Meson Network, a project with a valuation of 1 billion yuan, has attracted heated discussions in the community

Author: Climber, Golden Finance

On August 7, OKX officials suddenly announced that they would delist Meson Network's project token MSN. The announcement immediately sparked heated discussions in the community, with most asking why a project that was valued at $1 billion and launched on OKX Jumpstart just over three months ago would be delisted so quickly.

Faced with doubts, OKX officials said that the exchange's delisting of tokens or trading pairs was the result of a comprehensive assessment of multiple factors by the platform. 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.

The token was delisted after a sharp drop, but Meson Network still said it would continue to develop

On August 7, OKX announced that it would officially delist MSN/USDT, OMN/USDT and other trading pairs on August 9. Just over three months ago, on April 26, OKX Jumpstart launched a new mining project, Meson Network (MSN).

However, the performance of the project's token listing was not so satisfactory. On April 29, the Meson Network project token MSN reached a peak of $10 after listing 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 delisting announcement was issued, MSN plummeted 34% in a short period of time. As of writing, the MSN coin price is only $0.11, down more than 99% from the highest point.

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 ugly and stopped working on projects after large financing.

In response to the above questions, OKX officially responded that the delisting of tokens or trading pairs is a standard procedure regularly implemented by OKX to protect users and ensure the high standards of the project. The delisting decision of 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 discussions with their compliance, product, listing and market monitoring teams.

Meson Network responded to OKX's delisting announcement and the recent community FUD, saying that it would not succumb to external pressure and interference and would continue to stick to its beliefs for a long time.

Meson Network CEO Sherlock Shi also posted that although OKX's decision was frustrating, the company would 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 to operate the bandwidth market and provide dynamic/static IP proxy services to customers who need proxy services; · The company's customers are mainly from the Internet field, and their needs are not easily affected by token prices; · The token model was chosen to provide a smoother experience and a more convenient way to obtain resources; · The company is developing its own chain to meet market demand; · The company has found product-market fit based on residential IP products, and will focus on increasing the number of nodes and expanding the revenue scale of these products in the future; · In addition, it plans to launch its own chain (Epic: Meson-3.0).

The reason for the delisting is a mystery: the community blindly guessed that the founder was extravagant, and the project party only cared about shipping and did nothing

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. Using 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 4 rounds of financing, and in 2024, Meson completed two rounds of strategic financing with a total valuation of up to US$1 billion. There are many well-known investors behind it, such as OKX Ventures, DCG, HashKey Capital, etc.

Many research institutions believe that Meson Network has two popular narratives, AI and DePIN, and has great development potential in the future. However, the reality is that the star project token has encountered a rare short life cycle. As for the reason for its delisting, neither OKX officials nor the Meson Network project itself gave a clear reason. However, many senior members of the community still gave their own opinions.

KOL@AB Kuai.Dong posted that the founder of Meson Network began to be reluctant to contact the community after raising millions of funds, and as the project valuation increased, he spent a lot of money. The most surprising 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 solve the problem.

Another community member @wnghil887577 directly pointed out that it was the Meson Network project that sold the goods, 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 took it off the shelves because it saw that the project had no bottom line and kept selling, causing investors to lose money.

A deep participant and investor of Meson Network @0xcannn cried that he started buying from $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 such a short period of time in any project, 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 party 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 made to protect the value of the project, which makes the project look like a joke.

Conclusion

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.