Komodo Community Q&A | UpBit Listing

Upbit’s recent delisting spree is an unfortunate decision for all the impacted projects. This appears to be Upbit’s reaction to South Korea’s changing regulatory landscape. We did everything in compliance to keep Komodo (KMD) listed on Upbit, including submitting a detailed written response that directly addressed Upbit’s concerns.

Note 1: Komodo is currently in discussion with a major exchange that will soon offer a new KMD/KRW trading market. We will continue to keep the community updated. :rocket:

Note 2: Komodo Team is working to add more use cases for KMD on AtomicDEX. Future plans include using KMD for reduced DEX fees and for option premiums. These use cases will also be available to any products built using Komodo AtomicDEX API (e.g. DogeDEX and GleecDEX). :KMD:

Community Q&A

We hosted a Q&A session as a follow-up where we addressed concerns and shread more light into KMD use cases and other popular questions.

Listen below!


What exchange are you trying to get KMD listed on?
It will be a major exchange. The name of the exchange can’t be announced until the integration process starts. There are currently 10-12 projects ahead of KMD for listing on the exchange.

What can you tell us about KMD use cases?
KMD was created with the idea of freedom, and due to that there is no gas for other projects building on Komodo - which would fuel the demand of KMD.
We will continue to not force KMD use. Currently, anyone who holds KMD in a non-custodial wallet gets a 5% active user reward.

  • Multi-chain Vision - Expand to other blockchain ecosystems by building bridges and dApps that enable users to access KMD on multiple networks
  • Crypto Loans - Use KMD as collateral to borrow stablecoins

We are continuing to explore use cases for KMD coin within the AtomicDEX ecosystem.

  • Rebates - Pay lower DEX fees with KMD (similar to the BNB model but for a decentralized exchange)
  • Buybacks - Fees generated from DEX trading will be used to purchase KMD on the open market
  • Liquidity Incentives - Build tools that reward liquidity providers

This utility for KMD will be extended to any products that use Komodo AtomicDEX API (e.g. DogeDEX and GleecDEX).

Korean Community Questions

The following questions were asked by our Korean community.

Does Upbit reply? Are there plans to add privacy features in the future?

Yes, Upbit did reply. We don’t want to publish the emails, but we can say that Upbit was very hasty in this process and not clear on the reasons for the delisting or what could be done by the Komodo team to prevent the delisting.

No, there is no plan to add privacy features to KMD in the future. All privacy features were removed from KMD in February 2019.

Although Upbit believes that KMD has the possibility of an anonymous currency, I think that even if the project needs to be carefully reviewed, it is too cruel to blindly enforce the delisting based on government policies. Upbit needs to apologize and reflect on investors who trust and trade.

Agreed - Upbit hasn’t been showing due diligence, and we’re not entirely sure why. However, we have communicated and shared with them all the information they need to know that KMD is not an issue for them. Their concerns do not warrant an investor warning or delisting.

Only when the price is successful can it attract attention and become a mainstream currency. Don’t give up anonymity and continue to promote it. ??

We no longer have nor talk about privacy features, but some old articles from third-party websites still describe KMD as a privacy coin. Last year, we contacted dozens of websites specifically about removing these mentions. A few responded, but most did not. Updating a third-party website is something that is ultimately up to the site owners themselves, and we can’t force them to make the updates. According to Upbit, privacy coin mentions on these websites was the reason for delisting.

I think this is nonsense and legal action should be taken

There is a group of projects that were also in the delisting that have proposed a class action lawsuit against Upbit. We’re not involved in this yet, but we’re following that conversation.

Please do a good job for the marketing and promotion.

This is the first year Komodo has truly had a dedicated marketing department to make an effort - during the first half of the year we’ve been working out our messaging, resources, and tools. We’re continuing to work around the clock!

It was removed because of the anonymous currency, but if the anonymous function is deprecated, will Upbit list KMD again?

We explained to them in detail how we are not an anonymous currency. It seems Upbit didn’t care about our response and cared more about the outdated third-party websites that mention KMD privacy feature that has already been deprecated since February 2019. Again, this information is verifiable as our project open-source code is available on GitHub.

There are some regrets, but I am looking forward to the future of KMD. Please do your best to increase the value of KMD Coin. In addition, It would be great if marketing can be activated.

We have been actively ramping up marketing efforts over the past year. We have expanded the marketing team. In the last three months alone, we have added a PR Manager, SEO Manager, and Community Manager.

We have added frequent community updates with Komodo Thursday Townhalls, two weekly community hangouts, and end-of-month/ monthly summary updates. More people are activated as community members than before.

The Komodo team is exploring more use cases for KMD and ways to integrate it into the DEX. More projects are beginning to use Komodo AtomicDEX API. Recent examples include DogeDEX and GleecDEX. DogeDEX is a big success and reached 10,000 users in less than two weeks after launch back in March.