- Binance to delist DREP, MOB, and PNT due to performance issues.
- Trading and deposits for affected tokens end April 3; withdrawals by July 3.
- DREP team proposes token burn and airdrop to counter delisting impact.
Binance, the leading centralized cryptocurrency exchange, intends to cease support for three digital currency projects due to their lackluster performance. The tokens in question are Drep
This decision follows Binance’s comprehensive evaluation of all the cryptocurrencies it offers, with the aim of maintaining high-quality standards and compliance with industry norms. Projects that do not uphold these standards are at risk of being removed from the exchange, as Binance is committed to offering superior services and safeguarding its customers. Regrettably, DREP, MOB, and PNT did not uphold the benchmarks that warranted their initial inclusion on Binance.
Consequently, Binance will eliminate all trading pairs for DREP, MOB, and PNT against Bitcoin and USDT as of April 3. Furthermore, the exchange will stop accepting deposits of these tokens on the same date. Binance advises its users to withdraw their DREP, MOB, and PNT assets by July 3, after which the platform will automatically convert any remaining tokens into stablecoins.
Binance’s decision to delist DREP, MOB, and PNT has significantly impacted their market prices. For example, MOB’s value plummeted by more than 56% from its daily peak of $0.32 to $0.1363 in just a few hours. DREP and PNT experienced similar 56% drops in value.
In response to the delisting, the DREP project’s team has released a statement through their official X account to address the situation.
The team recognizes the consequences of this progress for those who own DREP and apologizes to the community members. At the same time, the team has put forward a plan named “MOON-INDUCING UTILITY,” which aims to decrease the number of tokens in circulation and could provide a long-term advantage to the token holders.
This plan involves the destruction of DREP tokens and the distribution of tokens through an airdrop. In detail, the recommendation is to eliminate 22,593,750 tokens from existence, which is about 23% of the entire supply of tokens, pending approval from the community. Furthermore, they suggest distributing 20,000,000 tokens directly to the community through an airdrop.
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