Upbit’s Announcement Causes Turmoil for OmiseGO and Serum Users

04/12/2023 05:23 • Blockchain Buzz • 117 views

On April 12th, according to Upbit’s announcement, members of the Korean Digital Asset Exchange Association DAXA plan to terminate their trading support for OmiseGO (OMG) and Serum (SRM) due to abnormal operation of the OmiseGO network (such as difficulty verifying normal network blockages) and the failure of the Serum project to operate properly, making its protocol unusable.

DAXA members of the Korea Digital Asset Exchange Association will jointly delist OMG and SRM

Cryptocurrency exchanges have become an integral part of the digital asset economy, providing users with secure platforms to buy, sell, and trade their digital assets. However, the recent announcement made by Upbit, one of the leading cryptocurrency exchanges, has shaken the community. On April 12th, Upbit announced that members of the Korean Digital Asset Exchange Association DAXA plan to terminate their trading support for OmiseGO (OMG) and Serum (SRM) due to abnormal operation of the OmiseGO network and the failure of the Serum project to operate properly, making its protocol unusable.

The Digital Asset Exchange Association DAXA

DAXA is a non-profit organization that represents the interests of Korean cryptocurrency exchanges. Its members include Upbit, Bithumb, Korbit, and Coinone, among others. DAXA aims to establish a regulatory framework that ensures the legitimacy and transparency of digital asset exchanges, enabling the industry to grow and prosper.

OmiseGO Network Abnormalities

OmiseGO is a blockchain-based project that aims to provide a decentralized financial platform. The project’s token, OMG, is used to facilitate transactions within the network. However, according to Upbit’s announcement, there have been serious issues with the OmiseGO network’s operation. The verification of normal network blockages has been difficult, leading to significant problems for users attempting to trade OMG tokens.

Serum Protocol Malfunction

Serum is another blockchain-based project that offers decentralized exchange capabilities. The project’s token, SRM, is used to facilitate transactions on the Serum protocol. However, Upbit’s announcement highlights significant issues with the project’s operation. Serum’s protocol is unusable, making it impossible for users to trade SRM tokens on the platform.

The Impact on Users

For users of OmiseGO and Serum, the news of Upbit’s announcement comes as a massive blow. With trading support for both tokens set to end, users will be forced to move their holdings to other exchanges that offer trading support for these cryptocurrencies. This process can be time-consuming and challenging, particularly for those with significant holdings in these assets. Additionally, the lack of trading support could lead to a drop in the value of the tokens, causing significant financial losses for holders.

Conclusion

Upbit’s announcement has raised significant concerns for the digital asset community. The issues with the OmiseGO network and the Serum protocol have highlighted the need for cryptocurrency projects to ensure the stability and functionality of their platforms. While the termination of trading support for OMG and SRM is undoubtedly disappointing for users, it serves as a reminder of the risks associated with investing in digital assets.

FAQs

Q1. What is DAXA?

DAXA is a non-profit organization that represents the interests of Korean cryptocurrency exchanges.

Q2. What is OmiseGO?

OmiseGO is a blockchain-based project that aims to provide a decentralized financial platform.

Q3. What is Serum?

Serum is another blockchain-based project that offers decentralized exchange capabilities.

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