Trading volume increases by over 90% after listing... Second highest trading share
Decision to list despite end of Dacsa trading support and joint relisting guidelines
Domestic virtual asset exchange Gopax has seen an increase in trading volume after listing WEMIX, a coin issued by Wemade.
According to the virtual asset market tracking site CoinGecko, as of 9 a.m. on the 24th, the trading volume was recorded at $3,489,982 (approximately 4.553 billion KRW). This represents a 91.73% increase compared to $1,820,244 on the 8th, when the decision to support trading of WEMIX was made.
Gopax's trading volume showed an upward trend after deciding to list WEMIX. On the 13th of this month, it recorded $1,979,396, showing a gradual increase, but from the 14th, it surged significantly, surpassing $3.4 million. On the 17th, it even exceeded $3.6 million. As of the 24th, WEMIX trading accounted for 31.9% on Gopax's KRW market, second only to Creditcoin at 48.5%. Additionally, about 33% of the total WEMIX trading volume was conducted on Gopax.
While it is widely believed that Gopax's listing of WEMIX influenced the increase in trading volume, controversy has also emerged. On November 24 last year, the Digital Asset Exchange Joint Council (DAXA), which includes Upbit, Bithumb, Coinone, Korbit, and Gopax, decided to delist WEMIX due to significant violations in circulation volume, inadequate or incorrect information provision, errors in submitted materials during the explanation period, and damage to trust.
After DAXA's decision, when Coinone relisted WEMIX, a joint guideline for resuming trading support was also established, stating that "in cases where trading support was terminated due to a crisis situation through joint response, it is essential to consider whether a certain period has passed since the termination or whether the reasons for termination have been resolved during the trading support review." Despite DAXA's decision to end trading support and the establishment of joint guidelines for relisting, Gopax's listing of WEMIX led to voices questioning whether it was done to increase trading volume.
Furthermore, although DAXA prepared joint guidelines for relisting, Gopax independently decided to support trading of WEMIX, leading to criticism of DAXA's effectiveness. It is known that Gopax's logic is that this is their first time listing WEMIX and that they did not participate in the discussions when DAXA decided to delist WEMIX, so they are not obligated to follow DAXA's relisting restrictions.
In response, on the 9th, DAXA announced on its website that Gopax's operator, Streamy, "violated the voluntary regulatory procedures agreed upon to protect users when supporting trading of items that had been terminated through joint response," and imposed a "three-month restriction on voting rights and issued a warning." They also urged "the prompt disclosure of clear evidence that the reasons for the termination of trading support have been resolved and the sincere compliance with voluntary regulatory measures to protect users."
An industry insider explained, "Listing is an exclusive right of the exchange, but when it comes to WEMIX, the story is somewhat different," adding, "They can list it if they want, but the repercussions of listing WEMIX were likely foreseeable." The insider continued, "They claim to uphold self-regulation through DAXA, but since it does not seem to be well observed, skepticism naturally arises," but also noted, "However, since DAXA is not a legal entity and lacks institutional support, it is practically difficult to impose binding restrictions."
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