Author: Climber, Golden Finance
On August 7, OKX suddenly announced that it would delist Meson Network’s project token MSN. The announcement immediately sparked heated discussions in the community, with many asking why a project that was listed on OKX Jumpstart for just over three months and valued at $1 billion was delisted so quickly.
In response to the doubts, OKX officials said that the exchange's removal of tokens or trading pairs was the result of a comprehensive assessment of multiple factors. In response, Meson Network CEO Sherlock Shi said that the company will continue to work hard to comply with OKX's requirements and plans to launch its own chain in the future.
Meson Network is still developing despite token delisting after sharp drop
On August 7, OKX announced that it would officially delist trading pairs such as MSN/USDT and OMN/USDT on August 9. Just over three months ago, on April 26, OKX Jumpstart launched a new mining project, Meson Network (MSN).
However, the project's token listing performance was not so satisfactory. On April 29, the Meson Network project token MSN reached a high of $10 after it was listed on the exchange, but quickly fell back to around $3. Since then, it has fallen all the way to around $0.2.
After the OKX announcement, MSN plummeted 34% in a short period of time. As of the time of writing, the MSN coin price is only $0.11, down more than 99% from its peak.
At the same time, the announcement also caused heated discussions in the community. Some people questioned OKX's lax control and arbitrary listing and delisting of projects, causing investors to lose money. Others said that Meson Network was greedy and stopped working on the project after raising a large amount of funds.
In response to the above questions, OKX officially responded that the delisting of tokens or trading pairs is a standard procedure that OKX regularly performs to protect users and ensure the high standards of the project. The decision to delist some currencies is the result of continuous monitoring of multiple factors, including risk assessment, liquidity considerations, development activities, overall trading performance, regulatory environment, etc. This decision was made after careful discussion with their compliance, product, listing and market monitoring teams.
Meson Network responded to OKX’s delisting announcement and the recent FUD in the community, saying it would not succumb to external pressure and interference and would continue to uphold its beliefs in the long run.
Meson Network CEO Sherlock Shi also wrote that although OKX’s decision is frustrating, the company will continue to work hard to achieve its goals and comply with OKX’s requirements. At the same time, he also explained several key aspects of the company:
· Meson Network's core business is operating a bandwidth market, providing dynamic/static IP proxy services to customers who need proxy services;
The company’s customers are mainly from the Internet sector, and their demand is not easily affected by token prices;
The token model was chosen to provide a smoother experience and more convenient way to obtain resources;
Companies are developing their own chains to meet market demand;
The company has found product-market fit for residential IP-based products and will focus on increasing the number of nodes and scaling revenue for these products in the future;
In addition, plans to launch its own chain (Epic: Meson-3.0).
The reason for the removal remains a mystery: the community guessed that the founder was extravagant and the project owner was only concerned with shipping and not taking any action
Meson Network is a project dedicated to creating an efficient bandwidth market on Web3, aiming to replace the traditional labor-based sales model with a blockchain protocol model. The goal of the project is to integrate users' idle bandwidth and monetize it.
Meson Network's DePIN nodes are developed with user-friendly technology and can accommodate a variety of hardware such as personal laptops, servers, and IoT devices. By utilizing the idle bandwidth of these network nodes, Meson has established an economic cycle that connects idle resources with business needs. Meson Network is the data transmission foundation for decentralized storage, computing, and the emerging Web3 Dapp ecosystem.
In terms of project financing, Meson has completed four rounds of financing, and in 2024, Meson completed two rounds of strategic financing, with a total valuation of up to US$1 billion. The investors behind it include many well-known institutions, such as OKX Ventures, DCG, HashKey Capital, etc.
Many research institutions believe that Meson Network has both AI and DePIN, two popular narratives, and has great development potential in the future. However, the reality is that the star project token has encountered a rare short life cycle. Neither OKX nor the Meson Network project itself gave a clear reason for its delisting. However, many senior community members still gave their own opinions.
KOL@AB Kuai.Dong wrote that the founder of Meson Network was unwilling to contact the community after raising millions of dollars, and as the project valuation increased, he spent lavishly. The most strange thing is that no one, including the exchange, can contact him.
KOL @cxpitter4 believes that Meson Network’s inaction is the biggest reason. The project did not conduct market-making maintenance transactions during the continuous decline of MSN, and did not even communicate with the community to resolve the problem.
Another community member @wnghil887577 directly pointed out that it was the Meson Network project that sold the stocks, otherwise it would not have fallen to zero. Most of the pre-sale purchase points were at $1.75, so there was no profit at all. OKX removed the stocks because it saw that the project had no bottom line and kept selling the stocks, causing investors to lose money.
A Meson Network deep participant and investor @0xcannn cried that he started buying at $1 and invested more than $21,000 in the project, but his current loss is more than 85%. He said that he has been in the cryptocurrency industry for 7 years and has never experienced such a big drop in any project in such a short period of time, and has never regretted his investment as much as he does now.
In addition, he also said that he ranked in the top 700 in the project test network, but the project gave him 14 MSNs as a reward. Even in the main network, he ran more than 30 vps, but did not even have 1 MSN accumulated in a few months.
Such a project has no progress, no AMA is organized for publicity, and no emergency repurchase is carried out to protect the value of the project, which makes this project look like a joke.
summary
Meson Network, which once combined the two popular narrative concepts of AI and DePIN, gave investors great confidence. However, with the announcement of OKX's delisting, Meson Network has completely become a typical example of playing a good hand badly. Although the project officials and its CEO have strongly stated that the project will continue to work hard to meet the listing requirements of OKX, it is obviously difficult to regain the confidence of the majority of investors. Of course, if Meson Network can offset the losses of former investors, there seems to be a little hope.
