OL DEX is closing all activities
OL DEX, also known as OpenLedger DEX is closing all activities until further notice.
The OL DEX was initiated back in October 2015 same day as BitShares 2.0 was introduced and was intended to work in the future as the de-facto BitShares exchange. It is almost five years later now, and time has been full of ups and downs.
Legal developments in Denmark early 2020 where the DEX had been operating since its very beginning made it necessary to change to working in the cloud since end of 2019 and the intention was to work towards a solution making it possible to continue as a fully decentralized operation. We have carefully reviewed all possible and reasonable options as for today, including licensing, but the working solution that will fit all needs of the platform and users, requires more time and efforts than it was originally estimated.
In regards to the technical operations, the contract we have had with the team supporting the gateways, nodes and even witness have not been possible to prolong and will terminate within the month of April, 2020. Suitable substitution has not been found so far.
Economically, the OL DEX has run with a deficit almost since the early beginning, and has only survived so far due to capital support from the company behind. Competition from exchanges emerging and lack of support from users overall to make use of the DEX gateways, combined with the legal considerations as well as technical issues is what makes us write this announcement today.
As a final nail in the coffin comes the Corona virus and clears any chance whatsoever we may have had to recover.
Legally, economically, technically and environmentally with the COVID-19 makes it very important to us to close to maybe later open again in an alternative way where operations can resume once more. This situation, however, is not now, – meaning all activities related to gateways is closed indefinitely.
We realize that some people may wish to make use of our gateways to convert OPEN assets to external crypto, it is however not possible due to technical condition of the gateways and security measures.
We have come to the conclusion that only solution in order to allow legal considerations to be followed at all times as well as the importance to ensure the interest of our long-term supporters is to bring forward the following points for all to take note of and to act upon accordingly:
- a) All OPEN assets are in their own creation an “I owe you” (IOU) and they will never disappear on the blockchain, and will not be frozen, and are therefore left to be redeemed whenever possible if this opportunity should become a reality.
- b) There is also a possibility to file for OL DEX in court, however, please read first our terms and conditions. https://openledger.io/termsOfService
- c) Up until May 15, 2020 we reserve the right to communicate with users through support system. Please note, that according to our terms, we will ignore threats, blackmail or similar. Please be correct in your requests.
- d) We reserve the right to answer when we have the opportunity to do so.
- e) All account support, interface use via url access point https://openledger.io/, consultations, answer to questions, help to retrieve lost passwords etc., will come to a full stop by May 15, 2020.
On the basis of the above you – the OPEN asset holder may send us your email, full name, and account of the BitShares network to: email@example.com to ensure future way of contacting you latest May 15, 2020.
As mentioned earlier in point a), the OPEN assets will stay as an active asset and a reminder of what is owed. To clarify the meaning of an IOU:
“An IOU (abbreviated from the phrase “I owe you”) is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment.”
So, although the OPEN asset stays active and acknowledges a debt, it does not specify a specific time of repayment.
As mentioned above it is advised to send to firstname.lastname@example.org your contact details for future reference latest May 15, 2020.
For the time being it is also possible to put your OPEN asset for sale on the OBITS market on the base of OBITS value 1 EUR, meaning 1 BTC = 6966 OBITS (today’s BTC rate). OBITS is a voucher to access the VPLedger blockchain and is redeemable to 1 VPL on VPLedger.com. VPL value may change in future, so 1 EUR is for the time being.
Last, we wish to thank all long term supporters for their support in us. Until we meet again, the OL DEX is out of business, the assets stay active for future redemption, and whether we come back or not with a new team, it will depend a lot on the future.
The OL DEX team