The Etho Protocol teams have had some extremely busy moments in the last 72 hours due to the listing on KuCoin but overall the event was really successful — although not without a little drama. Let us go back a couple of months…
After our successful listing on Probit.com in late 2020, it was clear that the next step in project evolution needed to be the push for a top tier or top 10 exchange. Now with the alt-season in full bloom you can imagine that exchanges are not just waiting around for projects to list with them — especially an exchange in the top 10. During meme coin fueled rallies like the past few months, top tier exchanges are having very large listing fees thrown at them even with very little or no actual development, largely just lofty ideas or even purely for marketing purposes.
The process itself took several months but after making some good contacts with KuCoin we could see that a listing was possible as they really seemed to love the culture and premise behind Etho Protocol. KuCoin is currently ranked in the top 5 on coin market cap and has around 2 million weekly visitors so being listed on a top tier exchange like this is a large accomplishment on it’s own. Seeing how we had created a mutually beneficial connection with this exchange we felt that this would indeed be a future home for Etho Protocol and ETHO trading.
Promise Made — Promise Delivered
With The Etho Protocol Project, the community is everything as the project would not exist without you! The question was often raised when we would get on a larger exchange so we set out to give the community what they wanted. By April, we had progressed far enough in negotiations that we could announce we had been negotiating with and had begun the listing process with a top tier exchange. Of course that resulted immediately into the expectation that it was imminent and we immediately realized that this far from what can be delivered. Lesson learned, but there was a method to this perceived misstep. Without the help of the community in donating portions of the listing fees we would never have been able to move forward to begin with, so we had no choice but to give a somewhat vague announcement early on (without too much information due to an NDA) in order to allow our community members to step in and help when we needed it most. They indeed stepped in with very large donations making this year defining event for the project possible, and Etho Protocol teams are very grateful for all of this help!
Continuing on into May and June the team had to go through several legal and technological audits but eventually this all culminated on June 3rd when KuCoin made the official announcement for listing and trading began the day after.
During the discussions with KuCoin we understood that a listing would only be possible immediately as an ERC-20 token and in order to keep our promise to the community and not delay any longer this is the direction that was taken. We immediately readied an article on how to use the Etho Protocool blockchain bridge to move native ETHO from the Etho Protocol blockchain to wrapped ETHO on the Ethereum network as an ERC-20 token which is now becoming more commonplace as more networks desire to move to more decentralized swapping capabilities and ultimately become blockchain agnostic where 1:1 wrapped tokens exist on many different blockchains.
Our promise was finally delivered to the community on June 4th when Etho Protocol finally had an asset trading on a top tier exchange exposing the project to a much larger audience!
Trading started at 10.00 UTC on KuCoin and orders began flowing in immediately. However, we saw in our discord channel that some people had problems sending funds for deposits. We then realized that they actually weren’t using the blockchain bridge that had been created and wrapped ETHO but began sending native coins directly to the KuCoin deposit addresses from other exchanges.
Through all of this we realized that many did not actually understand what the difference between a token and coin, and even deeper, that they can actually exist on different networks. KuCoin reacted promptly with an Ethereum Network (ERC-20) warning on the deposit address page (see below).
After a few days of trading and adding additional warnings, all of these misunderstandings seem to have been fixed but we do not like seeing anyone in our community lose funds, ever. We encourage anyone who sent the wrong assets to KuCoin to redirect requests to KuCoin support and to the KuCoin support channels as they are the owners of these addresses and are the sole owners of the keys. We will continue providing our communities with additional information whenever it becomes available.
Now that the exchange listing has happened, we adjust our focus back to the priorities that will continue project growth: partner and customer acquisition. Growing the user base, utility and increasing partner onboarding is our top priority. We have a mature decentralized storage network that is just starting to see its first glimpses of global usage and utility (see https://info.ethoprotocol.com for stats) and this is what is going to facilitate project evolution and growth far into the future!
Looking at our competitors, Filecoin, Sia Coin or Storj and their market caps, you can see what a fully decentralized storage network like Etho Protocol is capable of achieving. This is just the beginning.
Expect some very exciting announcements and partnerships in the coming weeks and months!