We’re back with an important update on the BingX incident and what it means for the future of GGTK. After much consideration and analysis, we’ve made some critical decisions that align with our long-term vision and values. Let’s dive into the details.
A Quick Recap
As many of you remember, BingX was hacked on September 20th, leading to the theft of approximately 1 million GGTK tokens, which were then sold on Uniswap. At the time, BingX assured the affected parties, including us, that compensation plans would follow. Unfortunately, these plans never materialized.
Why We Requested GGTK Delisting
As the situation unfolded, additional issues became evident:
Increased Listing Requirements: The requirements to remain listed on BingX became increasingly restrictive and resource-intensive, diverging from the collaborative relationship we initially envisioned.
Unhealthy Arbitrage Activity: Arbitrageurs exploited price differences between BingX and Uniswap, creating volatility and impacting the health of our Uniswap liquidity pool.
To safeguard our ecosystem and focus on sustainable growth, we made the decision to request the delisting of GGTK from BingX.
Delisting Timeline: BingX has confirmed that the GGGTK/USDT spot trading pair will be officially delisted on 2024–12–23 at 03:00:00 (UTC). Please make any necessary adjustments before this date and read all the relevant details here.
Lessons about Decentralization
This experience has been a powerful reminder of why decentralization matters. While centralized platforms can offer convenience, incidents like this highlight their inherent risks and limitations. As we move forward, we remain steadfast in our commitment to building a decentralized, transparent, and resilient ecosystem.
What’s Next?
Despite this setback, GGTK remains strong, and our broader vision for GG DApp is unwavering. Here’s what we’re focusing on:
Web3 Gaming: Doubling down on creating immersive and rewarding gaming experiences, leveraging the power of generative AI to enhance creativity and player engagement.
Strengthening Decentralized Infrastructure: Building robust, transparent systems that align with the principles of Web3.
Expanding Ecosystem Rewards: Launching new staking pools and reward mechanisms to further engage and reward our community.
We’re incredibly grateful for your support and understanding as we navigate these challenges!
Stay tuned for more updates,
Your GG DApp Team 🎮🌟
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