Bithumb Announces Listing of New Altcoin Ionet (IO), Backed by Binance – Price Surges 7%

YEREVAN (CoinChapter.com) — Bithumb, South Korea’s second-largest cryptocurrency exchange, announced today the listing of a new altcoin, Ionet (IO). According to Bithumb’s official statement, Ionet (IO) will be added to its Korean Won (KRW) market. Moreover, transactions will be supported on the Solana (SOL) network. However, deposits through other networks will not be supported.

• Supported Market: Korean Won Market
• Supported Network: Solana (SOL)
• Deposit Start: 07.08.2024 at 16:00 KST
• Transaction/Withdrawal Start: 07.08.2024 at 18:00 KST

What is Ionet (IO)?

Ionet (IO) is a decentralized computing network platform that uses unused GPU resources. Consequently, it provides an efficient and distributed physical infrastructure network (DEPIN). Additionally, it offers cost-effective computing resources for machine learning and AI projects.

Key Features

1. Cost-Effective Computing: Ionet offers access to a distributed cloud cluster at a lower cost, making it suitable for machine learning and AI projects.
2. Decentralized Network: The platform uses a decentralized approach, ensuring security and reliability through distributed networks.
3. Token Utilization: IO tokens are the main cryptocurrency within the network, rewarding service providers and facilitating payment transactions.

IO Surges 7% on Bithumb Listing, With Initial Trading Restrictions in Place

After the listing announcement, IO saw a 7% price increase. To ensure a secure trading environment, Bithumb implemented initial transaction restrictions. Specifically, for the first five minutes after trading begins, purchase transactions are restricted to prevent volatility. Furthermore, sale price restrictions will apply if the price drops 10% below or rises 100% above the base price.

Fee Compensation Expanded to All Virtual Assets

On August 6, 2024, Bithumb announced it will extend its lowest price compensation for withdrawal fees to include all virtual assets. Before this, the system covered 160 types of virtual assets and compensated 200% of the fee difference with points that users could use on Bithumb.

Now, this expansion aims to improve user satisfaction and give Bithumb a competitive edge in the market. Users can apply for this compensation by clicking on the fee compensation application in the withdrawal detail screen under the deposit and withdrawal menu. The process remains the same as before.

Bithumb Delists AGIX Token Amid Market Turbulence

On August 4, 2024, Bithumb revealed its plan to delist SingularityNET’s AGIX token, effective immediately. This decision follows the recent merger of AGIX with Ocean Protocol (OCEAN) and Fetch.ai (FET) into a new entity known as the Artificial Superintelligence Token (ASI).

The cryptocurrency market, which has already seen a significant drop of over $500 billion, is further impacted by this delisting. Consequently, transition rates have been set, with 1 AGIX converting to 0.433350 ASI, 1 OCEAN to 0.433226 ASI, and 1 FET to 1 ASI. This development makes the merger a complex and critical phase for stakeholders.

This article is for informational purposes only and does not constitute investment advice.

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