Bitcoin.com and the Future of VERSE
Bitcoin.com has long been committed to fostering a community centered on cryptocurrency ownership, utilization, and growth. A key component of this vision has been VERSE, our utility and rewards token. However, as the landscape of Web3 continues to transform, we recognize the need to adapt our approach. Starting this week, we will be removing VERSE from centralized exchanges (CEXs), a decisive step in line with our principles. Here, we explain the rationale behind this decision, the process of delisting, and the future prospects for the VERSE community.
Understanding the Shift
Our experience has shown that CEXs have not effectively expanded our user base. The anticipated advantages of exposure on these platforms have not resulted in genuine engagement. Rather, our Bitcoin.com Wallet rewards program has successfully attracted over 300,000 users who now enjoy self-custody of their assets. This highlights a significant shift towards individual ownership, which is where the true growth is occurring.
Championing Decentralization
At Bitcoin.com, we have always prioritized the non-custodial nature of user assets. Unlike CEXs, which hold and hence control users’ funds—subjecting them to withdrawal freezes, arbitrary fees, and the risk of losing everything, as exemplified by the FTX downfall that left $8 billion missing—self-custody ensures safety and aligns with our decentralized ethos.
Building for the Future
VERSE was originally designed for integration on the blockchain from its inception. With the significant advancements made in decentralized exchanges (DEXs) since VERSE’s launch in 2022, the viability of on-chain trading has never been greater. Factors such as improved liquidity, user experience, and security no longer necessitate reliance on CEXs.
Addressing CEX Shortcomings
CEXs are not neutral entities; they often operate against their customers by profiting from order processing and liquidity provision, which can lead to conflicts of interest. On-chain markets, however, promote a fairer system where liquidity comes from the community, emphasizing transparency.
Misleading Trading Dynamics
A significant portion of the trading volume on CEXs is generated by automated arbitrage bots rather than genuine users. This distorts market behavior, complicating price recovery.
Focusing on Our Ecosystem
CEX listings cater more to their interests than to ours. Our priority is to cultivate the Bitcoin.com ecosystem and enhance VERSE’s functionality within it. Accordingly, we are in the midst of developing a new trading platform that eliminates the custody risks associated with traditional CEXs. The VERSE community will receive exclusive information during the private beta phase.
Enhancing Market Conditions
To facilitate recovery, we aim for markets free from bot-driven transactions. On-chain liquidity pools will help align incentives, promoting healthier price discovery processes.
The Evolution of VERSE
VERSE is transitioning from being solely a rewards token to becoming a valuable and limited asset embedded in the Web3 framework. With self-custody, decentralization, and genuine utility at the forefront, VERSE is dedicating itself to empowering its holders with a more concentrated mission.
Upcoming Delisting Details
The schedule for the delisting of VERSE from CEXs is now established. We will provide step-by-step instructions on how holders can maximize their VERSE assets and what this transition means for them. By focusing on an on-chain approach, we aim to eliminate the distractions posed by bot trading and reallocate our efforts towards a token that resonates with values of freedom, scarcity, and sustained growth.
This is merely the beginning. In the forthcoming months, we will unveil initiatives concerning token supply burns, liquidity enhancement programs, and innovative opportunities for community engagement within the VERSE ecosystem.
The future of VERSE is not only Web3-centric and limited in availability, but also powered by our community. Stay connected for more updates.
