Let’s go! This will take Mango to the next STEP
Step is one of the most promising projects in solana ecosystem. They are so dedicated and hardworking. George is a clever guy and i think he will continue to add intriguing features to front page of solana. I thing step should be in all c/dexs.
STEP for sure. The arbitrage opportunities and liquidity sink make STEP a no brainer.
Strongly agree with this, and the replies following your post only serve to reinforce your point about astroturfing.
Low quality reply by a Twitter account who is blocked by Step for spreading fud previously. Has no actual valid concerns related to the points in OP. Shouldnt be taken seriously, loves to hate and be wrong
- Irrelevant to discussion. Unlike every other DeFi token, STEP launched with PERPs on day 2 with the ability to short and farm with almost 0 circ supply. Most low quality defi tokens are not good enough to have a PERP market on day 2 and thus this lead to big interest in delta neutral hedging via PERPs and the farm.
This isnt ‘instability’ its literally stable price farming with PERPs a primary venue for this. Would have been good if Mango was available instead on day 2 for this, would bring lots of vol/liq to mango protocol.
Again, hes talking about farming from 3 months ago, not sure how this is relevant? STEP suffered no massive price moves which caused liquidations. This literally incorrect take.
Incorrect, STEP is supported on more CEXs and AMM pools than almost any other Solana token and thus has much lower risk profile than other tokens in consideration. There are many venues on which to get pricing information or hedge positions.
This poster also seems to call anyone not supporting his incorrect takes to be ‘astoturfed’ whatever that means. This thread was highlighted on Step twitter aswell, people are showing their support. This is not a shock.
To put things into perspective. At time of writing
STEP is #2 in number of trades according to Max’s own post Token Listing COPE
STEP has 5x the volume and 2x the OI and MNGO on FTX-PERP mkts atm
The only other Solana tokens with higher OI and VOL are SRM, RAY.
STEP has more CEX listings than every other Solana coin other than SRM and RAY.
STEP has support on Switchboard oracle with Pyth pending, only a few Solana coins have oracle support.
STEP can be used as collateral on Acumen with other Protocols pending.
STEP is clearly top tier Solana proven by the actual data.
Hi, let me inform you what astroturfing means:
The comments by multiple people in this thread who created their accounts today and liked each others posts were orchestrated by your call-to-action posts on your Discord and Twitter. They were not a reflection of unsolicited comments of Mango community supporting this initiative. Hence, astroturfing.
“Farming from 3 months ago” is indicative of how a project conducts itself, if it happened three months ago, it is possible a similar gimmick is introduced again in the future. For reference, a funding rate of -0.17% per hour is 1,500% APR, below is screenshot from May 1 of FTX :
As I previously noted, mango perpetuals are marking price based on Index alone, not taking into account the premium/discount the contract would be trading at (or what other perps in other markets are trading at). So, if this were to happen again, it could be problematic without a Mark Price formula change.
Given that there are limited slots, only tokens that have both a spot and perp pair should be prioritised until the capacity is expanded sometime early next year.
On the CoinGecko Solana ecosystem category it seems STEP only makes it to #23 in terms of market cap – probably not what one would consider “top tier”
Once again no actual responses to the listing requirements in the OP and you can probably see why he was blocked on Twitter, provides no actual discourse. Just some weird conspiracy that “what happens if farming happens again?”. Indeed what happens is….price discovery. Seems you haven’t read the docs at docs.step.finance. Feel free to educate yourself there on future plans then maybe respond.
STEP is also #2 in actual trades according to Max’s post Token Listing COPE
It also seems this user:
- Doesn’t like people replying to threads. Should we delete peoples opinions? Whos opinions should be deleted from this thread let us know.
- Was literally wrong about protocol risks, STEP never faced large liquidations as implied in his initial post.
- Seems to have an agenda against the token which clouds their reasoning. Imagine thinking #2 by trades, #3 in OI and VOL for a PERP market for a listing on a literal Margin trading protocol isn’t valid.
No further need to respond to trolls
I’m not sure what CEX listings have to do with it – by your own original post these CEXes, outside of FTX, seem to be… “AAX”, “MEXC”, and “Gate.io” – generally considered low-quality pay-for-listing CEXes so not sure they should really count for much. Their collective STEP volume also seems trivial compared to what FTX and Raydium are garnering. Caring about CEXes seems like very 2017 thinking to me.
FTX, I think most people can agree, is a quality CEX. So let’s look at their top PERP contract volume – in totality, not just focused on Solana ecosystem. So I quickly pulled the 24hr data from https://ftx.com/api/markets and isolated the PERP markets and usd-volume. They indicate that out of 160 perp markets, STEP is #42, and the volume share is about 0.19% of the lot:
I emphasize again: in the current Mango version where there is only slots for 15 tokens to be added, where there should be both spot and perp pairs covered, is this project which is:
- #23 market cap out of solana ecosystem per coingecko
- #42 perp volume on FTX
The one to take one of the remaining slots that are available?
It’s obvious that, as it is not of sufficient quality to be a normal collateral asset on FTX, that it must take a severe haircut to account for the risk (similar to MNGO).
So, all I’m asking is, should we not be spending the slots on higher quality assets that will garner more volume and carry stronger collateral weight for traders?
You are misreading – the point of assessing the appropriateness of a listing on Mango is to understand the risks an asset would pose to the stability of MANGO’s system. The kind of volatility and high rates I alluded to pointing to the data was to indicate a higher risk of social loss / insurance drawdowns from STEP being supported as an asset and PERP listed.
You are the founder of STEP, made a call to action to raid this forum in support of listing your token on Mango, and have a massive financial incentive to push for listing with no real regard for the interest of Mango and stability of its risk system.
step sounds like asss, is a no from me dawg
lmao in a desperate attempt to salvage you named a bunch of non-solana coins. You do realise litecoin/BCH/Avax etc isn’t a Solana coin right and is not something Mango will list? How dumb can you be.
Don’t see anything you’ve said being useful, just random ‘muh farm’ from months ago. Get a grip.
I see nothing wrong with this listing LFG STEP should be on Mango
I know you’re very new (seems you created an account 6 minutes ago as part of the STEP raid)
So it may be helpful for you to understand that Mango supports Perpetual markets and can therefore list a number of perp pairs which do not have SPL token support. This would use one of the 15 “slots” (which can use both spot and perps) so that is the downside to listing perp which cant be listed as spot / collateral support too.
I’m personally not in favor of listing step because of token slot limitation. If more slots are added later during the year step can probably be added as an option. Wormhole opens up many options for mango to list different spot markets with a much wider market appeal. Mango needs to focus on building a solid brand for traders and that means listing tokens/coins with high volume on high tier CEX first to attract a wide base of users.
LOL again like George posted earlier, answer the question:
How many minutes should expire before you can comment ? Who’s opinion should be allowed in this thread? You keep dodging this question. You won’t answer because it exposes how stupid of a comment this really is.
You would rather support literally non existent non-solana coins which don’t even exist. Imagine supporting something which doesn’t exist, literal insanity.
None of the wormhole coins have any liquidity or usage. If you actually look at the metrics that Max listed for coins they need to A ) exist B) be used C) have liquidity.
and yet you support COPE, a literal meme coin in the other thread which has no PERP market, no collateral usage, no significant CEX listings other than FTX, no fee revenue. So no, you have no arguments, you literally contradict yourself trying to contort because you’re butthurt about how it launched.
@mschneider its time to ban this troll
To be honest, I used STEP every day and was quite surprised with their UX/UI, but, similar to SonarWatch or ApeBoard is the only feature that is useful.
And I believe in the number, mathematic, and analytics more than the hype from the community.
For what it’s worth, I think STEP needs more time to develop and get rewards from that after all.
Currently this is true, but I’m unsure when the token list size limitation will be less of a problem on mango. Non SPL token markets will probably start becoming more popular in the coming weeks/months. These markets will most likely have liquidity provided on serum by alameda/raydium. Adding on to this the oracle limit extends to perp markets which do not require the assets to even exist on the blockchain. This basically allows mango to list higher market cap coins solely on the perp market by just using an oracle.
Please watch your language or you might end up getting banned. Austerity might be too provocative for you to keep your face, but i don’t see why this forum should give you a platform for insulting (calling others dumb etc.)