[Community Discussion] Custom Coin Pools

[Jared]

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 there are some requirements:

How to get a verified (green) tick for privacy coins

As you navigate the list of supported coins in the Incognito app, you’ll notice that some coins have green check marks, while others don’t. The green mark is a “verified tick”, and it signifies the legitimacy of a listed coin. [verify-1_1] What’s a verified tick and why is it needed? Anyone can create a custom privacy coin with Incognito. In addition to serving as the privacy form of existing cryptocurrencies, they can serve as utility tokens in a dApp, or act as personal invitations to a wedd…

Verified Badges for Custom Privacy Coins on Incognito Chain

Custom Privacy Coins created on the Incognito blockchain can now become verified! To receive a verification badge for your coin, complete the following steps: 1. Issue a new privacy coin in the Incognito Wallet app. [1 (3)] 2. Set the coin details (supply is permanent and cannot be changed later) [3 (3)] 3. Complete all fields for a verification badge [2 (3)] A. Creator Name: How you choose to be identified; could be your first name, telegram/twitter handle, etc. B. Website: A web domain fo…

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

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

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• 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+

• 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/

[yoo]

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)

[SPAddict25]

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.

[key]

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.

[brico84]

@yoo

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)

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.

[SPAddict25]

Yeah good point I’d follow this

[yoo]

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