Dear Canxium Community.
We sincerely apologize to announce that the listing campaign on #Mexc will not take place as planned on January 1, 2024.
If we want to move forward and get list on time, rather than delay and improve the decentralization of computing power to get list again for free in the future, we must initiate a 2nd round of funding, target 100k USD. But is it worth it, we leave the answer to you, our value community — the real owners of Canxium, who are holding 80% of the supply.
For the first time we experienced unprofessionalism while working with a major exchange, which we had chosen with confidence as the first tier 2 exchange to list $CAU. Perhaps other projects have also met and chosen to compromise, but we chose to speak out to protest this unprofessionalism and oppression.
This is what happened, it is completely true and we are responsible for what we say:
1. On November 19, an official listing manager of the exchange came to us with a proposal for listing cooperation. With the total official listed cost being: Listing and Integration Fees: — 10,000 USDT Marketing Campaigns (Kickstarter): — 20,000 USDT — 30,000 USDT worth of Tokens Market Making Liquidity: — 30,000 USDT — 30,000 USDT worth of Tokens
This is also the final cost agreed upon in the contract and signed not long after.
2. On November 17, we started the listing capital campaign, with an amount of 60k USD, the remaining 60k USD worth of tokens (CAU) we paid ourselves from the project fund. 3. On December 2nd, we raised enough money and transferred the amount of 30k to Mexc. The contract was signed on December 4 with the official listing date being January 1, 2024.
4 .Everything went well, the integration was also successful. Until early morning, December 27, 4 days before listing. Mexc announced that the project’s computing power is too concentrated to K1Pool and asked us to take action to resolve that issue. “Hi team, we got some new issues with Canxium, it failed our internal security review. The reason is more than 50% computing power is generated from one mining pool, which is risky. Our team suggests you to disperse the computing power. Please let us know whether it’s possible.” We started taking action immediately, through urgent announcement to miners.
5. On the evening of December 28, we informed #Mexc that the hashrate had become more dispersed by miners.
6. On the evening of December 29, 2 days before the listing, Mexc announced that due to concerns that the hashrate would re-concentrate, the project was required to pay an additional 100k USD in cash and freeze it on the exchange, otherwise the listing will not go as planned.
7. We did everything we could, third-party marketing campaigns were paid, Market Maker costs were paid, and many other things made us use the majority of the project’s budget. Therefore, preparing another 100k USD in just 1 or 2 days is impossible.
Mexc has listed hundreds of PoW projects and we are sure they know about this issue, instead of informing the project in advance and demanding to improve decentralization before start the listing campaign, they chose to stay silent until 2 days before the schedule date, it put us in a position where there was no way out. We did everything in our power, but since the project is PoW, it is normal for the hashrate to be concentrated in K1Pool during this period because it is the best pool, even other projects have been and are having same issue even when listed on 3 or 4 major exchanges. We understand this is how they defends and protects them from risks, but such a way of working leaves us with no other choice. Therefore, we are very sad, and know that this announcement may bring negative impacts to the project in the short term, but it is impossible to be satisfied with unprofessional and somewhat wrong work.
We will choose to temporarily suspend the listing, request a refund of 30K and refund those who have contributed money unless our community want to do something else.
We know that, due to the concentrated computing power of the miners, so this is what we will do, so that the upcoming listing campaign with another exchange goes better:
1. List CAU to more and better pools. So miners have more choices.
2. Accelerate the transition process through Proof of Stake combined with Offline Mining.
3. Currently, more than 80% of CAU is held by the community, so switching to Proof of Stake will help the project be more decentralized, no longer dependent on miners, who only care about profits, event it is just one cent per GH.
4. Conduct contact and cooperation as well as work hard to meet the listing criteria with Tier 1 exchanges, to ensure this incident does not happen again.
If there is nothing new, we will proceed to refund the 24k USD raised from the community in the next week, because the project still holds more than 30k in marketing costs that should have been paid to Mexc.
Once again, we sincerely apologize, and hope the community understands that this is a force majeure event, this is not the end, but the beginning of another listing journey in the near future. Listing on mexc will likely happen again in the future, when the project solves the problem of concentration of computing power, and sees if listing on mexc brings positive value to the project, rather than what happened, we also hope they work more professionally.
Canxium will still be the world first blockchain support offline mining. Nothing change.
Best Regards and Don’t Panic. Neo.
