#Upbit Members Terminate Trading Support for OmiseGO and Serum#

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

On April 12th, 2021, the Korean Digital Asset Exchange Association (DAXA) announced its intent to terminate trading support for OmiseGO (OMG) and Serum (SRM) due to network issues and protocol malfunction. In this article, we will explore the reasons behind DAXA’s decision and its likely impact on the token’s value.
##Background##
OmiseGO is an open-source, decentralized platform designed to enable instant payments and financial services globally. It is built on the Ethereum blockchain and operates using the Proof-of-Stake consensus mechanism. Serum, on the other hand, is a decentralized exchange (DEX) that runs on the Solana blockchain. It aims to address some of the shortcomings of traditional DEXs, such as slow transaction speeds and high fees. Both projects have garnered significant attention and investment in recent years.
##Reasons for Termination##
DAXA members decided to terminate trading support for OmiseGO and Serum due to network issues and protocol failure. According to the announcement, OmiseGO’s network experienced difficulty verifying normal network blockages, leading to problems with transaction processing and validation. This issue has persisted for some time, and despite attempts to resolve it, the necessary improvements were not made.
Serum, on the other hand, failed to operate properly, rendering its protocol unusable. DAXA members cited concerns over the Serum project’s development and the growing number of unresolved issues, which posed significant risks to token holders and traders.
##Impact on Tokens’ Value##
DAXA’s decision to terminate trading support for the OMG and SRM tokens is likely to have a significant impact on their value. Exchanges are one of the primary drivers of token liquidity and trading volume, and their termination of support will make it more challenging for traders to buy and sell these assets. This may lead to a reduction in trading volume, liquidity, and ultimately, the token price.
The impact on OmiseGO’s token value may be more severe, given that the project and network have been struggling with technical issues for some time. These problems have led to a decline in investor confidence, which has translated into a lower token price. Removing trading support from a major exchange such as Upbit only adds to the existing negative sentiment around the token.
##Conclusion##
DAXA’s decision to terminate trading support for OmiseGO and Serum has been driven by concerns over the network’s and protocol’s inability to operate correctly. This move is likely to have a significant impact on the value of these tokens, reducing liquidity and trading volume in the short term. The future of the projects is uncertain, and investors will be watching closely to see how the teams address the technical issues and mitigate depreciation in token value.
###FAQs###
Q1. Why did DAXA members decide to terminate trading support for OmiseGO and Serum?
Ans: DAXA members cited network issues, protocol failure, and technical challenges as the primary reasons for terminating trading support.
Q2. Will the termination of trading support affect the price of the tokens?
Ans: Yes, the termination of trading support is likely to have a negative impact on the tokens’ value, reducing liquidity, and trading volume in the short term.
Q3. What steps should the project teams take to address the technical issues?
Ans: The teams behind OmiseGO and Serum need to identify and resolve the underlying issues and demonstrate their ability to operate the networks and protocols effectively.
###Keywords###
Upbit, Korean Digital Asset Exchange Association, OmiseGO, Serum, Trading Support, DEX, Liquidity, Token Price.