At the request of our market maker, the Lunar Foundation Directors have made the decision to not renew our listing contract with
09 Jun 2023, 20:56
At the request of our market maker, the Lunar Foundation Directors have made the decision to not renew our listing contract with XT when it completes its initial term on 10 June 2023 (Saturday). This means we will be voluntarily de-listing the LNR token from XT.
After working with that exchange for several months, the market-maker has determined that being listed on XT is not profitable for Lunar DAO. XT has been charging us fees on both USDT and LNR sides of transactions, where the other exchanges we work with only charge fees on one side. In addition, XT appears to be operating their own trading bots against the market, making it difficult for our market-maker to fill what few organic orders exist on the platform.
If we amped up our marketing spend to drive up organic volume, we would just end up getting charged more in fees, and we would still be unable to make a profit against their trading bots.
Each pair we operate on an exchange costs us real money to maintain, and ties up liquidity to fill orders. We are currently operating two pairs on XT, one against BTC and one against USDT. Freeing up both the monthly maintenance costs and the liquidity allows us to reposition on the exchanges that we ARE doing well with.
The de-listing will proceed as follows:
Announcement: 9 June 2023 08:00 UTC
Hide & Close Deposit: 12 June 2023 08:00 UTC
Close Trade: 15 June 2023 08:00 UTC
Close Withdrawal: 9 August 2023 08:00 UTC
Once again, I want to reiterate that the Foundation Directors made this decision at the request of our market maker.
We'd like to thank all of our LNR holders for your support, and please be kind to our XT holders as they move their holdings to non-custodial wallets.