SMTs Going To Be Listed On Daybit Exchange

@steemhunt released a couple posts over the past month or so which talked about an initiative they undertook to get not only STEEM listed on that exchange, but also tokens created on Steem that will eventually convert to the SMT protocol. For the time being, the applications that sign up will release their tokens using the ERC20 protocol.

The team @steemhunt put out a post today. They updated the progress of this initiative. Here is what was agreed upon:

List Steem and SBD tokens on Daybit
List the temporary SMT tokens on Daybit (such as ERC20) with STEEM trade pairs
Support fundraising for SMT projects via IEO (Initial Exchange Offering)
Support token swap of those temporary tokens to the SMT version when it’s ready
Support fiat currency trade pairs for the SMT tokens that have enough market volume

These are agreed to but are subject to change.

This is really big news. We could see these tokens available for transacting within the next month or two. This will provide price discovery for each token which will help developers in their fund raising efforts. The fact that it is convertible into STEEM (and vice versa) should be of great interest to all on Steem.

So far, these are the applications that agreed to go down this path.

The delay in the SMT protocol and the internal exchange caused a number of developers to shift gears. This is one path that is being offered. The other is, of course, Steem Engine.

One of the major benefits to using Daybit is the opportunity it provides to those outside the Steem ecosystem. This is truly an exchange, albeit a rather new one. When it first was released, it reached #12 status. It since fell back although an adjusting of their marketing plan is expected to yield better results.

Korea is one of the epicenters for cryptocurrency and being on a Korean exchange can only help the visibility. While Daybit is not large, from what I understand, their parent company is a mega player. We will see what they evolve this platform into.

Another fascinating thing about what Steemhunt was able to do with this initiative is to get @coingecko to do some monitoring. This is a respected crypto ranking site and their conclusion will add validity to the projects that earn their praise.

Here is the full post:

https://steempeak.com/witness-category/@steemhunt/smt-tokens-market-initiative-in-daybit-steemhunt-esteem-utopian-actifit-fundition-tasteem-tripsteem-dclick-ntopaz-k-pop-steem

Not long after this post, @actifit released an announcement that they are, indeed, pursuing the listing on Daybit. The team also explained why they opted to go this route as opposed to Steem Engine.

https://steempeak.com/actifit/@actifit/smts-coming-to-daybit-exchange-the-beginning-of-the-future-and-our-weekly-updates

It seems the main driver for the applications is the ability to raise funds. Hopefully they see the liquidity on this exchange to get what is needed. If the SMTs can get Fiat trading pairs, that would be a tremendous boost to the entire ecosystem.

This could be a glimpse into the future of Steem.

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