Dear OpenWeb Community,
As you are all aware that earlier this year, OpenWeb Network decided to move our native token on the Binance chain. This was followed by the launch of OpenWeb Token on the Binance chain on 17th May 2019. This made OpenWeb Network one of the earliest projects to move to Binance Chain.
Our move to issue our pegged token on Binance chain was well received by our community which was looking forward to joining the Binance ecosystem that CZ promised to build. Moreover, our decision to move to the Binance chain was well received and acknowledged by CZ himself when he shared this adoption news on his twitter handle. Although, there were very few options for us to facilitate a 2-way swap from ERC20 to BEP2 tokens but we worked with a wallet provider to support that. Furthermore, we provided necessary support and created awareness in our community about the Binance chain as they were looking forward to trading on Binance DEX which they believed will be one of the best exchanges in the coming days.
However, moving to the Binance chain proved to be one of the most damaging decisions for our project. Here are a few major instances that led to the decision
- Binance missed out on adding OWTX (OpenWeb BEP2 token) in the list of the tokens on the Binance Chain. This received a lot of negativity from the community and the Binance team accepted the oversight at their end. CZ tweeted about making up for the oversight and it seemed that things will get smooth moving forward.
- Our Binance DEX listing proposal did not receive any voting. At the same time projects from Binance CEX which were moving to the Binance chain and DEX were being accepted in a matter of hours sometimes not even days. Quiet unlikely for a chain with validators who vote independently.
- We were advised to reapply but we witnessed the same treatment again after our second application — There were no votes for our listing proposal. To our surprise, they never replied with feedback to us despite our multiple attempts to get in touch with their team. A fee of 1000 BNBs that we paid for migration to the Binance chain was a fee collected by them for supporting projects and another 1000 BNB which we were paying was a part of the assessment.
This ordeal has created unnecessary fud in the community and discontent among the token holders. Moving to Binance chain has brought negative sentiments in our community. This migration has also set us back by a few months in our development roadmap. Moreover, we have also incurred monetary losses in fee payments and additional development.
Taking into account all this unwelcoming experience, we have decided to move away from Binance chain altogether. There is simply no point in pursuing Binance DEX listing any further. We are thankful to all our community members who have shown trust in our project, and we apologize for any inconvenience caused to the community resulting from this chain migration decision.
OpenWeb Network is a decentralized web network that is live and already in use. We are stronger than ever with our latest host protocol launch and we will continue to develop and promote our project towards our vision of removing intermediaries from the web network.
We will share the details about the swap process in our subsequent blog.
Know more about OpenWeb project:
Binance Info: https://info.binance.com/en/currencies/openweb-token