Dear UChain Community,
Over the last couple of days, we’ve seen a noticeable amount of FUD and unfounded speculation following our first official exchange listing. We understand this has become somewhat of a point of question for a part of our community so we would like to address some of it here.
The first thing brought into question is the choice of exchange. After conducting extensive market research, and consulting with our advisors, the core team decided on selecting UEX as our first listing. There was some very simple reasons as to why we chose this exchange. Volume played a major part in our decision making, as UEX currently boasts a consistently growing $40m+ in daily volume. Security and UX (user experience) was also a major point in decision making as we wanted to bring an exchange to our community which put security and user experience at the forefront. All the of points above, together with their approach to listings, in terms of marketing and promotion, fitted the needs of our opening exchange.
A few people and parties have alluded that the choice was made or influenced by particular institutional investors, but this is simply not true — the UChain Core Team is in charge of all matters concerning project development, as well as negotiating exchange listings. Our strategic partners are there to offer their advice and support in promoting and growing both our project and the future ecosystem, but the decision-making rests with those whose vision they’ve opted to support when joining our project — the UChain Core Team.
Next thing brought into question is the timing of the token unlock. Last time we’ve touched upon this subject was the correction of the airdrop and bounty distribution time — we wanted to keep the promise made to our community that the airdrop and bounty tokens will be unlocked after the exchange listing. After taking into consideration the market conditions at the time, the decision to postpone the exchange listing was made, and hence the bounty and airdrop distribution was postponed as well. Even though we highly value the input and effort of our supporters that took part in the bounty, and are thankful for their contribution to the promotion of our project, we’ve adhered to the majority opinion of our token sale contributors on this matter. Once we judged that the market conditions were shifting to a more acceptable climate for initial listings, we decided to proceed with the exchange listing, thus keeping to the roadmap, and listing on a centralized exchange in Q3 of 2018.
We continue exchange negotiations as we speak, which we are hopeful to update you on soon.
Regarding post-listing price movement, we understand that the majority of our community might not approve of it, but market sentiment and price movement is something beyond the control of the team. We are working on marketing efforts to increase awareness of our project as we speak, and we hope the effects of those efforts will become apparent soon. On the technical side, we are happy to report that Testnet development is almost finished, and we should be able to present our community with some insights in our next weekly update, as well as deliver both the Testnet and Mainnet in the planned timeframes.
In the end, we would like to once again thank our supporters and invite you to stand by for exciting project updates to come!
Kind regards,
Ian Yu and the UChain Core Team
