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1/ Transparency Update: Exchanges
This thread is a linear timeline and insight of what has happened over the last few months and where we are now in terms of exchanges. We hope this provides some clarity on the obstacles and opportunities ahead.
This thread is a linear timeline and insight of what has happened over the last few months and where we are now in terms of exchanges. We hope this provides some clarity on the obstacles and opportunities ahead.
2/ On January 15th, we launched the BOMB project into existence. Over 20,000 people joined the social experiment to create the world’s first self-destructing currency.
3/ On February 15th, we made DEX listings a priority. However, despite multiple platforms wanting to list us (even the number one highest volume DEX), every exchange we talked to had incompatibilities with our token design.
4/ The 1% burn is an awesome feature but causes some issues with decentralized trading. From fee structures to incorrectly reading deposits/withdrawals, this is an unfortunate trade-off of having unique deflationary characteristics.
5/ On February 21st, we discovered that DDEX.io had a unique trading protocol called “Hyrdo” that was compatible with BOMB. One day later, we were listed. From this day, BOMB has continued to be in the top 2-10 tokens on the exchange.
6/ While DDEX has been an awesome addition and continues to be the main trading option, the platform restricts users from the US where a majority of our community lives.
7/ On March 15th, after struggling to find compatible DEXs, we made a poll on Twitter to see if the community wanted to open the doors to CEXs. The results were very much in favor of it:
8/ We immediately began reaching out to every exchange imaginable. While optimistic, the listing fees we were being quoted at ranged anywhere from 3-20 BTC. As $BOMB has been self-funded from day one and promised never to ask the community for capital, we continued looking.
9/ After multiple weeks, we finally got connected with Mercatox as a possible option. Although design can be improved, multiple industry reports and case studies have shown Mercatox has some of the lowest amounts of bot trading and most amount of “real volume” in the industry.
10/ On April 17th, the core team put funds together to get listed. While a large expense out of pocket, we wanted to provide alternative options for the social experiment supporters. On April 18th, Mercatox approved us and sent an email “Your coin will be listed in 2-6 days.”
11/ That same day, excited about the news, we made this tweet:
12/ On April 24th, six days later, we received an email that there was a compatibility issue. It seems there would be a double burn if you deposited $BOMB onto the exchange. This is due to deposit/trading wallets and how these interact.
13/ On April 26th, ten days ago from today, Mercatox emailed us that they were writing some custom software to make sure we worked on their platform properly. This was an awesome gesture on their end showing us they were willing to work with us.
14/ On April 29th, last Monday, we received an email saying “We are planning to list your coin sometime this week. We'll update you with the date once it's been scheduled.
15/ This was the last email we received from Mercatox. Despite reaching out multiple times, we continue to wait patiently for a reply. Although we still have confidence Mercatox can pull through, we will keep the community informed on the final outcome and alternative paths.
16/ We truly believe BOMB has one of the best and most loyal communities in the industry. The amount of support we get on a daily/hourly basis in our telegram group and social accounts continues to amaze us.
17/ Despite the hiccup, BOMB continues to thrive and we will continue to push forward with this social experiment; with or without Mercatox. We are currently in talks with many other platforms for increased liquidity for everyone.
18/ With just one more official exchange, we can begin a listing request to be on CoinMarketCap. We believe this is huge for the health and overall awareness of the project.
19/ We will keep everyone updated as we receive news. Feel free to join us in live chat on telegram for any questions, concerns, or comfort memes you have:
t.me/bombtoken
t.me/bombtoken
