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Upbit Korea’s DAXA Halts Trading Support for OmiseGO (OMG) and Serum (SRM)

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On April 12th, according to Upbit\’s announcement, members of the Korean Digital Asset Exchange Association DAXA plan to terminate their trading support for OmiseGO (OMG) and Serum

Upbit Koreas DAXA Halts Trading Support for OmiseGO (OMG) and Serum (SRM)

On April 12th, according to Upbit’s announcement, members of the Korean Digital Asset Exchange Association DAXA plan to terminate their trading support for OmiseGO (OMG) and Serum (SRM) due to abnormal operation of the OmiseGO network (such as difficulty verifying normal network blockages) and the failure of the Serum project to operate properly, making its protocol unusable.

DAXA members of the Korea Digital Asset Exchange Association will jointly delist OMG and SRM

Upbit, one of the largest cryptocurrency exchanges in South Korea and a member of the Korean Digital Asset Exchange Association (DAXA), recently announced that DAXA plans to halt its trading support for two assets—OmiseGO (OMG) and Serum (SRM). This announcement came after the failure of the Serum project, making its protocol unusable, and the abnormal operation of the OmiseGO network, such as difficulty verifying normal network blockages.

Background

OmiseGO (OMG) is a decentralized financial platform built on the Ethereum blockchain that allows for the exchange of both cryptocurrency and traditional currencies. The platform was created to address the limitations of traditional financial systems and to provide better access to financial services. It provides a way for people to exchange value in a peer-to-peer manner without having to rely on traditional financial institutions.
Serum (SRM) is a decentralized exchange (DEX) built on the Solana blockchain that utilizes order books to facilitate trading. It was created to address the limitations of centralized exchanges, such as the custody of assets or the possibility of manipulation.

The Announcement

According to Upbit’s announcement on April 12th, DAXA plans to halt its trading support for OmiseGO (OMG) and Serum (SRM), starting on April 16th. The decision was made due to the abnormal operation of the OmiseGO network and the failure of the Serum project to operate properly, making its protocol unusable.
Upbit Korea stated that they would suspend deposit and withdrawal services for both OMG and SRN, and all existing orders on the exchange will be canceled before closing. Upbit also advised users to cancel all existing trading orders that involve these assets before the closing date, as any orders remaining will be automatically canceled.

The Future of OmiseGO and Serum

The announcement has triggered concern among community members as traders now seek alternative exchanges to trade their assets. Some traders have blamed the network issues faced by OmiseGO and Serum for their low trading volumes. However, members of the OmiseGO and Serum community have been working on upgrading their networks to improve their operations.
The OmiseGO community, for instance, is currently working on implementing the OmiseGO network’s Plasma layer 2 scaling solution, which will reduce network congestion and improve transaction throughput. In contrast, Serum developers have been working to optimize their network and ensure its proper operation to improve its protocol’s usability.

Conclusion

The halt of DAXA’s trading support for OmiseGO (OMG) and Serum (SRM) has triggered concern among traders. However, members of the communities behind these assets have been working to improve their network’s operations and address the issues that led to the halt of trading support. With the implementation of network upgrades and improvements in the near future, we should see more stable operations in these decentralized finance platforms.

FAQs

Q1. What is DAXA?
DAXA is the Korean Digital Asset Exchange Association, a self-governing association for digital asset exchanges in South Korea.
Q2. How does OmiseGO differ from traditional financial systems?
OmiseGO provides a way for people to exchange value in a peer-to-peer manner without having to rely on traditional financial institutions.
Q3. What are the OmiseGO and Serum communities doing to improve their networks?
The OmiseGO community is currently working on implementing the OmiseGO network’s Plasma layer 2 scaling solution, while Serum developers are optimizing their network to improve its protocol’s usability.
# Keywords
OmiseGO, Serum, DAXA, Upbit Korea, decentralized finance, network upgrades.

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