Important updates regarding the $MOOV token: Moving liquidity from KuCoin to PancakeSwap and Huobi
Dear dotmoovs community,
Over the past weeks, we have reported the cease of operations of Multichain, meaning that holders cannot bridge tokens between Ethereum and Binance Smart Chain. Meanwhile, we have been working on a remediation plan. Because of this, we had to reach out to centralized exchanges and other providers in order for them to accommodate some of the changes we proposed, and the feedback that we received made us reevaluate our strategy to make improvements.
Understanding the problem
Centralized exchanges carry high hidden costs and capital requirements for projects to ensure a healthy market. Instead of having a supportive and constructive approach, some often tend towards upselling marketing campaigns and services, which, in the end, don’t yield any results for the community. In KuCoin, we had over 350,000$ trapped between security deposits and funds for market making so, based on the low volume, high capital requirements, and always the high risks of centralized or custodial services (remember FTX, Celsius or Voyager), we have decided, to move on to a new paradigm where we give privilege to battle-tested decentralized exchanges.
Our next moves
From these released funds, we will move 50,000$ for PancakeSwap to double its liquidity and foster a healthy market. In this transition phase, as some holders may not yet be used to trade on DEXs, we will increase the liquidity and depth of Huobi markets with more 75,000$. Please remember that the most liquid market for MOOV is still Uniswap, and we will look for other protocols and decentralized solutions with great UX.
And a new chapter
Lastly and most importantly, after 1.5 years of working hard behind the doors, we are happy to announce that we will receive over 1 million euros in public funding from the European Union to grow our team and continue the development of a top-notch blockchain solution for sports competitions. We are part of a consortium with over 50 projects between Portuguese startups, research institutes, and mature companies that will receive 44 million euros to develop innovative products using blockchain. As such, it is essential to have this additional 225,000$ available to run proper marketing campaigns and do PR to grow our community and bring awareness to our products and token.
We strongly believe that redirecting these resources to battle-tested decentralized exchanges and marketing efforts for this new phase will serve the project and the community much better in the medium/long run.
Just to know: you will have 6 months to withdraw $MOOV from KuCoin.
Thank you for your unwavering support and understanding. We are confident that together we will continue our journey towards a successful future. Stay tuned for more updates as we progress.