- Energi claims that it opted to delist from Beaxy after being unable to agree upon fees
- Energi in fact refused to pay for developer time to get integrated properly after being given a free ride for just over a year
- Energi is refusing to tell its community of followers the full truth after a short and half-baked notice
Energi is a blockchain project that claims to be the cryptocurrency for world consciousness, whatever that means. It has a self-funding treasury that scrapes 40% of block fees from the block reward and puts it into a piggy bank that the project claims to spend on spreading adoption.
In a notice in its Telegram channel on August 28, Energi announced that it was opting to delist from Beaxy “due to the inability to reach an agreement regarding fees.” Now, that’s not strictly true so to speak, and for a project that’s all about the “truth”, we decided to get the full story.
Lots of Handouts, But Minimal Gratitude
In order to get the full story, we reached out to both Beaxy and Energi. Speaking to FullyCrypto, Naeem, Head of Listings at Beaxy, stated that Energi and its NRG token was given a free listing back when Beaxy first went live. In order for this to happen. Beaxy forked out for the development costs of integrating NRG to its exchange platform and market makers. Then, following a code upgrade on the Energi side of things, Beaxy once again paid out for NRG to remain integrated on its platform.
Then after Beaxy upgraded to Beaxy v2, the exchange then decided to integrate with Curv, an institutional digital asset security system. However, due to the extensive code modifications and custom code, NRG simply wasn’t a plug and play integration. Months before Beaxy made the changes and implemented Curv, Naeem and his team scheduled a call with Energi to put a plan in place and prepare for Curv. However, Energi failed to turn up for the call.
Months later when deadline day came, Naeem and his team said to Energi that they will not charge any additional fees, but Energi would need to cover the cost of the developer time that’s needed to ensure that Energi can be compatible with Curv. No frills were added to the bill and it was just the developers time. To that, Energi said no thank you and walked away.
A representative by the name of Vi Dang Vu from Energi replied to our questions, simply stating “Long story short: Beaxy upgraded their wallet infrastructure and requested an outrageous fee to cover the NRG integration cost (>5btc)”. After being given a free ride for so much time, you’d think that Energi would have saved up enough money to finally foot a bill.
What are You Doing with All That Money?
Given that Energi takes 40% of all the block fees into its “treasury”, it’s surprising that Energi refused to foot the developer’s costs, especially after being given a free ride so far with Beaxy. It appears as if Energi is looking to ditch high quality exchanges such as Beaxy in favor of its own home-brew exchange, Energi X. Energi X is slated, by Energi, of course, to fix four main issues with the exchange world, one of those being speed. This is a highly laughable claim as its own cryptocurrency requires just over three days’ worth of confirmations when sending to a crypto exchange.
Energi claims that this is to help keep Energi safer so that it can reverse any malicious transactions. While this is a nice excuse, it’s a massive hassle for traders that want to liquidate their NRG position after withdrawing funds from an exchange – something every crypto hodler should do. With that in mind, it very much feels as if Energi makes it as difficult as possible to liquidate NRG tokens into other cryptocurrencies. Who knows, maybe Energi will scrap this insane confirmation time for its own Energi X exchange. If not, it will definitely need to remove the speedy part from its Energi X branding.
Time for Energi to Answer some Questions
Energi appears to be keeping its discussions about the Beaxy delisting very quiet and isn’t willing to talk about it. The gently twisted truth of the nature of the delisting is enough to raise suspicion. After being given a totally free ride for just over a years, it’s about time Energi uses its treasury funds to pay for some fees. Or perhaps there is no treasury and the mysterious Tommy World Power is simply taking the Energi community for a ride.
Or, perhaps there’s something larger afoot. Perhaps Energi is simply making it as hard as possible for its community members to trade their NRG tokens on other exchanges, forcing them to use Energi X once it launches.
Only time will tell!
** Article was updated on September 9 at 5:23PM CEST to correct tickers, include an email response from Energi that arrived after publication and correct a stated time frame