Crypto Trading Competition

Telling Like it Is

What Happened

At 5PM GMT on Thursday April 25, we planned to hold a trading competition to test the server load tolerance of United Traders Exchange.

By the start of the competition, we had around 20,000 users online on the website, which resulted in unstable operation of the website and UTEX trading interfaces.

After an hour of fighting it back, we decided to postpone the tournament.

What We Think About It

We were expecting technical problems, but not where they appeared. The key focus for us was the tolerance of the exchange’s matching engine.

We haven’t identified any architecture-related problems but need time for optimization.

What’s Next

  1. We’re holding the tournament with the same terms and conditions later after system optimization; and we’ll raffle the announced prizes. We’ll be able to announce the exact dates for the competition only after clarifying the period required to optimize the system.
  2. We are holding additional testing events among those of you who were trying to participate in the competition on April 25, with an extra prize pool of $100,000.
  3. Release of the production version of the exchange is now postponed until July.
  4. We’ll issue an update on May 15.

Great many thanks to everyone who tried to participate in UTEX Trading Competition on April 25!

This event has postponed the date of United Traders Exchange release but helped prevent many problems that might have arisen during production operation.

Special thanks go to those of you who supported our promotion campaign. We understand that your reputation suffered together with our’s.

We won’t let you down!