Poloniex Exchange

The high-profile privacy coin Monero (XMR) has undergone a series of forks and hard forks in recent weeks, including Monero Original (XMO), Monero 0 (ZMR), Monero Classic (XMC), and the most recent MoneroV (XMV). Given the explosion of new forks, Poloniex announced they would not be supporting MoneroV, suggesting that XMR holders wishing to receive XMV should move their coins to a compatible wallet.

The reasoning behind the creation of these new coins is very similar to what commonly occurs with Bitcoin, where a faction of developers disagreed with the fundamental direction of the parent project. Monero recently hard forked, which it does nearly every 6 months, to version 12 of its protocol. This new protocol introduced several new features, including an increased ring-size, multi-signature transactions, and initial Ledger Nano S hardware wallet support. However, not everyone was on board as five new projects were born, each with their own unique development goals, but all still using version 11 of the protocol.

MoneroV, which officially launched on Monday, April 30, has outlined how it is different from Monero in its official announcement:

  • MoneroV has a limited supply of coins in contrast to Monero’s infinite coin supply.
  • MoneroV and Monero’s proof of work algorithms are on a different development path, as MoneroV’s will focus on mitigating the mass use of botnets and unsuspected browser-based miners.
  • MoneroV will have an active development fund that would be used for rapid development and feature integration versus Monero’s voluntary donation based development process.
  • In addition, MoneroV will implement new protocols that will solve the scaling problems facing Monero and other cryptocurrencies such as Bitcoin. In-depth detail is included in the MoneroV roadmap.

Keeping with previous trends, the announcement of MoneroV, which offers a rate of 10 XMV for every 1 XMR, resulted in a significant XMR price run-up, as shown in the chart below.

XMR Price via CoinMarketCap

Given the recent fury of forks, cryptocurrency exchanges are looking for ways to simply slow things down. That’s why Poloniex made the decision to not support the new MoneroV coin at this time, meaning that XMR holders looking to receive XMV need to move their coins off of the platform to a compatible wallet.

Official Poloniex announcement via Reddit

Poloniex is one of the few exchanges offering a dedicated Monero market, with 8 trading pairs currently available. This could partially explain their reluctance to participate in the Monero hard fork handout.

Regardless of the Poloniex decision, Monero is still committed to providing informational support and services to assure proper integration of the XMV fork.

[The] Monero.org team sees its mission in accumulating accurate and exact information on the XMV fork and providing informational support to the community and services considering integrating the fork. To ensure a smooth transition and timely XMV distribution among the clients, we are ready to provide technical support for your project during the fork.

Contact us at admin@monero.org

Related: Monero Just Hard Forked — and It Resulted in Four New Projects