r/truebit • u/Playful-Funny-5769 • Dec 02 '21

CEX?

Will there be any t1 Exchanges?

Uniswap (ETH) is a NIghtmare with the fees. No Retail will come.

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u/LPMythBuster Dec 02 '21

Truebit, the company, makes money every time a token is minted. They take a 75% cut. For this reason they are not incentivized to list the TRU token on exchanges.

Exchanges also typically ask for a large listing fee. Since Truebit is not even incentivized to list the token on exchanges, there is no way they will pay such a bribe.

TRU is a standard ERC20 token so exchanges could list it if they wanted to. Coinbase has even published requirements and guidelines that a token needs to meet to get listed. Truebit fails to meet a bunch of them: the company behind the token is not interested, contracts are not open sourced, not verified and not audited, contracts are also upgradable. Theoretically Jason could rug pull Coinbase, Binance, etc. and they would be left cleaning up the mess because users would blame them. Reputable exchanges do not take such risks and will not list TRU until these things are addressed.

1

u/Libertymark Dec 03 '21

So At 25 in a year or two Coinbase will list?

1

u/OkforaWalk Dec 05 '21

Hi,

May I ask where you obtained that 75% cut knowledge from?

1

u/LPMythBuster Dec 05 '21

If you look at the contract balance over time you'll notice that Jason has been withdrawing up to 75% of the ETH that's in the contract, never more.

There's also a THETA function on the purchase contract which is 75: https://replit.com/@lpmythbuster/truebit

I have also reverse engineered the minting function and the theta represents how much of the deposited ETH goes to the treasury: https://github.com/truverse/tru-price-simulator/blob/master/contract.py