StandX CEO Withdraws TGE Plan, Says He Will Add Personal Funds to DUSD Airdrop
JOON HYOUNG LEE
Summary
- StandX said it has withdrawn its TGE plan to avoid fueling a short-term speculative frenzy.
- CEO Aaron Gong said profiting from a token issuance that fails to deliver long-term value would amount to passing the cost onto users and the community.
- StandX said it will return profits to the community through a DUSD airdrop funded by both surplus project capital and personal funds.
StandX, a decentralized derivatives exchange, has withdrawn its token generation event plan.
Aaron Gong, chief executive officer of StandX, said on Oct. 15 that the company has the fundamentals to issue a token. But launching one without delivering long-term value, while profiting from token issuance and a short-term speculative frenzy, would push the cost onto users and the community, according to Odaily.
The company also unveiled a plan to return profits through a DUSD airdrop. DUSD is a dollar-based yield-bearing stablecoin issued by StandX.
Gong said the airdrop will be funded not only by surplus capital remaining in the project but also by his personal funds, to reward the community for its support.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul