Rollbit’s centralized crypto exchange, Degen EXchange (DEX), has been sunsetted due to regulatory uncertainty and low adoption.
Degen EXchange, released on August 17, had promised “to be a crypto platform for everything” at its launch.
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Regulatory Uncertainty and Low Adoption
“Due to regulatory uncertainty and low adoption, we’ve decided to sunset ‘Degen EXchange’ for now. Any holdings from Degen EXchange can be sold or withdrawn, but buying third-party assets has been disabled. $RLB functionality is unaffected, and $RLB can be bought and sold as before,” Rollbit said in an announcement on X.
These changes are independent of the group’s other projects and are being made to better position and safeguard its business, the team said.
The announcement clarified that Rollbit’s core product http://Rollbit.com, $RLB, or NFT collections remain unaffected by the changes. Rollbit promised its next round of releases is going to be very exciting.
Launched Only a Month Ago
Only a week ago, DEX onboarded three new collaborators as it looked to garner more projects for the platform.
“It’s time to take our Degen EXchange to the next level, furthering our goal of becoming the all-in-one crypto platform! Over the coming weeks, we’ll be listing a wide variety of assets with a heavy focus on improving our AMM functionality to ensure we have strong liquidity for all coins. Concentrated liquidity pools will be released soon,” Rollbit Co-founder Lucky (@Lucky_Rollbit) said in a tweet.
Among the many distinctive features Degen EXchnage promised to offer included a smooth interface and features that decentralized exchanges don’t have, research-based trading intelligence, and the preferred destination for the low-caps that would have none of the ETH fees to be paid.