Coin An Moves Four Currencies Out of Innovation Zone on April 18th, 2023

On April 17th, according to a recent review, Coin An announced that it has decided to move the following currencies out of the innovation zone on April 18th, 2023: Shib aInu (SHIB), Frax Share (FXS), Trust Wallet Token (TWT), and 1inch (1INCH). Other services related to these currencies will not be affected. In this announcement, Coin On emphasizes that when conducting project reviews, various factors will be comprehensively considered: the team’s commitment to the project, the level and quality of project progress, transaction volume and liquidity, the stability of products/networks/smart contracts, community maintenance, enthusiasm for responding to coin stability period reviews, unethical/fraudulent behavior, and contribution to the construction of the entire blockchain ecosystem.

Coin An Innovation Zone will remove SHIB, 1INCH, TWT, and FXS

Coin An, one of the world’s leading cryptocurrency exchanges, recently announced that it intends to withdraw four cryptocurrencies, namely Shib aInu (SHIB), Frax Share (FXS), Trust Wallet Token (TWT), and 1inch (1INCH), out of its innovation zone effective April 18th, 2023. This decision, according to Coin An, is based on various factors ranging from the team’s commitment to the project, the level of project progress achieved, transaction volume and liquidity, and other qualitative factors. Here, we take a deep dive into the reasons behind the exchange’s decision, what it means for traders and investors, and what the future holds for these tokens.

Factors Considered in the Review

When conducting reviews for projects under its umbrella, Coin An claims to take into consideration several factors to determine whether a project should remain in the innovation zone or be relocated at some point in the future. The list of factors that Coin An released includes:
– The team’s commitment to the project, which shows how seriously the project leaders take their work.
– The level and quality of project progress, which signifies progress in developmental efforts.
– Transaction volume and liquidity, which is important because it shows how well an asset is being received by users.
– The stability of products/networks/smart contracts used in the ecosystem.
– Community maintenance, which reflects how strongly the project can sustain community efforts.
– Enthusiasm for responding to coin stability period reviews, which highlights how well-placed the project is for audits and checks by Coin An.
– Unethical/fraudulent behavior, which reflects on the overall ecosystem of the company.
– Contribution to the construction of the entire blockchain ecosystem, which shows how much the project has to contribute to the overall health and growth of the space.
Based on these factors, the Coin An team will evaluate projects under its care to determine the right place for them in the ecosystem.

The Fate of the Four Coins

Of the four cryptocurrencies that are being moved out of the innovation zone, Shib aInu (SHIB) stands out the most. This is the case because SHIB has a market capitalization of close to $6 billion, making it one of the most valuable tokens in the market. The cryptocurrency has also garnered a massive following in recent months, especially after Elon Musk tweeted about it.
Frax (FXS), on the other hand, is fresh on the scene; it launched in late 2020 and aims to provide a new stablecoin with greater transparency and a novel algorithm that actively adjusts its peg through market forces.
Trust Wallet Token (TWT), which powers Binance’s Trust Wallet ecosystem, is another of the cryptocurrencies on the list. Trust Wallet is a multi-blockchain wallet that is available for iOS and Android devices. The token itself is used to provide access to various features of the wallet, including alternative cryptocurrencies and market tracking features.
The last cryptocurrency on the list is 1inch (1INCH), which is a decentralized exchange (DEX) aggregator that allows users to trade on multiple DEXs from a single dashboard.

What the Future Holds for These Tokens

It’s natural for market participants and enthusiasts alike to speculate about the future of these cryptocurrencies. One possibility is that because Coin An is a well-respected exchange that has a massive market of users, these cryptocurrencies might experience a decline in value after the announcement. However, because these tokens can still be listed on other exchanges, it’s plausible that they could recover quickly.
Most importantly, this announcement will likely have an impact on emerging projects that could potentially find themselves in the same predicament as SHIB, FXS, TWT, and 1INCH. It’s worth noting that the criteria set by Coin An is clear and straightforward, so it would be advisable for newly-launched projects to pay attention to these factors. This could provide them with insights into what they have to do to maintain Coin An’s attention and, more importantly, a place in the innovation zone.

Conclusion

The decision by Coin An to relocate SHIB, FXS, TWT, and 1INCH should be viewed through the prism of the company’s desire to maintain a high level of quality in the innovation zone. The action is not a punishment for the cryptocurrencies but rather a precautionary measure to ensure that only the best projects get to enjoy the benefits of being listed in Coin An’s innovation zone. Future projects must take note of this decision and strive to meet the criteria set by Coin An to have a chance at being listed in the innovation zone.

FAQs

1. Can I still trade SHIB, FXS, TWT, and 1INCH after April 18th, 2023?

Yes, traders can still trade these cryptocurrencies since Coin An’s decision only affects their location in the innovation zone, and they will still be listed on other exchanges.

2. Will Coin An relocate other cryptocurrencies out of the innovation zone?

Coin An’s decision regarding the four cryptocurrencies is independent of other projects under consideration, and they will make a separate determination for each project.

3. Is Coin An’s decision going to impact the overall value of SHIB, FXS, TWT, and 1INCH?

There might be a temporary impact on the value of these cryptocurrencies, but traders should note that these tokens are still listed on other exchanges. They could bounce back quickly.