Xamatek (XAK) Trading Update

Following the problems our users are facing to trade their XAK tokens, I reached out to Xamatek directly to clarify their position.

Xamatek has confirmed to me via email that they have intentionally locked our DEX’s order book to restrict trading. They have also advised they do intent to unlock it in the future, but have not confirmed any date for when this will happen.

Email%20from%20Xamatek
I have informed them that their token holders are very unhappy about this situation and invited them to join this discussion to provide you with a solution as they are only hurting their reputation for the future. We have also added a warning to the exchange, which will appear on top of XAK’s order book.

  • What does locking our DEX’s order book contract mean?
    When Xamatek uses this function in their token, you cannot buy or sell XAK tokens or cancel open orders. This is controlled entirely by Xamatek and not Saturn Network. If you would like proof of this, please read through the following security audit.

  • Who can provide a solution?
    Only Xamatek token creator wallet address can unlock trading.

  • Why not delist XAK token?
    For starters many traders have XAK locked in open orders, which I hope one day Xamatek will let them retrieve. Saturn Protocol is designed to allow automated token self listing, this means we could hide XAK token on our frontend but we cannot truly delist the token at the protocol level.

  • Are you going to re-think your self-listing procedure?
    Research will be done on what we could do at a protocol level to avoid this problem in the future, however, any changes to our self listing process would require a smart contract update which is something we never rush. As always we believe in decentralization being key to our financial future, it is unfortunate that Xamatek does not appear to believe in this model or hold our same values and wishes to mimic a centralized fiat currency.

We are sorry for every trader involved, and will continue to monitor this thread with hope that Xamatek will join the discussion to post their reasoning. If you have any feedback or queries, feel free to ask.

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will the problem go away?

Thanks @Neuron for being on top of this. You know it really sucks that people continue to try and scam or steal from others. I don’t have anything invested in this token but I have been scammed before and I don’t like it. Thanks for outing this turd.

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проблема будет решена или нет?

Hello @Dugin, I have updated the original post to provide more information. Only Xamatek can provide a solution.

Wouldn’t perhaps a softer solution at the UI rather than the protocol level be more in order? For example user curated token lists (Saturn DAO voted token list would be interesting, albeit diffcult at this stage of (non-)governance).

In any case I would want to see a way in which bad actors would be (somewhat) migitated, while still allowing to preserve full self-listing functionality, which is a defining characteristic of Saturn after all.

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We will definitely learn from this incident and will incorporate solutions into future designs.

Token curated lists and alternative frontends are very welcome. In fact, you are very welcome to build alternative UIs on top of our protocol! e.g. on https://saturn.tools (independent project by ONEX team) tokengame you can already buy tokens using shared liquidity.

We have some ideas, stay tuned. For now displaying the warning is the best idea we can implement. As a trader, here is how you can protect yourself

  1. Do your own research
  2. Demand smart contract audit from token creators
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SATURN DAO POWER!!
Code is Law

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xamatek%20unlock

XAK should be tradable after they unlock on 7th February.

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На данный момент можно продать Xamatek?

ждем.Напишите когда его можно обменять.Спасибо

Thank you for your efforts, I hope that on February 7,

Т.е. уже завтра можно будет им торговать?

From what we have been informed by Xamatek, yes, they do plan to unlock trading tomorrow. Thanks.

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не могу отменить ордер а пару дней назад отменял и все работало.Торги начнутся сегодня?

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привет вы подскажите пожалуста на какой бирже можно торговать xamatek

it did not open
When will be opened?
Can you give me information?

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Xamatek team has told me: 23:00 GMT+8

Thanks.

а можете подсказать биржу

I believe trading is now unlocked by Xamatek, you can see trades have happened this evening.

https://www.saturn.network/token/ETH/0x767ee3150ac31f982190ef41728cf9a969355286