On 27th May, 2020, the first humans to launch into space on a privately developed spacecraft were ready to enter the rocket on the launchpad. But mission control delayed the reason. Why? Adverse weather conditions. While rockets are highly developed and specialized machines that are built to sustain extreme conditions, launch weather is a highly critical part of any mission. Just like this mission, many more NASA and SpaceX missions experience delays when weather conditions are not right. Rockets need years for construction and you don’t want to waste them because of haste.
Well, the weather in crypto is stormy to say the least:
Due to global market conditions, the total crypto market took a downturn from 1.8 trillion USD in value to 1.1 trillion USD within just 8 days. We witnessed the implosion of a stablecoin that carried upwards of 40 billion USD in value. Kusama, already being front-run on the market from the impeding unlock also took a significant dip. All in all, the market has a lot of things to talk about and attention is everywhere.
For these reasons, we have determined that it is not the right conditions to launch the the MGX-KSM Liquidity Bootstrapping Event on Mangata X next week as we originally planned. Launching under current conditions would cost a lot of energy and potential bootstrap participants might still be very hesitent to join under such uncertain circumstances. We have decided to let the current situation unwind and launch the first market, MGX-KSM, after the storm has worn down and the dust has settled.
For the time being, we have decided to wait at least 2 more weeks and monitor the situation. We will have stratetic meetings every week to reevaluate the situation and decide when it is ready to launch MGX-KSM.
We will use the additional time to onboard our first two cohorts of testnet collators onto Mangata X mainnet, share the results of our recent audit and create more educational materials on how to use the Mangata X DEX. Of course we will also keep building on our featureset and UI. We have also hired additional team members that will support us during this coming phase of community growth.
We understand that a lot of you are already very much ready and looking forward to kick Mangata X off the ground. We are in the same situation! But we have to acknowledge that the market does not forgive mistakes and we have to go with the flow here. For a rocket to launch, the weather needs to be right. Once the storm fades, we are ready to launch this rocket!
Thank you for being with us on this journey!
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