In Pursuit of Fairness
Currently, for technical reasons unrelated to us, deposits and withdrawals on Kucoin will not be available for a few days. Although it is a common occurrence and an ultimately mundane one, Polylastic believes that this could imbalance our burgeoning market place. As a newer project, it is important to us to remain on kilter and this is an opportunity for us to step up to provide protection and value for our supporters. The network taxation is an integral feature to our network and getting it started in balanced conditions is an imperative.
To spell things out:
- Deposits and withdrawals are temporarily unavailable on Kucoin.
- All tokens on Kucoin arrived prior to network taxation.
- Centralized exchange trades can not be taxed directly, however, deposits and withdrawals into exchanges will incur a tax.
- Tax on deposits and withdrawals levels the playing field across markets.
Currently:
- Deposits and withdrawals on Kucoin are temporarily unavailable.
- Kucoin is siloed right now.
Until it resumes, unfair market conditions could prevail whereby:
- Pancakeswap trades may get taxed.
- Trades on Kucoin may not be, even indirectly.
Therefore:
- Network taxation for trades on Pancakeswap are suspended until deposits/withdrawals on Kucoin resume.
- Network taxes will continue to be incurred by all transfers.
Our long-term goal is the implementation of an aggressive tax structure that will ultimately provide scarcity and value realization for the POLX token. It is not a near-term effort and it is advantageous to the network to provide users additional time for the market place to balance. The taxation structure is aimed to benefit our supporters who see the long-term potential in passive, enduring income.
The POLX token lies at the heart of all we do and these measures are encoded to be firm and fair. In the very short term, to ensure an equitable marketplace we will offer additional time for users to build positions, stake, farm, trade and navigate without discrimination. In due course, we will have additional channels of distribution for the POLX token but as of now, it is our opportunity to inject a measure of fairness into the market. We do not wish to play favorites or gamify, in any way, our organic growth.
