listing moving to a CEX at the right time. We considered this at length. Ultimately we decided against it because of the risk of front-running bots driving price fluctuations and short-changing community members and investors.
DEX is essential to TVK liquidity and to our future DeFi products and so we will be managing a strong Uniswap presence, but we decided it needed to be in parallel to a CEX. Ultimately it ended up happening a few minutes before the CEX listing, however this allowed a stable price with everyone being able to participate rather than wild price spikes and dumps.
Which CEX?
All community and investors want the best possible CEX listing. Many investors preferred a CEX over DEX because of liquidity and the authenticity of the project. We have a real business, real partnerships and a team capable of executing our vision.
A top tier CEX comes with a cost, tokens and cash and benefits. However you gain community, liquidity, authenticity and credibility. We discounted the lower tier CEX after a discussion with our investors. Our rationale was that a strong DEX listing would be better than a low tier CEX listing.
Relationships are Everything
Many people don’t know that Terra Virtua has been around since 2018. An eternity for crypto! In that time there is no one we have not had a discussion with. We focussed our CEX discussions on those that we have had a long term relationship with the project. We wanted to work with an exchange where we were not just ‘another’ project. We wanted one who really understood NFTs and also the dynamics of tokenomics and prices.
Our other criteria apart from credibility, relationships were community size, performance with new listings, agreement with our current investor terms, desire to market the project, ability to reward public who buy in to the public sale and passion for the project.
Over 2 years ago, we read a really great analysis of the NFT space and its potential by a young analyst at Huobi and struck up a friendship. We’ve always been talking to Bonna Zhu since then, who went on to become the business development leader for Asia at Bitmax.io.
Bitmax have become a leader in the DeFi space, with a great track record of 2020 IEO listings. From all of our discussions, they were the clear leader. Bonna had been passionate about the project for years. More importantly Bitmax understood our vision, they were flexible about partnering and keen to go mainstream with us. They have helped opening up communities in Asia, and they are great bunch of people to work with.
Creating A Partnership
Terra Virtua and Bitmax worked together to shape the dynamics of a primary listing auction, with a giveaway of specially minted BitMax vFlect NFT for the winners, which will go on to be a true collectible. We are excited about a number of staking products we will be creating together with Bitmax to complement our own Terra Virtua staking schemes such as Prestige.
Bonna Zhu, Head of Business Development for Asia commented “The ‘BitMax Approach’ has always been simple and clear: to support projects with innovative value propositions and promote long term success. Terra Virtua is one of a kind in the NFT space and a listing is just the beginning of our relationship”
Next Steps
We are truly excited about the future and couldn't be more happy with our investors, supporters and partners.
Most importantly of all, we want you to experience Terra Virtua and the future of digital collecting.
