At 8 am on the 22nd, two hours before the start of the first Star Project (IEO) on the Bibox Exchange, Bibox official website issued an announcement stating that it would eliminate the Staking (SKR) project.
This sudden change made the market quite shocked. More exciting is that the media subsequently announced the Staking Foundation's response to the matter, accusing Bibox of reversing, over-intervention in the secondary market, and asking for huge protection fees.
Bibox was followed by another announcement that SKR’s remarks were untrue and attempted to be filthy, and Bibox would retain the right to pursue legal liability.
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On the 21st, Bibox CEO Thunder also sent a circle of friends about the upcoming stellar project. The SKR project was in the forefront, and the results rolled over the next morning.
What went wrong?
F4 becomes F3, and the currency circle plays "IEO farce"
Bibox is not fast at IEO. Because Bibox announced the first IEO plan until March 30th, named Bibox Orbit (Star Program). The specific launch time is April 22, and there are four online projects, namely The Force Protocol (FOR), Ludos (LUD), Staking (SKR) and X-Block (IX).
Previously, Bibox co-founder Aries Wang had praised SKR, saying that SKR not only met the Bibox Stellar Program standard, but also met Bibox's diversified boutique strategy.
This time, Bibox said in the announcement that the SKR project failed to control the large amount of off-site quotas. The so-called “balance spill” Bibox did not explain it in detail, but it can be understood that the project was privately funded or otherwise. Some of the tokens have been distributed to investors, and this amount is unacceptable to Bibox.
Why can't you accept? Assuming that a large number of tokens that have appeared in the hands of investors after the launch have fled because of profit, then Bibox users who participate in IEO are likely to become SKR's "setters." Therefore, Bibox called the maintenance of community users' interest to suspend the SKR project.
Subsequently, the SKR Foundation gave another version to the media explaining the matter. First, instead of being taken off, SKR actively terminated the IEO. Secondly, the reason for the termination was Bibox's reversal of the restrictions on the currency, and Bibox intervened excessively on the secondary market price. Bibox also asked the SKR Foundation for a huge protection fee.
Babbitt interviewed Bibox Vice President Xiang Dan, who gave a statement saying that the response of the SKR team was untrue and filthy. The team would not respond further to these false news, and even Bibox retained legal responsibility. s right.
The Thunder only sent two words in the circle of friends: "The liar."
SKR is in a hurry to pour dirty water on the exchange, and is busy with IEO's Bibox. As a result, a long-prepared IEO became a rogue door that attacked each other and ended in a farce.
We can't judge the real cause of the troubles on both sides, but it is necessary to explain three questions to the reader. First of all, according to the financial network analysis, there are a large number of off-site quotas for the remaining three IEO projects of Bibox, which is not unique to SKR. Second, Babbitt tried to search for information about SKR projects on the Internet. Very little was obtained. The founding team was anonymous, the progress of the project was unknown, and most of the sporadic records were only related to this IEO. Third, IEO does not rule out the existence of “pull disk” behavior, the exchange may require the project party to provide control funds, and also need to provide a certain margin to prevent the project side from running abnormal behavior.
IEO puzzles, more and more like gambling
The initiator of the IEO is the currency security, which was January 28, 2019. BTT was crowdfunded in the DollarPad Launchpad, and 60 billion BTTs were divided in 15 minutes. Subsequently, the exchanges such as Firecoin and OK quickly followed, and IEO not only brought the market hot, but also created a star project.
Zhao Changpeng said in an interview that the core of the IEO model is to find good projects, and the purpose of the platform is to discover and cultivate quality projects.
Today, three months later, IEO is getting hotter. According to the rating agency ICObench, as of April 20, the number of IEO projects worldwide has reached 50, and five of them will be online trading from April 22 to May 1. There are 35 projects that have completed IEO, and 10 are in progress. The number of exchanges that launched IEO reached 16. Exmarkets Launchpad has launched 11 IEO projects and is the largest exchange of IEO projects on all statistical exchanges.
At the same time the taste of IEO has changed.
On the one hand, with the influx of small and medium-sized platforms and non-known exchanges, the voice of IEO has emerged. For example, the IEO has become a weapon for the private equity investors to flee in the early stage, and the exchanges and project parties harvest ordinary investors.
On the other hand, investors don't care about the quality of the project itself, but simply hit new ones and then flee, which is no different from gambling.
In a distorted market, it is hard to say who can be a winner.