Gate.io Is Going to Delist CNYX Peg

CNYX is a USDT-backed stablecoin, supported by Gate.io’s Deposit Fund (20,000 ETH total).

USDT is a USD-backed stablecoin released by Tether which later launched a stablecoin named CNHT. Gate.io has applied the new CNYX anchoring in which an additional stable asset called CNHT was introduced and pegged 1:1 against CNYX since October 28th, 2019. In the actual implementation, we’ve found that the circulation of CNHT was not as good as expected, not allowing us to be able to satisfy users’ need to trade, deposit and withdraw CNHT. Furthermore, the price of CNYX fluctuated immensely encountering unexpected market sentiment. Therefore, after a deep deliberation, we have decided to delist CNYX from the market gradually and have USDT replace a part of the functions of CNYX. The specific scheme is as follows:
1) Terminate the crypto trading of CNYX against BTC, ETH, DOGE, EOS, BCH, USDC, TUSD, XRP, TIPS, BTCSV and PAX as from today. All the placed orders will be revoked, and the locked assets will be refunded to the accounts.
2) Allow the USDT/CNYX trading pair for thirty days, offering plenty of time for our users to swap their assets to USDT. Thirty days later, the market will be shut down and the users who have not completed the swap by then will be required to contact our Live Support.

In our efforts to continuously seek for better solutions for blockchain based stablecoins, this seems like the most appropriate way to act. Especially in regard to the security of GateChain and the future application of DeFi. Please stay tuned while we finetune our efforts for you!

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Gate.io
July 7, 2020