Consensus Update #9 — Consensus To List Mainnet SEN on First Exchange

We’re very pleased to announce that as of August 3rd, we will enable trading of the SEN Mainnet Coin on CoinBene, an international leading Cryptocurrency exchange. We’ve certainly heard the community’s asks for the opportunity to buy SEN and liquidate SEN for use on the network. Our listing team have been working hard in the background to make this happen.

Listing on CoinBene, as a first launch partner for the Sentient Network mainnet token - the Sentient Coin, that is replacing the Consensus ERC20 token, is a critical first step in making the SEN token available to governments and the global cryptocurrency community.

With that in mind, our focus to create additional opportunities won’t stop here. Continuing to add additional exchange listings that will make SEN more easily accessible continues to be top priority focus for our team as Dustin Plett, Chief Strategy Officer, Consensus explains:

This is the first in a number of listings we’ll be announcing over the coming months, we are continuing to work with quality partners around the world to ensure access to SEN in all markets.

At Consensus, we did not take this decision lightly to list on CoinBene. Many of the exchanges we had conversations with over the last several months had requirements that did not meet our thresholds (or bordered on outright fraud), so were careful in selecting a first launch partner with the notion that there will be several others that will follow over the coming months. In the spirit of full transparency for the SEN community and crypto communities at large, here were some of the issues that plague the current exchange landscape:

1) Requirement for 100% Open Source Code: Several exchanges had this requirement. At Consensus, we’ve spent several years developing proprietary IP that serves as our competitive differentiator. While we’re comfortable making code available Open Source to the community, there is IP that we need to be able to protect.

2) Guaranteed Price Increases or Volume: Several exchanges demanded to see price increases of 100–300% upon listing, or otherwise they would be within their right to withhold a sizeable deposit in the exchange. This is outright price manipulation and fraud, and we had no interest in working with these kinds of partners.

3) $100-$500K USD “Deposits”: In addition to listing fees, several exchanges required “deposits” whereby they would be returned to SEN if certain conditions are met. The reality is that the terms of returning these deposits are extremely vague and likely result in exchanges holding these for additional profit. We do not believe that letting an exchange hold several hundred thousand dollars in a deposit is a good use of funds that the community used to support SEN.

We hope shedding light on some of the bad practices within the exchange landscape will help other projects feel less pressure to be subjected to those kinds of terms. We’re very excited about our launch with CoinBene, the first partner for the SEN Mainnet token. And there’s much more to come!

Resources:

ERC-20 to Mainnet SEN SWAP Instructions: Click to learn more.

Depositing to CoinBene Wallet Instructions: Click to learn more.