OpenChat Labs has been in talks with various Centralized Exchanges (CEXs) and has reached agreements with some of them, and now we are ready to start the listing process.
Listing fees must be paid in USDT and CHAT. Where possible, we have negotiated to pay more USDT fees and less CHAT fees to minimize the negative impact on the price when CEXs sell their CHAT. We will obtain the required USDT by selling ICP.
We have also met with various Market Makers (MMs) and think we should work with CLS (https://www.cls.global). They are integrated with most of the large exchanges, have experience in market making for many large projects, and importantly, they use API keys to make markets through OpenChat's own account on each CEX, which means that the funds are always controlled by OpenChat.
As part of the price negotiations, we are obliged to sign a confidentiality agreement and are therefore not allowed to disclose the fees charged by each CEX or MM. However, rest assured that we have worked hard to secure the best possible deal for OpenChat, selecting exchanges that we believe offer the best value for money, and providing the necessary stepping stone to top exchanges in the near future.
This proposal is divided into two parts, the first part requires 20k ICP, and the second part requires 200k CHAT.
Funds from this proposal will be used solely to list CHAT on exchanges. We estimate that 20k ICP and 200k CHAT will be enough to list CHAT on approximately 3 exchanges, each with significant liquidity. If there are any funds left, these will be used for the next set of CEXs.
If this proposal is approved, funds will be used as follows:
Listing fees for 3 CEXs (USDT and CHAT)
CLS market making fees: 100% USDT
Market making funds: 50% USDT and 50% CHAT (these funds are still controlled by OpenChat)
