Behind the Scenes “When Exchange?:” Part 2

For part one of this series, please see our Medium post from last year.

Over the past few months, the constant refrain from anyone who has heard of our project is “When exchange?” While the timing and listing of DARC tokens on any kind of exchange is largely due to circumstances out of our control, we want to share with the community what has been going on behind the scenes.

We have been in contact with numerous exchange teams around the world to facilitate the listing of the DARC token. Our intention has always been to accrue maximum value for token holders and all of the ecosystem participants that intend to use Konstellation technology to participate in the modern global blockchain economy, including the DarcMatter fund marketplace platform itself.

While in our previous post last year on this topic we mentioned the lack of regulatory clarity and price manipulation at some of the biggest exchanges as reasons for our shyness with exchanges, those issues seem more a fixture of the digital asset landscape these days than reasons not to list. As a team steeped in traditional financial perspectives, the irregularities of the current blockchain and cryptocurrency universe both surprised and disappointed us.

What Happened?

People in the industry often say that a day in crypto is akin to a year in real life. Our experience since our token-based capital raise ended last summer does not disprove that notion. The DARC token has flirted with its fair share of exchanges over these past few months. The reasons for never consummating those relationships into actual listings are as varied as there are tokens in the cryptoverse.

However, as we are now firmly in the week in which we will announce the actual landing spot for the DARC token on its first exchange, we felt it was important that we clear the air in regards to listing expectations of the DARC token created by Bitmax. While we have the utmost respect for their trading platform and the cryptoeconomic system they have built around their BTMX token in a short period of time, we will not be pursuing a primary listing on Bitmax.

NEM Technology is Still Unfamiliar to the Crypto Industry

The crux of the issue comes down to our unique status as one of the few NEM mosaic tokens out there that are trading (or intending to trade) on a digital asset exchange. Although XEM itself is a mosaic token that trades on over 40 exchanges, there are not many projects that are building on the public NEM blockchain…yet. We expect that to change with the release of NEM Cow and its highly anticipated release within the NEM community. However, for now, that is simply not the case.

Beyond the few major chain coins that Bitmax has listed, all of their altcoins are based on Ethereum’s ERC-20 token standard. While such standardization makes it easy on fast-moving exchanges like Bitmax, project-specific technological needs unfortunately fall by the wayside.

Security Issues Paramount

Though there was mutual interest on both sides to list the DARC token on Bitmax, in the end the technical capabilities to manage the NEM integration became the priority. There were recent events which also demonstrated some security issues which we were concerned with as well.

Though these security issues represented our worst fears and we wish the Bitmax team the best, needless to say that recent incidents reaffirmed our tough decision to not list on Bitmax. When we were selected by the Bitmax team and specifically invited to list on their exchange, we were not certain they knew the technology that the DARC token was built on. For a team like ours steeped in the intricacies of financial due diligence, that was a red flag. While we appreciate the need to “move fast and break things” as a startup, sometimes taking a breath or two is the best course of action.

However, that’s what we love about George Cao, Ariel Ling, and the rest of the Bitmax team. They’ve got the moxie to do it! And they may just pull it off.

Due to these circumstances, DARC has decided not to proceed with the primary listing on Bitmax, but as fast as this industry changes future opportunities for collaboration are still possible. Stay tuned for more pending announcements regarding the listing of DARC on our social media!

Twitter: https://twitter.com/KNSTL_TECH

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Visit us on https://konstellation.tech