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Gate.io Is Going to Delist CNYX Peg
Gate.io Is Going to Delist CNYX Peg
2020-07-07 08:42:58 UTC
106123 Okundu
CNYX is a USDT-backed stablecoin, supported by Gate.io’s Deposit Fund (20,000 ETH total).
USDT is a USD-backed stablecoin released by Tether which later launched a stablecoin named CNHT. Gate.io has applied the new CNYX anchoring in which an additional stable asset called CNHT was introduced and pegged 1:1 against CNYX since October 28th, 2019. In the actual implementation, we’ve found that the circulation of CNHT was not as good as expected, not allowing us to be able to satisfy users’ need to trade, deposit and withdraw CNHT. Furthermore, the price of CNYX fluctuated immensely encountering unexpected market sentiment. Therefore, after a deep deliberation, we have decided to delist CNYX from the market gradually and have USDT replace a part of the functions of CNYX. The specific scheme is as follows:
1) Terminate the crypto trading of CNYX against BTC, ETH, DOGE, EOS, BCH, USDC, TUSD, XRP, TIPS, BTCSV and PAX as from today. All the placed orders will be revoked, and the locked assets will be refunded to the accounts.
2) Allow the USDT/CNYX trading pair for thirty days, offering plenty of time for our users to swap their assets to USDT. Thirty days later, the market will be shut down and the users who have not completed the swap by then will be required to contact our Live Support.
In our efforts to continuously seek for better solutions for blockchain based stablecoins, this seems like the most appropriate way to act. Especially in regard to the security of GateChain and the future application of DeFi. Please stay tuned while we finetune our efforts for you!
Gate.io is a trading platform that does not charge listing fees, only launches quality projects, and provides users with 100% guaranteed and instant deposit-withdrawal services.
Get 30% of all referees' trading fees in the affiliate program at https://www.gate.io/myaccount/myreferrals
Click to Sign up ：https://www.gate.io/m#/register
Download it now at: https://www.gate.io/mobileapp
Scan and download at:
Gate.io New Features:
Spot Trading on Gate.io (200+ tokens):https://www.gate.io/trade/BTC_USDT
Margin Trading on Gate.io (Long or Short):https://www.gate.io/margin_trade/BTC_USDT
Perpetual Contract Trading:https://www.gate.io/futures_trade/BTC_USD
Lending on Gate.io (secure and stable, high annual return):https://www.gate.io/margin/lend/USDT
C2C Trading on Gate.io:https://www.gate.io/c2c/usdt_cny
Download Gate.io APP:https://www.gate.io/mobileapp
Download Wallet.io (ALL in ONE):https://www.wallet.io/
Follow us and get updated at (Follow as to win bonus)
Facebook: https://facebook.com/gateioglobal
Twitter: https://twitter.com/gate_io
Telegram：https://t.me/gate_zh
Instagram：https://www.instagram.com/gateioglobal
Medium：https://medium.com/@gateio
Gate.io
July 7, 2020
USDT is a USD-backed stablecoin released by Tether which later launched a stablecoin named CNHT. Gate.io has applied the new CNYX anchoring in which an additional stable asset called CNHT was introduced and pegged 1:1 against CNYX since October 28th, 2019. In the actual implementation, we’ve found that the circulation of CNHT was not as good as expected, not allowing us to be able to satisfy users’ need to trade, deposit and withdraw CNHT. Furthermore, the price of CNYX fluctuated immensely encountering unexpected market sentiment. Therefore, after a deep deliberation, we have decided to delist CNYX from the market gradually and have USDT replace a part of the functions of CNYX. The specific scheme is as follows:
1) Terminate the crypto trading of CNYX against BTC, ETH, DOGE, EOS, BCH, USDC, TUSD, XRP, TIPS, BTCSV and PAX as from today. All the placed orders will be revoked, and the locked assets will be refunded to the accounts.
2) Allow the USDT/CNYX trading pair for thirty days, offering plenty of time for our users to swap their assets to USDT. Thirty days later, the market will be shut down and the users who have not completed the swap by then will be required to contact our Live Support.
In our efforts to continuously seek for better solutions for blockchain based stablecoins, this seems like the most appropriate way to act. Especially in regard to the security of GateChain and the future application of DeFi. Please stay tuned while we finetune our efforts for you!
Gate.io is a trading platform that does not charge listing fees, only launches quality projects, and provides users with 100% guaranteed and instant deposit-withdrawal services.
Get 30% of all referees' trading fees in the affiliate program at https://www.gate.io/myaccount/myreferrals
Click to Sign up ：https://www.gate.io/m#/register
Download it now at: https://www.gate.io/mobileapp
Scan and download at:
Gate.io New Features:
Spot Trading on Gate.io (200+ tokens):https://www.gate.io/trade/BTC_USDT
Margin Trading on Gate.io (Long or Short):https://www.gate.io/margin_trade/BTC_USDT
Perpetual Contract Trading:https://www.gate.io/futures_trade/BTC_USD
Lending on Gate.io (secure and stable, high annual return):https://www.gate.io/margin/lend/USDT
C2C Trading on Gate.io:https://www.gate.io/c2c/usdt_cny
Download Gate.io APP:https://www.gate.io/mobileapp
Download Wallet.io (ALL in ONE):https://www.wallet.io/
Follow us and get updated at (Follow as to win bonus)
Facebook: https://facebook.com/gateioglobal
Twitter: https://twitter.com/gate_io
Telegram：https://t.me/gate_zh
Instagram：https://www.instagram.com/gateioglobal
Medium：https://medium.com/@gateio
Gate.io
July 7, 2020
