Rebuttal to DAXA’s Statement
On November 28th, 2022, the Digital Asset eXchange Alliance(DAXA) once again issued an official statement that they have unanimously decided to terminate transaction support for WEMIX as the WEMIX team has failed to vindicate and regain their trust.
WEMIX went beyond the scope of explanation by establishing proof through factual data
The term “vindication” means justifying that someone is not guilty or is free from blame. When it came to “the actual circulation supply beyond the expected amount,” WEMIX has unquestionably submitted all required documents, including potentially controversial subjects regarding KOKOA Finance collateral. To protect the investors through an early retraction of the “Investment Warning” flag by DAXA, WEMIX worked towards an immediate restoration and has successfully provided sufficient explanation and documentation concerning the issue where the total circulation supply seemed to exceed the expected amount due to the inclusion of the supply that was to undergo burning.
Furthermore, WEMIX has not only provided the supply owned by the Foundation at different points of time(since the end of October to November 15th); WEMIX also provided on-chain data, even offering real-time evidence. Thus, DAXA’s claim that the vindication effort by WEMIX was insufficient is simply arbitrary and unjustified.
It seems that the circulation amount has never been the central issue in the first place. The issue raised by DAXA and one that triggered WEMIX investment warning — the actual circulation supply exceeding the expected amount — might not have been a problem at all to begin with. Upbit’s neglect of tokens and coins that have violated their expected circulating supply plans, and those who have not even notified their planned and/or expected circulating supply proves this.
What exactly is impaired trust?
There is no explanation on what and how the trust towards WEMIX has been undermined. During the vindication period, we deduced that the difference in the circulating supply submitted to Upbit and the actual circulating supply was the very reason for their impared trust in WEMIX. To regain their trust, we submitted all requested documentation and implemented measures such as immediate restoration of the actual circulating supply, and real-time supply disclosure.
Had we known our vindication efforts were considered insufficient to DAXA, and had we been informed with clear standards, we would have done all we could to meet the criteria.
Once again, we demand DAXA to clarify and provide details regarding the ‘lack of vindication efforts’ and ‘impared trust’ which DAXA refers to. We promise not to simply vindicate for the purpose of lifting the investment warning, but to provide any required explanation and evidence necessary for all blockchain companies, investors, and communities who have close ties with WEMIX.
Korea is leading the P2E game industry and is rapidly gaining global recognition in the blockchain industry. This has led numerous companies abroad to look forward to collaborating with Korean companies — at the core is WEMIX and WEMIX PLAY, №1 blockchain gaming platform. Such an unfair and arbitrary decision must not lead to negative impacts resulting in undermined credibility and competitiveness of Korean companies in the global market. We urge DAXA to resolve this situation as soon as possible.
As of November 28th 13:00 (KST), real-time circulation supply of WEMIX is 244,288,807 WEMIX, and the expected circulating supply originally reported to Upbit is 255,716,797 WEMIX; therefore, current circulation supply of WEMIX is within the expected volume.
Thank you.
*To provide real-time circulating supply, APIs have been submitted to CoinMarketCap and are now awaiting approval. Also, WEMIX.30 Macroscope is being updated so the live circulating supply data can be seen by anyone at any time.
