Community focused 0 trading fee dex

Name: We are p-rep team Piconbello I am Emre from Piconbello.
Project Schedule: 2 month
Budget Request: 15000 USD paid out of 2 even instalments. This budget for outsourced devs other costs are covered by Piconbello any extra cost going to be covered by Piconbello as well.
Why we are outsourcing development? Because we don’t have any experience with building a matching engine off-chain which settles trades on-chain. Also, I personally know the main developer of a similar exchange which is very successful on another chain. Instead of spending hours on finding the way having bugs, issues etc. We have a chance to work with some of the top names on that matter and delivering the best optimal product on the shortest time.
What we are outsourcing? We are going to outsource frontend and matching engine.
What we did so far or how we can prove we have enough skill to build it? This part is a bit tricky because we are going to outsource matching engine and nearly everything going to work with it so we can’t just say let’s create a smart contract for the exchange which not going to work with matching engine. Our plan was not going for onchain/offchain solution from the beginning at that time. In that time frame, we find a jurisdiction we can lunch the dex without any issue. We analyzed a lot of performance numbers of different approaches on other chains and conclude our tests to see limitations.

Project/Initiative Description: Our aim is providing service for every development on the icon blockchain in case they want to tokenize it. Every chain needs something like that because not all of the developments get funded by millions trough ico, ieo etc.and sometimes listing fees can be devastating for these projects. In Etherdelta case it was totally open for any project to trade their token which makes them first place for scammers but their platform also helps a lot of project at the early stages which affected some way positively for ether. We don’t want a platform for scammers so we will do filtering for tokens going to be traded on the platform. We will accept any other p-reps contribution, partner… We have general plan for dex but we need a long time of stress test and bug fixing period + frontend development which we don’t have in our team that’s the reason we are looking for funding. If you have any confusion we can talk about everything in details.
Key Performance Indicators: After a year of lunch having 10% of the total icx trade volume can be a huge success. With enough traffic we can run some advertisements for anything icon related and with that advertisement income exchange can be self-sustainable. We hope for more but these are more realistic aims for the start.
If you consider supporting us let us know so we can start in advance.
Contact Info: over telegram you can join our group, directly send pm to me @E1piconbello or send a mail to our team mail

Hi Emre!

It is my understanding that you want both to develop and run the DEX. Also that development might be already ongoing. I have a few questions:

  • what legal entity / domicile do you want to run this from, have you done any legal review?
  • do you have any MVP / development roadmap?
  • can you share your budget allocation?


We run legal review some of the crypto friendly regions don’t ask for anything because it’s a noncustodial exchange our plan is going for one of them.
We don’t have mvp because our focus was doing everything on chain than realize matching engine on chain is not practical, low performance and not user friendly for users because of that we decided building centralized matching engine which we conclude some test with it.
Our roadmap is having smart contract and exchange developed in a month and starting tests on testnet while fixing these also starting frontend side and finalize all of it in 2 month.
Budget allocation is goes for developers we are going to hire one of them is a front end developer which will be doing all of it. Other one is going for developer who will test bug fix and make smart contract and other components efficient. Total 15k goes 7.5k per month to developers

Have you thought about working on this with ICONDELTA?

Our plan is developing the user-friendly usable platform for every iconist to use. That’s why we decide on losing a bit on decentralization and go with the off-chain matching engine because that can offer different trade orders which helps a lot with usability on the user side. What icondelta is very different than our aim and it’s not possible we can contribute to icondelta and make it better since all the difference at the core of the exchange. You can say the same for icon developed dex liquidity contract which no one developed a frontend for it. All of them is a different approach to dex solutions but I can confidently say on ethereum side that difference is why idex is the most successful one between all of these dex solutions with them arriving market late considering their competitors. Icon delta exist for at least 2 month afaik you can see they have no users. Don’t get me wrong but I am always talking about these users just don’t came because you are the most decentralized exchange or you offer some service to non existing narrow market. In reality these approach cause most of the crypto stuff fail. It’s not just for crypto same goes for fintech/startup market.

There are lots of DEX’es out there; almost no DEX operates at large scale. What makes you certain we need another one, and what makes you certain it will be successful?

It’s a onchain dex only focus on icon and icon tokens. Every chain besides ethereum most of their tokens volume goes in dex’es reason behind that is it’s much more easier for users to get on board and trade without account kyc, from their ledger directly etc. We have a lot of dex yes most of them on their respective chains because cross chain dex is very complicated and hard to achive that’s also the reason there is no large scale dex because most of them limited to their chains they can’t offer pairs like btc etc. there are so many “DEX” in reality nowhere near being dex.

What makes me certain we need one, every successful chain have one because all the dapps projects … use tokens and people prefer exchanging their tokens without thinking about these type of stuff. “I want to trade between A and B icx tokens but A token in this exchange B is on this exchange” this requires a lot of transactions also cause people to change their decision and goes for something else in this process because they exposed to a lot of other stuff in that process. When they use dex all stay in ecosystem and they don’t get distract by other chains.

Outside all of that our dex plan is help icon ecosystem mainly community driven developments and projects which is low on budget and can’t spend huge money on exchange listing but we will also help funded projects which will take away some a lot of pressure from them and save some of their budget. I am not certain it’s going to be successful for success we need icx icosystem to grow more project and dapp preferring icx over other chains. All of our aim is helping that process with offering good exchange service so they can focus on other sides of the project. If ecosystem didn’t grow and we didn’t see new developments on chain than that’s not good for icon and our dex plan. In short our dex totally designed to help icon ecosystem, developers and community. If we can achieve that I call it success since we are not financial focused and no way to profit from the exchange. Success part is very subjective so I can only be sure with feedback of the community.

We already have Velic that utilizes ICX as trading pairs. I don’t think that there’s huge demand for decentralized trading, unless you have ways of making the Dex enough user-friendly to actually onboard users, which no Dex has managed to do really.

I think we need more innovative products that utilizes blockchain, and until then it’s better to leverage Velic exchange, rather than splitting the community into even smaller chunks, which will be very bad for the price of ICX in my opinion.

We go with of chain matching engine for user-friendly interface. Yes we need innovative products but these innovative products comes from community more than ico’s etc. they might require exchange to support them which is our primary aim. On splitting community and effecting icx price. Competition and alternatives draw attention of new users not split community since users can use both within their needs. Since they are not exiting icon because they use our dex over velic. There is no way this will effect icx price negative while our all trades going to be executed on chain which should contribute to transactions and price in someway.

We just updated main thread to clear some aspects of the proposal.

I think I can see what you’re going for. It would be a low-scale exchange that adds all ICX tokens easily. It would have low volume, but more reliable than having to wait to get listed on Velic (Since Velic cannot add every IRC-20 token). I still think it’s important that you find ways to make the DEX different.

Yes you can call that but we don’t want every IRC-20 token since that would open the gates for scammers. Our focus is providing with most possible easy way. Process going to be like you will execute trade from your wallet and that’s it. No withdraw deposit process no waiting for confirmation by exchange etc. Landed on a main page link your iconex and pick your pair. We don’t focus low volume since it’s possible we can achieve high volume also one of our plan is help with Icon’s non-fungible tokens trade and offer them a way to trade but right now there are 0 development on that area. If projects start to utilize that we will also work on that. In short we will develop the exchange to need but didn’t want to do all existing stuff out there since some markets are non existing like non fungible tokens.

My interest in DEX rises with every single centralized exchange I deal with!
Anyway, ICON Foundation still holds 128m ICX in reserve for DEX. So anyone knows what the plans are with that?

Hi there, we will review it; however, we already made DEX for ICON network. We will take a look carefully see if this project can add value to it.

Review Result Comments

Review Result


Review Comments

Idea of developing the DEX for the ICON network is great but it needs to be more specified and we are not sure your team is the best option to fund and develop DEX for the ICON network. Let’s discuss in forum first about necessity of DEX at this moment and then reconsider. Thanks

Our idea is creating a user friendly platform which will help developers as well depending with developments we will support non-fungible tokens or whatever needed for icx. Yes there is already one dex foundation created it will be great if we can see it working. Our aim is cover uncovered areas since dex is not live we are not 100% sure how well that dex going to cover the need.