StakeCube, a cryptocurrency exchange that recently faced a liquidity crunch leading to the exit of its former CEO Oleg, has released a new statement outlining their plans for moving forward. CK, the new lead developer, has been working to repay users and get the platform back on track. In a significant move, StakeCube has announced its decision to convert held balances into SCP tokens in an attempt to accelerate repayments.
The exchange has been evaluating the feedback from their team, advisors, and community on the subject of debt tokens. StakeCube plans to create a corresponding token for each coin with held balances, including BTC, DASH, DOGE, and LTC. The exchange will announce the date for the conversion soon, as they are currently working on the logistics.
Once the tokens have been minted, transferred to StakeCube, and distributed to users, the exchange will reopen for trading. Each token will be paired with the matching coin it represents, allowing users to trade their debt tokens at a discounted price. This innovative approach will enable users to access their funds sooner through a free market, with other users willing to pay for that debt and wait for full repayment.
StakeCube has not yet released information on buy-back plans to clear the debt or whether a swap option will be available on the platform. They have, however, shared the burn address for the tokens, which will be sent there once the company buys them back.
Despite the ongoing financial struggles, StakeCube has managed to stay afloat and keep its servers running. The platform has reduced its monthly costs by 34% since January and aims to cut an additional 5-7% within the next two months. These reductions are necessary, as the company currently lacks the funds to continue paying refunds and salaries for crucial team members.
Several trading pairs have been paused or removed from the exchange in cooperation with the respective projects, including MMO/ETH, MMO/LTC, MMO/DOGE, DOGEC/ETH, DOGEC/LTC, DOGEC/DASH, and DOGEC/DOGE. Meanwhile, MYUS and SHARE have been added to NodeCube, and users are invited to host their nodes.
StakeCube’s ongoing work includes changing wallet.dat for coins, migrating masternodes and wallets to reduce costs, maintaining masternodes, and upgrading wallets. The team is also researching new wallets to add, new income sources, and exploring potential partnerships and collaborations.
After a week-long maintenance period, ETH has been taken out of maintenance, and the system is now catching up with and crediting deposits made during that time. In lieu of a weekly newsletter, StakeCube will now release smaller updates and announcements on their Discord and the StakeCube.info site.
As StakeCube continues to navigate through these financial challenges, the community eagerly awaits the SCP token conversion and the reopening of the exchange for trading. The platform’s dedication to repaying users and maintaining operations demonstrates its commitment to regaining trust and stability.