As believers in truly decentralized models, we have long and often-discussed and strategized on how to exist without centralized exchanges. This forum post highlights some of the latest conversations around this topic.
Today, Liquid announced that ThreeFold Token (TFT) will no longer be listed on their exchange starting August 21 2022. Earlier this year Liquid was acquired by FTX. They have informed us that in connection with the acquisition, the exchange is “undergoing a process of streamlining its services and token offerings.” TFT was one of many tokens to be taken off of the exchange, effective next month.
Accessibility is important to our community and to us. There are now and will continue to be many ways to buy and sell TFT, including gettft.com, PancakeSwap, Stellar’s DEX, amongst others. And TFT will soon be available on order books on both Stellar USDC and Algorand, which are quite simple to use. (Actually, as compared to centralized exchanges which can cost a lot of money and resources, are highly speculative, potentially unsafe, and remain complicated for users, we have seen that order books on decentralized money chains are straightforward, while offering generally the same functionalities.) So, we are soon off of Liquid, but more options are there, and coming.
Beyond this, we have introduced the Liquidity Pool concept. ThreeFold is creating community-based (decentralized) liquidity pools which will become our main point of entry and exit for TFT, and will work together with our P2P Wallet (more below). This will allow us to acquire as many tokens as possible from external sources and will be used to provide liquidity for the community.
The P2P Wallet is a DeFi Platform which will only support TFT vs other digital currencies. This will allow anyone to buy and sell TFT in all safety, without the need for blockchain DEFI or exchanges. This avoids market manipulation and abuse of our community by financial bots, and allows for Liquidity Providers to get margin in return for providing liquidity. Further, it brings a solid, stable financial base for our token. We are confident that other projects will want to join this effort. For this, they will have to show their support by creating liquidity pools between their currencies and TFT.
Perhaps most crucially, our Internet of Internets model will be a massive stimulator for the TFT economy. Regional Internets will have their own self-sustaining liquidity pools, validators, and regional TFTs – with TFT acting as the reserve currency of the whole decentralized system.
On we go, together we build!
We’ll be hosting a community call next Monday which will cover some of these topics and we’ll also be releasing more updates to bring greater clarity to the TFT plan and upcoming buying and selling options. Is there anything in particular you want to see from us? Let us know in the comments. For technical support, please reach out to our support team via live chat on threefold.io or in the ThreeFold Connect app.
I hold TFT on Liquid, what are the implications for me?
You will need to withdraw your TFT from Liquid to a TFT wallet. For now, Liquid will continue withdrawal support even after the delisting, although we do not know how long that period will last. Thus, we recommend doing so prior to August 21, 2022.
How do I withdraw TFT and move to a wallet?
Please follow Liquid’s documentation here. If you have more questions, please let us know below.
What are the implications of the delisting for the project?
Typically, where most projects depend heavily on centralized exchanges, this might not be a good thing. That said, as explained above, ThreeFold is different and has been preparing for a move towards true decentralization.
Of course, in the immediate future there may be a decrease in trading volumes, but this will be replaced soon by Liquidity Pools, DeFi, the Internet of Internets mode, our own proposed P2P DeFi Platform (Wallet), and in the medium-to-long-term, the delisting does not affect our project.
What might happen with the price in the short term?
Ideally nothing should happen, but some speculators who may not understand our project or our strategy may dump their tokens. In this instance, we see it as an opportunity to buy TFT at a low price and we will do so as much as we can ourselves.
What do we recommend people do now?
If you are a Liquid user, you’ll need to move your activity from Liquid to our other current and future options. We will be reviewing our documentation to ensure the easiest experiences for all.
What will ThreeFold do? How does this affect strategy moving forward?
Please take a look above at the main text of this post, all is explained there. We will be sharing in more depth as we go.
What is ThreeFold’s position on future centralized exchange listings?
Well, TFT is still listed on BTC-Alpha. But, as mentioned, we are believers in true decentralization and believe the above strategies give us a strong path forward. So, this topic remains somewhat open for now.
What are the options to buy and sell TFT now?
You can find the options to buy and sell TFT here. We will update the text accordingly ASAP based on this delisting.