BUIP207: Tier-1 Exchange Listing for Nexa

BUIP207 Tier-1 Exchange Listing for Nexa
Submitted by Andrew Clifford
5 May 2024

Background
This BUIP is requesting Bitcoin Unlimited (BU) membership approval for operational funds to list Nexa on a Tier-1 cryptocurrency exchange. For clarity in terminology here, Tier-1 will be one of the world’s top 10 crypto exchanges when measured by a combination of the number of registered users, visits count and trading volume. A Tier-1 exchange should have in the region of 20 million or more registered users.

Motivation
The world cryptocurrency market has changed a lot since alt-coins were launched en-masse from 2013 onward. At that time a quality coin could rise through the rankings via organic usage and adoption. This is no longer the case. Currently, there are 14,015 coins listed on coingecko.com, vying for attention. A new coin could be released today with the best utility and functionality, but it will languish low in the rankings from lack of attention. Conversely, if Bitcoin was launched today, no one would look at it and it would also languish in the rankings.

Any marketing strategy can be effective in raising awareness of a coin, however, the most effective marekting of all is to target the audience which are users and investors registered on various crypto exchanges: i.e. exchange users.

Nexa’s second anniversary of launch occurs in June. By this time the nexa.org website revamp should be completed. Also, many functional enhancements are already implemented in the full node, so, Nexa will be more than ready to handle the attention from a Tier-1 listing.

Such an exchange listing will cement the momentum from the parallel marketing strategy in place and prepare the ground for publicity from the Australian Crypto Convention in November 2024. Ideally, these initiatives will attract some organic usage of tokens and NFTs, and also help drive Nexa on a rankings trajectory mirroring other successful coins, such as Kaspa.

Promotional activities, on a Tier-1 exchange, are not the normal strategy for most new listings. Paying for exchange promotion, such as website banner adverts to users, pinned messages, push notifications, social media announcements, airdrops and trading competitions is “next-level”. Nexa deserves a “next-level” chance to grab awareness and progress in the marketplace, long-term.

Budget

Maximum spend US$250k for Tier-1 listing fees and associated expenses plus
Maximum spend US$250k for Tier-1 concurrent Nexa promotional activities

4 Likes

I’m really happy to see that the BU team recognizes the unfortunate reality of today’s crypto market and is taking this seriously. This is what’s needed to compete with all the VC funded coins out there, and I know BU has the resources to do it.

This is necessary to take Nexa to the next level of global recognition, and this kind of money is beyond the capacity of crowdfunding with the current size of the community and the current sentiment.

I would personally love to see Coinbase or Kraken. I think Nexa belongs there, but it’s too early to talk specifics. Let’s pass this BUIP first. :slight_smile:

Thanks, Andrew! I hope the other members agree.

5 Likes

yes, a $250K budget for an exchange listing is GREAT!

(of course!)

but… wen hackathon???

1/2 that budget would attract HUNDREDS of “quality” Builders to the Nexa ecosystem:

  • how many NEW Tokens would be created?
  • how many NEW NFTs would get minted?
  • how many individuals & teams would receive their 1st seed funding?

regardless, definitely +1 for a Tier-1 listing

3 Likes

Great move in right direction ! I am glad things are finally moving in right direction! Hope to see more Hackaton related propositions and opening dev / marketing hubs across planet to spread the word and collect future nexa defi maisters ! No point on marketing chain that has only Theoretical usecase. Balance between tech and developers onboarding and marketing should be carefully crafted .

4 Likes

This is wonderful news! I’m definitely interested in seeing another AMA via YouTube or twitter spaces with the team in the near future! Also, related to marketing, is there a way to officially apply to become an ambassador for Nexa? I’m currently reaching out to several influencers in the POW space which may be interested in hosting a Nexa team member on their show/channel if anyone is willing. Thank you!

2 Likes

Which are these top 10 exchanges that are being considered? I think it might be helpful if we knew what the list is that’s being considered. Most people are assuming the top 10 from CMC or CoinGecko but this BUIP seems to be using a different criteria.

3 Likes

I can confirm that exchanges being considered are in the top 10 on CMC and CG.
Nexa is already listed on MEXC, so the choice must be a step up again.

1 Like

These are the common exchanges between those two top 10 lists:

Binance, Coinbase, Bybit, OKX, Kraken, KuCoin, Gate, HTX

I’d strongly suspect that Nexa doesn’t yet meet the metrics (volume, followers, engagement, etc) that the big boys like Binance, Coinbase or Kraken would want, so in my eyes, that leaves:

Bybit, OKX, Kucoin, Gate, HTX

I personally like Bybit or OKX the best of those. KuCoin isn’t what it used to be and is, at best, a side step from MEXC these days… and Gate just kinda sucks IMO.

However, I’m just speculating! I have no idea who BU is talking to. :slight_smile:

What I really love is that the idea is to spend another $250k on marketing through the exchange, directly to their users. That’s brilliant. THAT is probably the most effective marketing you can do. This will also attract ECOSYSTEM DEVELOPERS, which we very much need!

This listing should easily improve our metrics, enabling us to look at a Binance, Coinbase or Kraken in the near-ish future.

I’m glad this is happening, it’s the only way BU is going to achieve their goal of bringing Nexa to the masses in today’s crypto landscape.

4 Likes

Thanks very much for your analysis and thoughts @mrlz
Much appreciated!

3 Likes

Hy explain how Cex marketing will attract ECOSYSTEM DEVELOPERS ?

Nexa’s market ranking goes higher due to speculators. Higher ranking attracts developers. Then developers building takes market rank even higher. Which attracts even more developers. Positive feedback loop. There just needs to be more eyes on Nexa.

2 Likes

Voting for this BUIP207

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Yes for BUIP 207
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2 Likes