Listia is stopping work on the Ink protocol, a cryptocurrency created for the markets.
The project was funded with a $ 20 million sale of XNK ERC-15 tokens. Listia, a used goods market, is now moving completely on the Props network, created by the startup Union Square Ventures supported by YouNow.
"We are not closing any of the new technologies that we have built, but yes, we have decided to move our apps and technology towards Props," said Listee CEO Gee Chuang at CoinDesk. The XNK design "has not yet been able to meet all the goals we have set ourselves," wrote Chuang. After working extensively on the technology, the company started arguing with Props PBC.
Chuang says Listia has seen an advantage in the wider Props community and more advanced features. In addition, everything created for XNK will also work with Props.
“We believe that a token of staking how Props could be more effective in empowering our users than a token like XNK and that Props configuration and scaling could be useful, ”added Chuang.
The sale of XNK tokens was supported by ConsenSys Ventures and Tetras Capital, among others. Chuang says Listia is an investor-backed company including SV Angel, Founders Collective, General Catalyst and Andreessen Horowitz Seed Fund. XNK was featured on Coinbase Wallet in August 2018.
A simplified conversion
This places XNK at the beginning of what could be an emerging trend of closing ICO projects. Digix DAO, a tokenized precious metal project, voted to liquidate its $ 64 million treasure earlier this month.
"All XNK users will be able to convert their XNK to Props within the app to facilitate integration," said Chuang, adding that "it should be simple enough for users."
The conversion rate will be 114 XNK for a Props. According to current prices for XNK, this corresponds to about $ 0,068 per token. Listia will also change the XNK held in its reserve at the same conversion rate, using the pool of Props that it has received from YouNow.
According to the Ink white paper, Listia has retained 66% of the initially generated tokens to finance the growth of the network. XNK is used more actively on the Bibox cryptocurrency exchange, according to CoinMarketCap, as well as on Upbit, IDEX and via the Bancor protocol. The Props are not yet tracked by Messari or CoinMarketCap because they have not yet been included in the exchanges.
"Using Props, I think we can achieve the goal of spreading our technology to external partners and apps much faster than we have been able to do so far," wrote Chuang.