Lack of developer activity forces Binance to delist SNGLS and VIA trading pairs

BELGIUM (CoinChapter.com) — Binance has clarified that the exchange will delist two cryptocurrencies on August 26, 2021. As a result, SingularDTV (SNGLS) and Viacoin (VIA) will have their BTC trading pairs removed. A surprising development, although one has to wonder if either project had a long-term future.

Also read: IOTX price peaks after Coinbase listing, Binance perpetual swap launch.

The Current State Of VIA And SNGLS

When SingularDTV announced its vision, the goal was to build a decentralized entertainment industry. Moreover, the developers intended to tokenize the ecosystem through the SNGLS token. The project is one of the Initial Coin Offerings of 2016, a venture through which the team raised approximately $7.5 million. The ICO concluded on the same day it started, indicating strong interest in the idea.

Unfortunately, the project seemingly suffers from a growing disinterest. The latest noteworthy interview by the project CEO took place in January of 2019. At the time, SingularDTV – based in Switzerland – suffered a slowdown in blockchain development due to changing regulations. The SnglsDAO Foundation to change the governance structure was formed in March 2020, yet the project has seemingly petered out ever since. There has been little to no price momentum on Binance or elsewhere since July 2018, either.

Viacoin, initially created in 2014, didn’t need an ICO or other fundraising to gain traction. One of the currencies that supports merge-mining with Bitcoin, creating an extra revenue stream for Bitcoin miners. Even though the Viacoin Reddit is still somewhat active, the Telegram group vanished about a month ago without a trace. There hasn’t been much development in recent months, hinting at how the developers may have abandoned the project altogether. The lack of GitHub updates is also a clear sign of abandonment. 

Price-wise, VIA was not doing much better than SNGLS on Binance. The only peak occurred during the 2017-2018 bull run, yet the chart shows little volume or movement otherwise. A near-flat line since mid-2018 confirms Viacoin was petering out and waiting to be delisted.

From that perspective, the decision by Binance to delist both altcoins makes sense, despite triggering immense market losses for both currencies. VIA remains listed on Bittrex, Yobit, and Freiexchange. For SNGLS, the volume will have to come from Flybit, Bitfinex, HitBTC, and Uniswap V2. 

Did Binance Make The Right Call?

In the announcement, Binance mentions they go through a checklist of factors before delisting a currency. As both SNGLS and VIA have little to no team commitment, development activity, trading volume, liquidity, or public communication, it’s not hard to make a case. There doesn’t appear to be a sign of unethical or fraudulent conduct, but rather two projects that have run their course.

Moreover, neither of these currencies ever acquired a major trading market for fiat currency or a stablecoin. That is rather telling for assets that are around since 2014 and 2016, respectively. Most of the coins with that lifespan are trading against either USDT or a fiat currency by now. 

Unfortunately, when projects have run their course, there is no reason to keep the assets in circulation. Novices may be tricked into believing the investment is cheap and has future price potential, which is best avoided at all costs. Moreover, removing them from Binance may force other exchanges to take similar action.