Here’s our monthly update for May! It’s been a busy month and we’re already looking forward to a crazy summer. Let’s begin.
KuCoin listing status
As you already know, SNOV token will be delisted from KuCoin on May 31. Withdrawals are available till August 31, 2019.
The only reason for the delisting is a low trading volume. It’s not a secret for the crypto community that KuCoin is asking for hundreds of thousands of dollars to maintain the token listing. At the same time, wash trading is illegal and we are not willing to act against the law.
It’s also become clear to us that KuCoin bots are pushing the price down. We have no answer to the question of why they do that. We are hopeful that the situation with such bots on IDEX and Etherdelta will be much better because of full decentralization and transparency.
Snovian.Space is a small cap project with limited resources, so we cannot afford to list on top tier exchanges such as Binance or Bittrex, which you have previously requested we do. The main reasons are the insane cost of submitting to these exchanges and the no less important question of token liquidity; if we do not bring a lot of volume, we’ll quickly be delisted.
We continue reviewing other options to get SNOV token listed on other exchanges.
You often ask us about switching to the Binance Chain. To better understand the reasons why we can not do it, please see the current fee structure here.
In short, we would have to spend 3210 BNB (or $112,000 USD according to today’s rates) just to create a new token and get it listed on Binance DEX. Adding development expenses will raise the cost of switching to $200K or more.
Besides, switching won’t eliminate the problem of low trading volumes. Therefore, we do not see a good reason for such a big investment, which is why we will keep the token on the Ethereum network.
We are approaching the implementation of the new content-based Snovian.Space development strategy. As mentioned in our previous updates, we already have a new revenue stream from StartupRadius.com sponsored listings.
The first step we have already made is the launch of the General Pool. General Pool is the news feed where you can share and discuss news and relevant topics. But this is just the beginning.
We have massive plans for this summer:
- Sponsored publications: Businesses will be able to place promoted posts across news feed, paid messages and telegram channel. We will accept SNOV tokens only and provide a convenient way to convert other currencies into SNOV for a seamless payment with BTC, ETC, USD etc. Funds will be spent on supporting the project. We already have a couple of paid publications in the last 30 days.
- Transactions: earn on your competence. Receive rewards for landing your articles on the Top 10 list and sell subscriptions to your blog.
- Following: subscribe to hashtags and authors and follow the latest updates from these feeds.
- Personal blogs: start your own blog and interact with your target audience directly.
- Top charts: see top 10 articles of the day, week, or month.
- Ads: submit your advertising articles to the General Pool.
The total number of funds raised during the token sale was $2.1mln. The average ETH/USD rate back then was much higher than now, and a significant amount was spent on project development.
We currently have enough funds to continue with the platform development. We will also be introducing paid article submissions and using the funds to reinvest into the platform development.
This is a long term project. Our goal is to make it profitable. SNOV token will remain the main component of a credit based system so that we assure its circulation.
Stay tuned for more updates soon!