We would like to provide you with an update on the recent developments at our crypto exchange. We have been carefully considering the feedback from our team, advisors, and community regarding debt tokens, and have decided to proceed with converting held balances into SCP tokens. Currently working on the logistics and will announce the date for the conversion shortly.
Each coin that we have held balances in will have a corresponding token, such as BTC, DASH, DOGE, and LTC. Once the tokens have been minted, transferred to SC, and distributed to our users, we will open up the exchange for trading. Each token will be paired with the matching coin it represents, allowing users to trade their debt tokens at a discounted price to what is owed. This will enable our users to access their funds sooner on a free market with others who are willing to pay for that debt and wait for full payment.
Regarding buy-backs to clear the debt or if there will be a swap option on the platform, we will inform you of our plans later. Once SC buys back those tokens, they will be sent to the burn address we have created. The address is sccburnaddressXXXXXXXXXXXXXXSfqakF.
In terms of finances, we would like to inform you that we are currently green to keep our servers running, but we are not green when it comes to paying salaries for the crucial part of our team to keep going. We are still working on adding more income sources while also cutting our costs where we can. We have managed to cut our monthly costs by around 34% since January, and we hope to cut them by around 5-7% more within the next 2 months. This can change depending on how many nodes we run on NodeCube or list new coins.
We are working non-stop to get SC back on track, and have made changes to our personal lives to be able to stay with SC with the finances we currently have. This means that we are not earning enough to keep refunding people currently.
We would also like to inform you that a few trading pairs have been paused in dialogue with the projects and will be removed. These pairs include MMO/ETH, MMO/LTC, MMO/DOGE, DOGEC/ETH, DOGEC/LTC, DOGEC/DASH, and DOGEC/DOGE.
We have added MYUS and SHARE to NodeCube, and we invite you to host your nodes.
Our ongoing work includes changing wallet.dat for coins, migration of masternodes and wallets from servers we are removing to cut down costs, maintaining our masternodes, and upgrading wallets. We are also researching new wallets to add, new ways of income sources, and having a few dialogues regarding partnerships and collaboration.
Eth has been taken out of the maintenance it was in for about a week. Our system is currently catching up with and crediting deposits that were made during this time.
We will no longer release a weekly newsletter on Fridays, but instead, we will make smaller updates and announcements. These can be found on our Discord or as a post on the StakeCube.info site.
Thank you for your continued support.