A Bit Of Background
Bitfinex originally imposed liquidity criteria on Callisto Network coin, warning that we had to maintain $5,000 in buy/sell liquidity. But it turns out that number was more fluid than Bitfinex led us to believe. Soon, they wanted us to maintain $10,000 in liquidity.
Equally challenging was the fact that Callisto Network was having problems working with the market makers Bitfinex had recommended.
Callisto Network, on our own, switched to a new market-maker. After a bit of time, the liquidity problem was resolved. And then Bitfinex dropped another shoe: The exchange wanted Callisto Network to make a “one-time payment of $200,000” to remain listed on the exchange.
The Callisto Network team talked about this at length to determine our position, and we saw that demand—rightly—as nothing short of a bribe. And, so, we balked at paying it.
As a result, Bitfinex delisted CLO on November 9.
We do not see this as a bad turn of events.
A listing on Bitfinex is simply not worth a $200,000 “one-time payment.” Bitfinex barely ranks among the top 60 or 70 globally in trading volume, and that’s not worth $200,000 of Callisto Network’s money—money we can use to support Callisto coin’s listing on much larger exchanges.
The Callisto Network team takes seriously our commitment to the community and our commitment to supporting the CLO coin. In that commitment, we feel confident that our decision to disregard the Bitfinex delisting and to preserve the $200,000 for expenses of greater importance will serve our community far better in the long run.
About Callisto Network
Callisto Network conducted over 330 smart contract audits across platforms like Ethereum, Ethereum Classic, and EOS. In addition to our audits, we’ve developed the ERC 223 token standard and CallistoNFT standard, enhancements over existing standards that address flaws and offer new capabilities, further establishing us as industry leaders in crypto-security.
