You say you plan to launch a stable coin in Q4. What is that supposed to be good for? There are highly professional businesses offering stable coins all over the place. What benefit will you additional stable coin in half a year from now bring to the table and how are you going to convince someone to use your stable coin instead of Tether or Binance stable coin?
We're going to introduce a non-pegged stable coin. The problem with what's available currently like the ones you mentioned, is the fact that they're pegged to the US dollar. The major concern with this is that the Dollar is highly inflated and its value is based on the fact that Saudi Arabia still sells oil for US dollars. Iran, Venezuela and Russia have already stopped. Pegging a coin to the US Dollar is like throwing a rope when you're drowning to a sinking ship.
We'll be announcing plans for the token distribution towards the end of the year.
Will it be a seigniorage-backed stablecoin? I have seen one project here having this type of stable coin and from what it seems, they are not successful with it. But since you are having a decentralized exchange, maybe the fate will be different. It is smart move to use both platfoms - BSC and ETH. Once ETH resolves their gas efficiency problem, the traders may go back again using this network.
We can't go into details too much about that at this point. This is still a business and we're not going to tell the world what we're doing this far in advance. I guarantee you that as we get closer we'll put out some announcements. For your point about both blockchains, I appreciate that and we agree. ETH will resolve their gas fees, they're already working on it. Ethereum won't be disappearing anytime soon, but BSC is definitely the one to go to now. Our competitor is doing more traffic on their exchange than the whole ethereum network at the moment. Crazy to see things like this happen. It's a fast ever-changing world.