Hey Rally Community,
As part of my engagement to help increase liquidity for $RLY, I mentioned I would provide quarterly updates. I wanted to take this opportunity to quickly let the community know how things are progressing.
On the exchange front, challenges in Asia have slowed down what I was hoping were going to be some quick wins. The regulatory landscape in China in particular has caused delays for all projects attempting to list on Chinese based or focused exchanges. Additionally, the US exchanges have relatively lengthy due diligence processes for new listings. While work to get these exchanges is on-going, it is somewhat slow going and difficult for me to know when the listings will start to roll out. For visibility, I am currently in various stages of the listing process with a total of seven exchanges. We’ll get there, but it’s going to require some patience. In the meantime, I’ve started filling out the application for the Binance DEX and hope to have that submitted sometime next week. I’ll let you know how that goes once the process kicks off in earnest.
Here, the progress has been much smoother. We are currently in contract and have funded a loan to one market maker. We’ve signed a contract with a second market maker, are at the finish line with a third, and are in early stage discussions with one more. The last one is of particular interest since the deal involves a profit sharing arrangement and could generate revenue for the Community. In any case, I am confident we should have at least three market makers providing liquidity across $RLY markets by the end of the month.
Now that we have market makers under contract, we should start to see material improvements with respect to volume and spreads across $RLY markets. In my next update, expect to see data around these improvements, as well (hopefully) good news about listings. Until then, if anyone has any questions, please let me know.
Hope everyone is doing great and has a wonderful holiday weekend,