Summary
We ask for the community’s support to utilize VSTA from the treasury to support the listing of VSTA on the centralized exchange MEXC. Specifically, we aim to utilize $50k worth of VSTA (~122k VSTA at the time of writing) for marketing budget and a further reasonable amount of VSTA to market make for the VSTA-USDT pair. By listing VSTA, we aim to take advantage of recent hype around the Arbitrum ecosystem projects and attract new users to the Vesta ecosystem. It also marks the first centralized exchange that will onboard VSTA. Doing so also lays the groundwork for onboarding VST to centralized exchanges - enabling further use cases and utility for the stablecoin.
About MEXC
MEXC, currently ranks #11 on Coingecko’s Top Crypto Exchanges Ranked by Trust Score, caters to more than 10 million users in more than 170 countries and regions around the world. Its daily volume consistently sits at above $1B.
Motivation and Value Add for Vesta
By listing VSTA, we take advantage of the current favorable condition for Arbitrum and look to onboard more users into the Vesta ecosystem. Enabling VSTA as a tradeable asset on MEXC would let users from the said exchange learn more about Vesta, expanding Vesta’s user base.
Due to the relationship we’ve built with MEXC, listing the token does not incur any listing fee, and the VSTA they asked us to provide is to be used for marketing and onboarding users to learn more about Vesta. MEXC asks for $50k worth of VSTA (~122k VSTA at the time of writing) for marketing. As a result, we propose to the community that we’ll utilize said amount from the community treasury toward the marketing budget. The marketing would include Twitter Spaces and trading competitions. The marketing would serve to onboard new users into the Vesta ecosystem, attracting more users to use the application.
In addition, since we’ve onboarded talents with market making skillset, Vesta will conduct these activities ourselves and save hundred of thousands of potential MM fees. Thus we’d need an additional amount of VSTA to enable a liquid trading experience for MEXC users. The amount required here depends on the overall market dynamic of VSTA. Thus we ask the community to allow the core team to utilize a reasonable amount of VSTA from the community treasury for market making purposes as well.
Most importantly, onboarding VSTA as a tradeable asset on MEXC lays the groundwork for adding VST to centralized exchanges in the future. Eventually when exchanges onboard VST, VST’s utility and demand could increase substantially as it could drive onboarding and offboarding into the whole Arbitrum ecosystem.
Feedback Period
Due to the market condition, this proposal has a shorter than usual feedback period. The feedback period begins now and is expected to end at 2023/02/11 6 AM UTC. A Snapshot vote is expected to be put up immediately after if there is sufficient interest and support from the community.
Poll
- For: proceed with listing with 50k budget
- For with condition: proceed with listing only if we do not pay 50k in marketing incentives
- Against: do not proceed with listing
0 voters