Presenting Nomics’ White Label Market Data API For Cryptoasset Exchanges
Nomics offers a “done for you” white-label market data API product to exchanges. This product empowers exchanges to provide a best-in-class market data API—powered by Nomics—with unparalleled features, speed, documentation, and support (and at a fraction of the cost of maintaining, hosting, documenting, and supporting your own home-grown API).
The 3-Step Process for Launching Your New World-Class Market Data API (Powered by Nomics)
Step 1: Expose endpoints for ingestion
Developers from your exchange expose three private endpoints to Nomics; developing and exposing these endpoints typically takes between 4 and 8 hours of developer time: it’s never taken more than a day. These endpoints allow Nomics to ingest trade and order data primitives. (From these primitives, we can provide dozens of API endpoints that allow users to retrieve, format, and package their market data in several formats).
Step 2: Endpoint validation
Nomics validates your endpoints.
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Step 3: Launch your best-in-class market data API
Nomics stands up a best-in-class API (e.g. data.YourExchange.com), documentation (i.e. data.YourExchange.com/docs), and support workflows. Our white label market data API provides your end-users, customers, market makers, liquidity providers, and analysts the best market data experience available today.
Here’s How The Architecture Would Look…
Why Outsource Your Market Data API To Nomics?
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Benefit 1: Free Up Your Team
We take maintenance, customer support, and documentation, and even billing off of your hands. This frees up engineering bandwidth enables your developers to focus on higher priority initiatives.
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Benefit 2: Cost Savings
While we can’t commit to a specific price until we understand your needs and usage requirements, we can say with absolute certainty that we can power your API for a small fraction of what it costs you to maintain, support, and host your own market data API.
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Benefit 3: Reduced Server Load
Every day, thousands of people hit your API, all asking for the same information multiple times. Our platform only needs to collect each data point once from your exchange (and only once). Indeed, our load on your system would be less than a single high-volume API user.
The commitment we will make is that we won't make more than one concurrent request per endpoint per market. So, if you have 100 markets, we would at most have 100 requests for trades in process at any time. We won't ever ask for a market's trades while a request is still outstanding.
In addition, hosting a public API requires protection against anonymous users, bad actors, and buggy scripts. Our white label API solution allows you to avoid these issues altogether (i.e. these issues become our problem, not yours).
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Benefit 4: Monetize Your Data
We don’t recommend charging for your market data in today’s climate. That said, we’ll be there for you if you ever decide to offer premium market data plans. We can handle account creation, API key management, metered billing, invoicing, etc.
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Benefit 5: Attract Market Makers
Market makers are necessary to provide liquidity on your platform. Having a world-class market data API attracts the best and most sophisticated market makers to your platform, compelling you to the top.
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Benefit 6: Better Customer Experiences
More on this in the following section.
Your Market Data API vs. Other Exchanges
| Your API | Gemini | Poloniex | Binance | Coinbase | Bittrex | |
|---|---|---|---|---|---|---|
| Rest API | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Websocket feed | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Historical raw trade/tick data | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Historical OHLC data | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| OHLC smallest interval | ✓ | ✕ | ✓ 5 min | ✓ 1 min | ✓ 1 min | ✕ |
| Node, Python, C#, and Java client libraries | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Historical order book data | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| ATH data for all trading pairs | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Use any fiat or cryptocurrency (as the "quote currency") when quoting prices | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Historical exchange rates | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Current & historical global market cap | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Current & historical trade volume | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cryptoasset metadata | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| SLAs | ✓ 99.9% Uptime | ✕ | ✕ | ✕ | ✕ | ✕ |
| Quality of Docs | Best In Class | Good | Fair | Good | Good | Fair |
Our Proposal
We propose supplying your exchange with everything in the left-most column in the table above (i.e. the column titled “Your API”). This proposal would allow your exchange’s market data API to come into parity with—and then surpass—the market-leading APIs of exchanges like Binance and Coinbase Pro.
In order to accomplish this goal, the following are needed:
Speed Improvements
Most exchange market data APIs have a response time about 75ms vs. 15ms-30ms response times for top-tier APIs. For reference, Nomics’ average response time is 5ms.
Historical Data Exposure
Most exchanges do not provide historical data. You'll need:
- Historical gapless trade/tick data for all markets
- Historical gapless order book data for all markets
- Historical gapless OHLC data for all trading pairs
Better Documentation
The best APIs provide example responses, example requests in several different languages, and query builders.
Other Endpoints
A number of additional endpoints should be available to your end users as “convenience features.” These endpoints can provide all-time-high data, metadata, and global cryptoasset market cap and volume metrics. We’re constantly adding new convenience endpoints to the Nomics API; these endpoints would be made available via your API as well.
About Nomics
Company Overview
Nomics is an API-first cryptoasset market data company. Our product is a crypto market data platform that enables investors, market makers, and analysts to programmatically access clean, normalized and gapless primary source trade and order book data. The company is working to index 95% of trade, order book, and on-chain transaction data available for tokenized assets (including security tokens; tokenized funds, indexes, derivatives, and REITs; and of course cryptocurrencies). Core to the Nomics strategy is a data platform that enables exchanges -- and other data providers -- to create and submit data streams to the Nomics repository. In addition to our data platform, we also maintain Nomics.com, a consumer-oriented price aggregation website built entirely with their API.
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Industry Backing
Our investors include Coinbase Ventures, Digital Currency Group, TokenSoft (which powered 30% of all compliant ICO funds raised in August of 2018), Ben Davenport (Co-Founder & former CTO of BitGo), CoVenture Crypto, and CityBlock Capital.
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About The Founders
Clay Collins – Before co-founding Nomics, Clay founded Leadpages, where he drove growth to over 48K paying customers (and 175 employees), led the company’s acquisition of Drip.com (an e-commerce CRM), and raised $38M in venture capital financing. Under Clay’s leadership, Leadpages had more paying customers and revenue than any competing product.
Nick Gauthier – M.S. and B.S. in CS from Johns Hopkins. Author of Recipes with Backbone and Mobile Web Patterns with Backbone.js. Nick created MeetSpace, a video conferencing application for distributed teams that Clay wanted Leadpages to consider as an acquisition target (that's how they met). Before that, Nick worked at Codeship on the Codeship Pro Continuous Delivery platform, as well as various other web application consulting projects in Ruby on Rails, Go, and JavaScript. Led the team that re-wrote and replaced shortmail.com without downtime for 100Ks of users.
Praise For Our API
In Conclusion
We’re passionate about APIs and believe that your market data interface can become a key differentiator that helps drive customer growth and increased market presence.
If this content of this proposal has piqued your interest, we’d love the opportunity to discuss feasibility with members of your product and engineering teams.