Arsen

@eatdip.eth

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This we week finished fronted for /bakstag сensorship-resistant, community-owned OTC marketplace. Now you can try pre-testnet. /base sepolia <-> /optimism sepolia (ETH, USDC, USDT, OP) Quick loom overview below or try yourself here https://bakstag-landing.vercel.app/ https://www.loom.com/share/c52ccd58b268464d90aefa878c72d5a7?sid=473b5543-9ff5-4d43-99ec-8ae6a0209307

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/bakstag Omnichain p2p transactions without token bridging, burn/mint mechanics, wrapping, etc. Peer-to-Peer with desired amount and exchange rate. Testnet. /base <-> /optimism and vice versa. Please create some test offers, any feedback will be helpful. More L1s and L2s later, non-evm as well. https://bakstag-frontend.vercel.app

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This week we continue to build /bakstag Omnichain Over-the-Counter Protocol. We've finished evm part. Testnet ready. p2p transactions on desired amount and exchange rate. From /base to /optimism and vice versa. If you can create test offers , our team will be happy so much. https://bakstag-frontend.vercel.app

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It's not about a price, its about sending a message 🚀

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Recent Updates on /base-builds https://warpcast.com/eatdip.eth/0x95d47b2b

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This week we continue to buid /bakstag. Omnichain OTC Protocol. No slippage, no bridging, no token wrapping. Create any offer with any currency, exchange rate, and amount. Protocol takes 1% of the destination token as a fee. To avoid missing out on fees with tiny transactions, we’ve developed flexible limits that ensure minimum volumes for different exchange rates. We've also solved the issue of varying decimals across networks, ensuring seamless transactions whether it's ETH with 18 decimals or Solana with 9. Our flexible system keeps the platform practical for all users. More details and results in the file: https://sudsy-anemone-e3f.notion.site/Bakstag-OTC-market-restrictions-2c736c1aa256461fa1b15f74ebe8dfb4 💪

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recent updates on /base-builds https://warpcast.com/eatdip.eth/0x44cab9c3

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16) On the interface side, it is necessary to make the platform the most convenient, without the need to go through a large number of steps to create and purchase an order, because the retail user is more likely to choose the fastest and most convenient way of exchange. On the other hand, this market is mostly open to new products, which may cause a greater attractiveness on the part of the community.

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15) On the other hand, as mentioned earlier, institutional investors are much more favorable to use the OTC market to trade assets, as their volume of trades can result in a large number of transaction costs. It follows that in the case of creating a product aimed at OTC P2P DEX transactions, it is necessary to focus on proving to the user that transactions conducted on the platform will be more profitable than those conducted on CEX. It is also necessary to pay special attention to the speed of transactions, as well as convenience in terms of user interface. In the case of a P2P project without liquidity pools, the issue of transaction speed can only be solved by attracting more users and clients, which will significantly affect the further development and success of the platform.

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14) Not rapid development of this industry can be associated with too difficult and limited user interface, which provides this type of platform. Therefore, in most cases, retail users do not pay much attention to the spread and slippage that can occur during trading on CEX, and think more about the speed and convenience of buying and selling an asset, without having to search for the right price and order.

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13) On the basis of market analysis, we can conclude that the overall market of OTC P2P DEX platforms is only at the initial stage of development as the competitive environment in this niche is quite small.

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12) These differences emphasize the consistency of execution in the OTC market regardless of size and volatility. Therefore, if OTC crypto venues can simplify the interface enough for the average user with the ability to reduce the deviation per trade with a low entry threshold (in the case of Bakstag - P2P), user interest could increase significantly.

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11) In addition, in terms of the possible rapid development of the crypto OTC market and its rapid development can speak the statistics of standard deviation, which is present on CEX platforms and also has an impact on the retail investor and trader. For example, Execution of 1BTC and 10BTC. For comparison, the standard deviation on Binance is 10% on Poloniex it is 78% and on Binance US it is 130%.

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10) According to CCdata, 40% of respondents did not notice significant changes compared to the previous year, 33.33% noted the positive impact of the normative acts on their activities. However, 26.67% of respondents felt a negative impact, which indicates the different effects of changes in the regulation of the OTC cryptocurвrency market.

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9) Also, one should not forget about the risks associated with the regulatory component of the cryptocurrency market, including OTC transactions. Despite the fact that “Bakstag” is a decentralized platform for P2P OTC transactions, changes in the regulatory system can have both positive and negative impact on the project. On the one hand, the platform can provide new opportunities for convenient decentralized sale and purchase of assets, attracting new customers. On the other hand, it may lead to an exodus of clients from the crypto space, and a shift to work with more centralized platforms.

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8) According to CCdata, the customer base in the OTC cryptocurrency markets appears to be expanding significantly: 80% of respondents reported an increase in their customer base in 2023 compared to 2022. Conversely, 13.33% of organizations reported the number of customers remaining the same, indicating the stability of the market segment, while a small portion of organizations 6.67% reported a decrease in the number of customers.

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7) On the other hand, the total average daily volumes on the CEX significantly exceed the OTC market, amounting to $23.4 billion. From a retail user's point of view, the OTC market is not so attractive, as it provides a complex interface for the average user, thus it is more attractive for the average user to make a transaction using the spot exchange in a simplified format. However, with the improvement of platforms, this sector of the market will be able to attract its retail user, as the market is not yet fully formed and is more in the "Blue Ocean" stage.

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6) From an institutional investor's perspective, a significant proportion of all trades are conducted through the OTC market, while 1800% less than the average daily volume passes through the spot centralized exchanges (LMAX and ErisX) that specialize in working with institutional investors. This indicates a strong interest by institutional investors in the OTC market rather than trading on the exchange. However, this trend will continue until 2023, as the ETH and BTC ETFs being adopted now may reverse the trend and pull a large portion of institutional investors to themselves.

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5) Generally, people prefer OTC trading over traditional platforms like CEX’s because of its unique features such as specific transaction parameters including timing and even asset exchange rates.

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4) The spot OTC market size during the first three quarters of 2023, had an average daily trading volume of $1.44 billion, based on responses from market participants who were willing to disclose their trading volumes.

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