1 Year Review; A Quick Look Back
By DeHub — 2024-11-12
A year ago, we took a bold step and decided to delist ourself from gate.io after they ended UK support. At this stage, our multi-million dollar liquidity pool (LP) was relentlessly drained by arb bots and questionable activity for years, so we had to make decisions to protect our network.
After almost a year of withdrawals, over 120,000,000 still remained on Gate, almost exactly as predicted in this article last year.
As we prepare to redeploy capital back to BNB and to protect our upcoming LP, all tokens left on gate.io have been burned again, barring ~1m for small left over withdrawals.
Future Withdrawals
If you failed to withdraw in time, have been locked out of your account, or had your account closed, simply DM us, email tech@dehub.net or fill in this form for recovery assistance.
Why did it take so long to redeploy to BNB?
After we announced our plans, Gate couldn't provide the wallet address data that would have allowed us to verify holders for airdrops during our migration. They informed us their systems don't allow this so the only way was to re-mint the tokens and open withdrawals. So until enough withdrawals and time passed, as it has now, deploying back on BNB was just a risk of further LP draining.
Conclusion
This all fully affirms our decision to delist ourself, go all DEX and stay true to the values that make this industry so great.
While crypto is an unregulated cesspit of scammers, grifters and chancers, the lack of regulation is exactly what makes it so beautiful at the same time. Untamed innovation, true capitalism. For "every action has an equal an opposite reaction" — Newton's Third Law is one I've associated to most through out life and it couldn't be more true with crypto. It's also why we've never stopped building; for every setback, there is an equal and opposite opportunity.
What a year of withdrawals actually taught us
Two things, both worth writing down for anyone who ends up in the same position.
The first is that exchange data is not yours and may not exist. Gate could not provide the wallet address data that would have let us verify holders for airdrops during the migration — their systems do not allow it. That is not an accusation, it is how these platforms are built, and it meant the only route available was to re-mint and open withdrawals. Anything you would need from a venue in a difficult situation has to be held by you at the time, not requested afterwards.
The second is that withdrawal windows have a very long tail. Over 120,000,000 tokens were still sitting on Gate after almost a year of open withdrawals — almost exactly the figure predicted when this started. People are travelling, locked out, or simply not paying attention, and no amount of announcement volume changes that curve much.
Why the burn, and why now
Leaving a large re-minted supply idle on an exchange we no longer list with is a standing risk to the network and to the liquidity pool we are about to deploy. Burning what remained — barring roughly a million retained for small leftover withdrawals — removes that overhang before capital goes back to BNB rather than after.
The alternative was carrying an unknown quantity of tokens with an unknown release schedule into a fresh pool, which is precisely the condition that got the previous one drained.
Thank you for trusting and supporting us through these unprecedented actions, all to ensure the success of DeHub and protection of investors.