Background
As some of you might know, Wintermute was the market maker partner for the RADAR token over the past 12 months.
Unfortunately, they were affected to a certain extent, by the collapse of FTX and other unfortunate events that hit the blockchain industry last year. They are up and running normally, but they are now taking a stricter approach when deciding on which exchanges they are operating at full capacity and on which ones they want to keep lower exposure.
This is a safe approach and totally understandable, they are looking after their business and they are not willing to take unnecessary risks and being exposed to another potential crash. From the information we have received, they are working closely with all their partners and they are trying to make sure the financial situation of all the exchanges is safe enough so they can resume the trading.
Current situation
Unfortunately, the process is much slower than anticipated initially, and the collaboration between Wintermute and some exchanges is still under the question mark: Crypto.com and Huobi. RADAR was listed on these exchanges and this affected the health of the trading markets on both exchanges mentioned above, where the volatility increased and the market depth wasn’t optimal.
Because of this, we had to take the difficult decision to start looking for a new market maker that would provide the services needed on the exchanges where RADAR is listed. We’re currently in the process of signing an agreement with a new partner and resume the market making activities. The goal is to finalize the agreement over the next 2 weeks. We will keep you updated with the progress and we’ll make an official announcement as soon as it will be done.
Closing thoughts
We want to thank Wintermute for being a great partner over the past 12 months and we are confident there will be more opportunities to work together in the future.
Interesting fact: Blockchain.com Ventures is an investor in both DappRadar and Wintermute.
You might notice a few big on-chain transactions over the upcoming days to and from the Treasury, we are handling the market maker migration, everything is safe.
IMPORTANT: The content above is not affirming that Crypto.com or Huobi have any issues and Wintermute never confirmed that any of these exchanges are going through any problems. It is their business decision to take a safer approach and avoid any complications in the future.