In recent days the team has made several important decisions regarding the GEX token and associated collateral that require your attention.
In light of current market conditions and delays in the development of Geminon v2, we have taken steps to release the GEX token collateral deposited in the pools. This measure allows GEX holders to exchange their tokens for their proportional share of the collateral. We believe this decision is in the best interest of our investors considering the circumstances.
To guarantee equity among token holders seeking to close their positions, vault contracts have been created that are equivalent to a constant price pool. Such vault contracts will provide collateral based on the percentage of the total GEX supply held. This means that regardless of the time of refund, the amount obtained will remain the same.
Additionally, we have taken the following actions:
- Unified Collateral: We have consolidated the collateral for each blockchain into its respective native currency. For example, Tether Gold and Paxos Gold tokens have been exchanged for Ethereum, while Avalanche Bridged Bitcoin has been exchanged for AVAX. Consequently, the price of GEX on each network now corresponds directly to the price of ETH, BNB and AVAX, respectively.
- Token Supply Burn: The entire supply of GEX in Geminon contracts has been burned, ensuring that only tokens held in investors’ wallets are in circulation. This step ensures the correct distribution of all collateral in the vaults.
These strategic actions are a response to current market conditions and the impending bull market. It is important to note that this does not indicate a pause in Geminon’s development. However, given the uncertainty around near-term growth, we have chosen to release investors’ assets, allowing them to manage their holdings according to their preferences.
The Geminon app (https://app.geminon.fi) has been updated
and a new interface has been created for vault contracts so that those investors who wish to liquidate their position can do so easily through the application.
Stay tuned for updates on the development of the project and the announcement of next steps in the next few days.
