I was better off with Coinbase and Binance US. Now using them was the biggest mistake i have made in 2022. I used to love Gemini and support the exchange. Have fun trusting a shitty exchange that has fucked over most of its users. Gemini should step up and help lead sensible standards where there is clear regulatory gaps they're well aware of today. I genuinely want to believe that there are smarter people in this space than some octogenarian representative who probably doesn't even know how email works. But there needs to be better self-imposed standards while Washington fumbles in their own bureaucracy for years and years we can't hold our breath for that, nor should we. You're right - it's all strategy, pros and cons. I think the potential upside gained by taking that stance would be far more profitable in the long run (not only just for Gemini's revenue, but regaining trust in the space holistically) as opposed to abandoning the offering today outright and just get out of the Earn business. Even more reason, as I want to get the message to Gemini, that they have an opportunity to help make it better and set a precedent with these lending places.
This will push things back for years, literally. Which VC / Private Equity will even take a look at another Exchange pitch coming across their desk - it's dead.
With the rapid deterioration of the space, there's fewer and fewer options for customers to go, and less face it - building new ones from scratch today is going to be infinitely more difficult. Even less information for customers to gauge by. It would also be nice to even know Gemini's revenue from Grow/Earn to begin with that won't happen until they go public though. And absolutely, if customers don't like it nothing is stopping them from choosing to go elsewhere. All customers sign off on that buried in the T&C's. I fully agree with you that it's not Gemini's problem if Genesis goes bust. As part of Gemini's brand of trust, please click here to see the details we make open and transparent to you every month, so that you are informed about choosing to use this offering as part of your own portfolio and risk tolerance." "We examine the following metrics, balance sheet items, and audit reports from our trusted lender. Their brand is built on TRUST I'm simply making the statement that if Gemini retains this product in their portfolio to offer customers, then set a precedent in the industry and tell your customers something like: However, we have nothing from Gemini on what it is they even look at. The total volumes and returns are calculated over the reporting day using UTC time.Understood that constant surveillance to determine real-time risk is unrealistic. The values generated in this report are from public market data distributed from Kraken WebSockets api. Relative volume and return size is indicated by the size of the font. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.įigure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (August 03 2022)įigure 2: Mid-size trading assets: (measured in USD) (August 03 2022) For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. Cryptos are in purple, fiats are in blue.
The figures below break down the trading volume of the largest, mid-size, and smallest assets.
Daily spot trading volume: $548.2 million, 30 day average spot: $579.9 million.
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