Thank you for always using CROSS exchange.
As a result of our discussions, CROSS exchange has decided to temporarily suspend "automatic mining."
Automatic mining temporary suspension and start time
During ~January 2020 (the date it will resume will be determined based on market conditions)
* The suspension date will be announced one week prior.
* Even if automatic mining is temporarily suspended, manual mining and trading on the trade board will still be possible for XEX.
Suspending automatic mining is one of the measures taken to support the XEX price.
What’s the market impact due to suspension of automatic mining?
・The suspension of automatic mining reduces the amount of newly issued XEX.
・It is expected that the reduction in the amount of newly issued XEX reduces the dilution of revenue distributions and will have a positive effect on the XEX price.
・Since the volume for automatic mining gets reduced, total trade volume may decrease.
Based on this, as a future measure...
Around the same time as suspension of automatic mining, we will introduce the world's first "New Commission Return System" that promotes the increase of actual trading. After this, we will carry out a trade campaign.
1. About the “New Commission Return System”
The "new commission return system" is the world's first revolutionary mechanism that allows users to receive transacted cryptocurrency (such as BTC) in amounts higher than the paid transaction fee by paying the transaction fee with XEX.
・ In the “New Commission Return System '', when a trader trades BTC/USDT, commission fees are returned (given to) the Maker transaction (trade offer).
・ The XEX used for the commission is stored in the CX Fund, the increase rate of the CX fund is accelerated, and the XEX circulating supply is reduced.
・ The new trading system will increase *Maker transactions and increase the trading depth.
(*Maker transaction is defined as placing a limit order at a price that is not on the trade board and trading it.)
* The "new commission return system" is a mechanism that will be added to the current transaction mining system.
The introduction of the “new commission return system” is a measure taken to create actual demand for XEX to enhance its value.
We are currently preparing to open a special page for the “New Commission Return System”. We are going to have a very exciting announcement so please stay tuned.
2. Host a new trade campaign and conduct a trade contest to attract traders
We will host a trade contest after confirmation of the "new commission return system." Since the "new commission return system" provides a great advantage for traders, we believe actual trade volume will increase by conducting a trade contest.
By implementing the above measures, CROSS exchange will compensate for the decrease in trade volume during the period of suspension of automatic mining and transform it into an exchange focused on real trading.
CROSS exchange continuously strives to provide better services to users.
Thank you for your support.
CROSS exchange Team