South Korea’s leading cryptocurrency exchange Upbit has made an official announcement confirming the addition of the CyberConnect (CYBER) altcoin project to its market. It is planned that the integration will be implemented on August 22, 2023 and an important step will be taken in expanding the services offered by the exchange. Here are the details…
Announcement for popular altcoin from Upbit
Deposit support for the CYBER token will be available in just three hours after the announcement. However, Upbit stated that only deposits from the Ethereum network will be supported at this time. Therefore, it urged users to refrain from sending CYBER tokens from other networks. CYBER token trading is also scheduled to start today. In particular, restrictions will be placed on buy orders within the first five minutes after trading starts, while sell orders will be restricted to prices below -10% of the previous day’s closing price of 0.0001785 BTC on CoinMarketCap. Also, both market price and limit orders will face initial restrictions for about an hour after trading starts.
Upbit has taken proactive measures to ensure a smooth listing process. The exchange stressed the importance of complying with these restrictions, especially in the first few minutes of trading. This cautious approach aims to mitigate potential rapid market fluctuations that could have negative consequences for traders. CYBER’s listing on Upbit follows Binance’s Launchpool project, Sei (SEI), which was previously listed on the exchange and similarly. cryptocoin.comAs we have also reported, this listing took place in the past weeks.
CYBER price jumps
Upon Upbit’s announcement, CoinGecko data revealed that the CYBER token spiked to $5.45, a 12% increase from its previous level of $4.87. However, the token’s price subsequently fell sharply by up to 17%. At the time of this writing, the CYBER token is trading at $4.57. CyberConnect, the project behind the CYBER token, pioneers the concept of web3 social networking. By leveraging a decentralized and composable protocol, CyberConnect empowers developers to create social apps that take control of users’ digital identities, content, connections and monetization.
The overarching vision of the project is to reshape the social network and ensure that value flows directly between the creators and their audience without intermediaries. This approach goes against the traditional model where platforms derive value from interactions between creators and users. CyberConnect aims to protect against exploitative censorship and moderation by centralized organizations by providing a more equitable and inclusive digital environment. For content creators, CyberConnect provides a platform to monetize content and develop communities on their own terms. Unlike centralized platforms with dubious incentives, CyberConnect’s framework allows influencers and artists to engage with their fans using innovative features like digital collections.
