Hello Idex team. I have a few questions which will

be critical to answer. As many people I was excited for IDEX news in spring 2023 about L3 perpetual dex launch. Then idex followed big social activity boost. Im trader/investor. I was wondering who is suppressing IDEX on binance. Then I found team wallet on etherscan and few wallets that receives millions of tokens every month that ends up on binance every single time and sold on open market. Considering the fact that team didn't deliver anything in half a year from what they marketed I believe this is unacceptable behaviour. How do you want people to believe in your project if the team continue selling coins constantly? Lets see how you handle this. Ofc I have all the proofs but Im eager to hear what you have to say before bringing this to social media.

This is called a reward. No one works for free

Hi SP, we appreciate your feedback and take it seriously. We've been very transparent about the development of the new version of IDEX, and we hope you've seen our updates. Unfortunately, I'm not sure what you mean by the team selling tokens. I will share your comments with the team @alexwearn @xVKTR

Hey this is a combination of things: 1. Strategic deal with one of our MMs. They bought a large batch of tokens that are vesting over 1 year. To help them with opportunity cost of sending all the capital at once, we broke the purchase up into six tranches (i.e. they send us stablecoins and we send them tokens every month). As Viktor said they deposit them on Binance to help with collateral requirements, but they are also free to sell them after the vesting is over. Most of the links you provided pertain to that or #2 below. 2. The same MM received tokens for market making the IDEX token. This is standard, they need inventory to market make and that inventory has to be held on CEXs. 3. Since the sunsetting of v3, we've been selling some tokens on the open market to help offset our expenses. Without any revenue, we want to extend the runway for v4 development/launch/growth. Given that we don't have a firm launch date, we don't want to be too optimistic and run out of cash (this doesn't necessarily mean zero, but not enough for marketing, insurance fund, etc.). It's also impossible to predict which way the market will go (i.e. we could wait and BTC ETF rejected/shits the bed and we wish we had sold some while we could). Hence the decision to sell just a little as needed, essentially tread water as we finish up development. Let me know if you have any feedback or think we should do anything differently.

What we want from you is to remain optimistic and work on development in a distinctive way

Hey Alex. First of all I appreciate a sincere respond. This does make sense. However I have something to say. First announcement of V4 release and L3 was so ambitious that you was giving the exact dates for release and later the vibe changed to "team is working hard, rest assured team is on it, etc" Which I find cringe considering the amount of time you been in the business. You can't simply say we will deliver in Q3 and then ghost community by saying "we are on it" That's not the way Why don't you use MM to distribute tokens then? I wouldn't come here looking for answers if I wasn't holding this coin realizing the potential. But seeing that everytime coin distributed to some wallets that ends up on exchange and coincides with price decrease in 90% of the time while there simply no interest to absorb it is just making you use your critical thinking.

We absolutely are, we’re as excited as anyone to move out of the building phase.

Thanks for engaging and listening. I agree we messed up by providing that estimate. In hindsight it was way too optimistic given the long-tail of items we’ve been wrapping up since then. One of those things where the app works so it feels close, but there were so many small things left to be done. The other piece is the decision to move to our own L2. We know it’s the right decision for the long term and wanted to make the investment before we launched as it’s so much harder to migrate after. Something we didn’t know about early last year but felt we needed to act on once we saw it. We’ve continued to provide updates on what we’ve worked on since then at least monthly, but understand the main thing people want to hear is a launch date. Again no one will be as happy as us to move out of build mode. Re: token sales, everything that has been sold was done through an MM, limit orders only, small size so as to not take existing liquidity. Any big market sells you see are definitely not us.

We should have more feedback such as this, thanks SP! Mods discussing/speculating price and posting goat memes? Alphas talking about trading instead of product progress what has Idex come to? Seriously it feels like there's no firm grip on the progress.

As far as Im aware it is not a hard task to roll your own subnet. I know the team of pretty big project that manages 9fig treasury and they rolled their own subnet on avalanche in just few months. What difficulties team is facing right now? I can understand delay of 2-3 months but not 6+ months. Timing in crypto is very critical. Price appreciation of your own token must be #1 priority for the team (wether you like it or not, its reality of crypto business). If you miss the opportunity it might come in years later which will drive your own expanses higher and causing token sells again. Appreciation of token is the best marketing too. I think this community has been patient enough and deserve some more details as to where the team really is on development side of things. Enough of vague "team is working hard"

Memes are critical part of crypto community engagement. I actually bought IDEX for first time based solely on memes. Its just that its not aligned with token appreciation that is causing the negativity in community and lower engagement. As, again, token appreciation in value should be #1 priority for the team. Memes rules xD

Thank you for the feedback

good questions, something i've been wanting to ask. unfortunately there'll be no direct answer. i observed projects being run before, and this one appears to be a combination of lack of required skills and lackadaisical performance by some of the devs. It does feel like Alex is the only person bearing most of the load and responsibility but probably needs to step up in terms of leadership. The way our company dealt in such scenarios was fire the lazy devs and take time to hire top notch talented ones those who share the spirit of the company and get things done.

i'm all for memes, but just not when we got nothing to show for. it becomes meme of the meme in itself

actually that's not right, we are not looking for launch date since we know you won't be able to give one anyway. we are looking for continuous progress and what you are actually doing to overcome the challenges, you can't hide for long when there are glaringly obvious problems. i think we all know that and we just want to be aware things are moving somehow

I feel more then confident giving you a direct answer, your observation that there is a lack of required skill by our developers could not be further from the truth. All of our development is done inhouse by very talented developers. But it is safe to say that building the product from ground up, where there can be no room for error once we launch is different then "developing" another meme coin.

invite them to alpha, convince us by letting them talk something technical, honestly i'd rather hear them out on programming challenges, technicals instead of trading stuff. otherwise this is just as vague as "very soon" and "stay tuned"

Is there some specific technical questions you have in mind? I am sure we can get them to share their insights when it comes to such questions. Spill the Alpha is part of educational efforts and knowledge sharing from the guests to expand our community knowledge when it comes to trading/investing.

Alex mentioned about infra provider, what is the status? How're things on that side?

Honestly I listened to one of the space with some Deltaxbt guy and I turned it off just after several minutes. Absolute noise , typical influencer mumbo-jumbo about that market can go up or can go down, no shit Sherlock as if its not known to everyone. Those spaces are cringe considering there is no activity on own coin and no trading happening on IDEX itself. Trading spaces for what?

We are in the final stretch of launching a new exchange, so yes trading education/discussion makes a lot of sense. Also, to label Spill the Alpha as noise and influencer mumbo jumbo could not be further from the truth, I can say with absolute confidence that the majority of guests have shared their knowledge, thought processes and “edge” with audience who stuck around for more then few minutes. To each his own

Super fucking close? 😁️️️️️It's really hard to estimate this stuff even internally when we have visibility into everything. As you see from the demo video in November the whole app is working end-to-end, but that doesn't mean every little detail is done. Here are the key work areas we have to finish before opening it up to MMs for on-boarding. -Trading engine updates -SDK updates -Performance targets -Liquidation service updates -API doc updates Note how this is already kind of hard to communicate as "updates" could mean a lot of things (in this case it's relatively minimal pending any new bugs). We wrapped up the trading engine updates last week, and have started SDK & API docs. Our latest performance improvements last week appear to have hit out marks for latency/throughput, through we're still investigating one item to deal with max latency (e.g. p99.9999%). Polygon CDK is great tech but we are still figuring out a few things with them together (again we know this investment is worth it). One of the latest issues pertains to Stargate deploying their contracts. Something was failing and we couldn't see what without verifying it, and we couldn't verify it because something broke between CDK/the latest version of blockscout, etc. etc. Another example is we just last week discovered there is a new recommended way to support bridged USDC to make it work better with Circle's CCTP. So we spent the second half of last week reviewing and understanding that. We've tried providing more consistent dev updates in the past, but it was lost on 99% of people and we didn't see much ROI from it. Ultimately people just wanted a date, and we've always been building towrads a specific feature set rather than a target launch date

Our team is all top-notch, we are relatively small and are taking on a very ambitious goal. CEXs have 100s of devs, and most (I think 1 or 2 are solid) existing perp DEXs are hot garbage compared to CEX futures.

Have you seen the demo from a few months ago? https://www.youtube.com/watch?v=LM-9IOpM8RE&ab_channel=IDEX

We've tried this before but the turnout was terrible and it pulled our dev team away from actually building the product. But perhaps this is something we should reconsider. I get that it's way easier to believe that the team is solid and solving hard problems takes time if you have a chance to hear them geek out on some of the issues. We want to keep spill the Alpha trader focused so it would be a separate forum. Would you expect this to be a regular occurrence? I'm skeptical people would care after the product is live, but can see the value in doing something soon.

Ok thanks for clarifying

Thx for the info. Feels like a neverending story. Good luck

Appreciate such post. I dont think doing technical updates regularly makes sense. But explaining in details once in a while what team is struggling from is worth it. Specially when the product was advertised to be live more than half a year ago. You know. Its just because of such long delay people losing faith in team which is reasonable to ask to reinforce it.

@rubidiumm hi, you might also want to take a look at this comment by Alex as I feel the content is something that adds to what Manuel just mentioned.

Or What Alex says

I intended to say that the Mktg initiatives Manuel emphasized above are complimented by the message I forwarded from Alex. When those efforts work out, the things they mentioned will have a significant impact on boosting liquidity imho

i think this answers the question in general

Here is the answer from Alex though, in case someone is interested:

About the market maker, Alex already mentioned this as well.

@SpeedyXBT we replied to you about this in January, nothing has changed, we have expenses on dev and marketing that need to be covered. Sales are being done through an MM who only places limit asks, they are not "dumping into the book." These tokens have been unlocked for 4.5 years now after 2 years of vesting. If you have other questions happy to answer them.

You telling me you have expenses of 200k per month?

Yes that’s almost exactly right.

Bruh... That's all of the daily volume 😂