TheX Protocol: Market Challenges, Listing Updates, and Our Way Forward
To Our Valued TheX Protocol Investors,
Greetings from TheX Protocol. As we navigate the evolving landscape of the crypto market, transparency and communication remain paramount. In this spirit, we present an update regarding our project’s direction and recent developments.
Dear TheX Protocol Investors,
On May 20, we initiated the TheX Protocol Pre-Sale. We wish to transparently share the changes in the market and the potential effects of these changes on our project.
Market Dynamics and Challenges We Faced
We successfully conducted the TheX Protocol Pre-Sale starting on May 20 within the context of market conditions. However, events and developments that shook the crypto market made it difficult for our project to reach its pre-sale targets.
Initially, the general market apathy and the prolonged continuity of the bear market affected our project’s momentum. The hacking of leading projects in the DeFi sector, like Curve Finance, undermined market trust. Additionally, issues encountered by MEXC, lawsuits from the SEC targeting Binance and Coinbase, and other adverse developments impacted the crypto market’s price and volume stability.
Our Approach and Progress Plan
Aiming to turn setbacks into opportunities, our Development, Marketing, and Operations teams adopted the “Work Like an Ant” principle and continued their efforts relentlessly. Our priorities include completing the MVP and preparing the first “User Acquisition” reports.
Listing Decisions
Due to adverse market conditions, we believe our project’s listing and our investors might be adversely affected. Therefore, after joint evaluations with our lawyers and partners, we decided to postpone the listing process. Especially considering the issues on MEXC, it seems like the healthiest decision not to list until conditions stabilize on this platform. Although our integrations with CoinW Market Making Service are complete, we regret to inform you that we have postponed this listing decision.
We are continuing our negotiations about listing with major exchanges, especially with Gate.io, OKX, HUOBI, and KUCoin. This postponement decision will create a positive impact for investors in the long run as part of our strategy to increase holders, facilitating our listing on these major exchanges.
Special Offer for Our Pre-Sale Investors
To compensate our pre-sale investors for their waiting time until the listing, we have activated a staking feature. Investors who participated in the pre-sale can easily stake their tokens from their control panel, as long as their tokens remain in their registered wallets.
Our Project and its Future
As TheX Protocol, we continuously pursue our work on scalability, sustainability, and integration with cross sectors within the Web3 Ecosystem. Adopting the “Work Like an Ant” principle, our teams work towards turning current challenges into opportunities. Significant progress has been made in completing the MVP and preparing the “User Acquisition” reports, and we are tirelessly continuing our developments.
What’s Next?
We decided to extend the pre-sale process under the name of the ICO until December 1, 2023, aiming to achieve our goal of raising the holder amount. We took this sales extension decision within the framework of sustainability, based on the ‘User Agreement and Explicit Consent Text’ documents.
Message to Our Community
Our community is of critical importance to us. During this process, we will continue to actively use all our channels and provide support to enhance our community’s strength, keep motivation alive, and add value to our investors.
Staking Exclusive for Pre-Sale Investors
Don’t forget that you can put your $TXP to work and earn passive income. We want your investment to start making money for you even when it’s still. Remember, this opportunity lets your $TXP earn money even while you sleep!
In conclusion, during this timeframe, we will continue to strengthen our project and add value to the Web3 ecosystem.
Sincerely,
TheX Protocol Team.
