[Community Discussion] Custom Coin Pools

Recently there has been some discussion regarding custom coins and pools made on the app. Currently, anyone can make a custom coin that can be used and traded on Incognito’s blockchain. In order for this coin to show up with a green verified checkmark :white_check_mark: there are some requirements:

Since the recent release of pDEX v3, we are now sailing in uncharted waters as we have no official guidelines on displaying or adding verified coin pools on the app.

The Incognito team has done some brainstorming and come up with the following potential questions:

  • Does this coin/project have an active community? If so, how large of one?
  • Doesn’t Matter
  • 50+ Users
  • 100+ Users
  • 500+ Users
  • 1K+ Users
  • 2K+ Users

0 voters

For reference: Incognito’s Telegram group currently has 2,581 users.


  • Outside of the coin they have created on Incognito’s chain, what working product do they have?

  • What pool size have they provided? Should there be a minimum amount regarding pools created on the app? If so, what would be a realistic number to prevent spam but also ensure small projects could participate?

  • Doesn’t Matter
  • $500+
  • $1000+
  • $2000+
  • $5000+
  • $10K+

0 voters

  • What type of introductory post should new coins/projects be required to make? What kind of information should be included?

Are there more criteria points/questions we should be asking new coins/projects? I would like this to be an open discussion where everyone shares their input. Based on the responses we receive they will dictate the criteria we use when approving. Please remember to keep the conversation civil and constructive.

Currently, there are 3 projects that are either actively on pDEX v3 or working on being deployed:

ShivX by the ShivX team - @ShivX & @Parth_Dave
http://shivx.in
Community Post - What is ShivX

Fish Belly Repulic Coin by @KingOfCrypto
https://fishbellyrepublic.com/

PSRC Coin, BRA Coin, and DRONEALGO Coin by @Intelespion
https://www.intelespion.com/home
https://lcdiinc.systems/

4 Likes

What about putting something like [INC] or a different symbol instead of a checkmark? I feel like it should be made super obvious that it’s not a publicly (outside incognito) traded coin - that’s what I thought every verified coin was.

When that shivx coin showed up in the liquidity pools with a crazy 200+% apr I was looking all over, trying to find what it was. I only bought a few dollars worth, but it seems like it could be an easy way to rug pull people - is there any way to prevent it? (Not disparaging shivx … just saying, allowing non-public coins in the pool list - and enticing people with that crazy apr – seems like could easily rug pull)

5 Likes

If you have a tiny pool the APR is going to be potentially huge to an unwitting user that has a huge market impact / transaction cost with their trade. If a sufficiently high minimum liquidity requirement is established it’ll deter tiny pools being formed with unrealistic APRs.

3 Likes

Please consider copying a list of all coins or top 2000 coins and using it as your blacklist for names that cannot be used by incognito tokens without moderator approval or verification. We have all seen the fake BUSD and even fake PRV, just to name a few. Make your blacklist cover existing coins and then you can allow people to start new projects with unused token names if that’s something you still think is valuable to the ecosystem. They would bypass your approval only if their token name didn’t match an existing coin. Any delay in listing a new coin is warranted if it preserves the reputation of the project by disallowing lazy scam tokens.

4 Likes

I agree, that the checkmark currently means “This is a real coin out in the real world” and to put that on custom coins that someone made in incognito is confusing. Verified “incognito custom coins” need a separate identifier, or maybe not one at all, but using the green checkmark is confusing.

4 Likes

Yeah good point I’d follow this

When will PSRC Coin, BRA Coin, and DRONEALGO be tradable ? There is no trade route at the moment and the tokens are can not be swapped, sold, or transferred.

This is completely unacceptable as your platform has millions of dollars of my liquidity locked and I have absolutely no access to my funds.

It is incomprehensible that the development team could ship a new version or the DEX if it is half baked and there is no ETA on when these tokens will be tradable.

I would like to know an ETA in hours of when this will be corrected. Please provide a response ASAP. I will be patiently waiting for a response as soon as possible.

1 Like

Dear Sir or Madam,

The devs are aware and are looking into this for you.

Jared, that didn’t answer the question. What is the ETA on a fix? How many hours until a fix ? We need an answer that is more accurate “we’re working on it.”

1 Like

@Jared what’s the time line for a trade path for DRONEALGO? I can’t trade any of my tokens. I see no one else can either. This is stating to look like a rug pull by incognito. You can’t just freeze trading on an active pair for an undefined amount of time with no warning! Is incognito a scam??

1 Like

Hello @echelon-code, I have reached out to @Intelespion for more information over 2 hours ago. I am still awaiting his reply.

We have not frozen anything on our end. Everything that was originally configured in the app is still configured.

Jared,

After a wild goose chase I determined that
Intelespion Is just a user who minted a token on your platform. They have no control over order routing or proper function of the incognito DEX other than ensuring liquidity exists to facilitate swaps.

I have no idea why you are suggesting that anyone other than the Incognito Dev team can correct this issue.

Passing responsibility like this is a red flag and does not give me confidence in the Incognito protocol. Let’s get to the real root cause of the issue immediately. We have wasted enough time.

@Jared to stop this spam of BS coins, I propose a minimum $10k of liquidity on both sides of the pool needs to be provided.

Shivx, FBR, BRA coin etc. clearly are bs.

What’s the current liquidity of BRA?

You will have to ask Intelespion he’s the pool creator. It right now doesn’t appear in the app because liquidity pools go through a verification process to avoid posting custom created coin pools that aren’t legitimate. That’s why Jared reached out to them to verify the request. If other custom tokens are a guide we are talking $100 to $200 worth of liquidity.

Point is it looks like the coins / pools referred to by Intelespion are total fugazi. That’s his problem not Incognito’s. See below why this stuff from Intelespion is rubbish.

Intelespions Twitter

The explanation of what the he has appeared to have done:

1 Like

I really want to see BNB, KNC, KEY, DCN, BAT, HEX, ZIL, HOT, TOMO, REN, XYO, OXT, BUSD(BEP2), LINK, USDP tradeable on incognito again (as they were before the update). BNB had a lot of liquidity - and quite a bit of daily trade volume in the pdex.

BNB (BSC) which has been added only had 0.6 BNB liquidity in the old pdex, it now has ~ 100 BNB of liquidity (I think a big portion of that could have been used for straight [non-BSC] BNB, but great that it’s tradeable and the risk of bad trades with it are very low now). The other coins I mentioned didn’t have a ton of liquidity, but they had some.

I don’t have much PRV, but I am happy to provide what I can for liquidity for all the coins I mentioned. If pools were created and added to the available pools tab, hopefully others would add additional liquidity and make these coins tradeable for the entire community.

I feel the whole ecosystem becomes much more useful when we have more coins available for trade. I would even really like to see a lot more coins available that never were (to my knowledge), like ADA, ALGO, ATOM, SOL, VET

1 Like

Then the free market will work value the coin as soon as the coin is tradable…. So why not enable trading and let the market price the coin at the appropriate value?

The entire cryptocurrency movement is about free trade, not tolerating censorship and individual ownership of assets.

I’m not sure why @Jared liked your post as it makes it seem like the Incognito network agrees with censorship, which would be completely ironic given the incognito network’s purported values.

I have queried the one coin and see that there’s at least your proposed minimum liquidity of 20,000$. So by your own logic and the spirit of free trade the incognito network is failing its user base by employing censorship and freezing the coin from being traded.

Not a good look. I have held off going wide with this in good faith that the incognito network would enable free trade of all coins that have liquidity in hopes this is just an error and would be swiftly resolved.

However @Jared has failed to provide an ETA or even a commitment to resolving this issue. I hope he has forwarded this to the developers and they are correcting the issue promptly.

You can’t create value out of nothing. In a free market you can’t complain or a coin has value when it shouldn’t, that not up to you, that’s up to the market.

I don’t like that SHIB and DOGE have ridiculous market caps. I don’t like that ELON MUSK goes on Twitter and shills the coin. However I will always fight to enable the coins to be traded freely. For free markets, and capitalism.

It’s time for this network to make a critical decision. Is this a DEX that is free of censorship and enables free trade? Or is incognito a permissioned side chain that employs censorship, thumbs the scales and does not allow for free trade.

The coins in question were minted by incognitos coin minter, so you can’t claim the coins are a “scam” or there’s any hidden issues with the coin contracts as the contracts were created by incognito. The creator simply filled in some boxes and hit mint, deploying them stock standard contract used by the incognito minter.

Stop the censorship. Enable free trade. Let the free market determine the value of all assets.

Incognito is a community driven project by people that actively participate in its ecosystem. The employment of rules to stop clear spam is not censorship, it’s commonsense and ensures participants maintain acting in good faith. The rules were driven by community participants with legitimate skin in the game and an earned reputation. They are not from the development team.

These so called “assets” proposed have no evidence of any actual backing or being legitimate projects especially when you do more than 5 minutes looking into it. It’s a clear attempt to abuse the functionality that the team have built.

2 Likes