We want to acquaint you with the situation that has occurred in recent days. Due to the numerous requests of the community from different countries, we removed the exchange pegging at a 1:20 ratio, and the token exchange rate immediately fell down. Further, we also listened to the requests of many community members and removed all exchange restrictions, while then the token exchange rate became even lower, and exchanging a coin for a token became possible with a small amount of a coin. The EDC team decided to save the situation and bought the remaining token supply on their own, so as not to allow the volume of tokens to fall into the hands of just a few people. At the moment, nearly 182 million tokens are in the hands of users, while the rest of the amount counting to 818 million is on the EDC Blockchain balance. Shortly, a distribution and burning plan for this volume will be presented and submitted, which will save the exchange and market situation.
Now, to restore the exchange process and maintain the market situation, we decided to return the following exchange positions in the wallet, namely:
1. Restoration of 1:20 binding ratio, giving 20 coins for one token;
2. Restoration of restriction on exchange and withdrawal of a token in the amount of 5,000 tokens per day per one wallet. The exchange will be conducted on account of tokens that users have exchanged for coins;
3. Keeping the coin burning function when exchanging a coin for a token. Burning will be performed in the amount of 90% of the coin exchange volume. 10% will replenish the balance for the reverse token exchange for a coin;
4. Continued accumulation of 5% of the coins when exchanging the token for a coin during the existing promotion.
We also want to remind you that users have no restrictions for exchanging on the Crocobit p2p platform.
All of the above functions will become active since April 15, 2020.
We would also like to note that the overall world situation has shocked the entire market and that now we are witnessing one of the most difficult economic situations that have arisen in recent decades! We all wish you endurance and self-control in difficult times. You should not care only about yourself, but also about your closest people! We are strong when we are together!
EDC Blockchain team