Crypto Long & Short: The Trouble With Ticker Symbols

Can the proper USDP stand up?
Last month, Paxos, the issuer of the seventh-largest $ 2 trillion global stablecoin, renamed the token (formerly the Paxos standard) to Paxos $. As part of the statement, the crypto exchange changed the ticker symbol from PAX to USDP.
There was a problem: Another Stablecoin was already using the ticket.
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Unit Protocol, a decentralized lending platform launched in February, has been calling USDP tokens since issuing a white paper at least last July. During the hot minute, the brave team didn’t seem to allow larger competitors to use their four-letter ID without fighting.
“We are currently challenging Paxos’ trademark application against USDP,” Unit Protocol representative Benjamin Meredith told CoinDesk on August 27. To show that the original USDP is a well-known amount in the market, Meredith points out blockchain data showing that 138 million units of tokens have been coined, each worth just under $ 1. Did. CoinMarketCap is further evidence that this stable coin was an established asset, even though the market capitalization of the Paxos stable coin was 7.5 times higher.
However, at the time of this writing, there was no formal objection to the story of the United States Patent and Trademark Office. He later said he couldn’t get the call. “We will be on a happy path for now,” Meredith said.
When Paxos was contacted by CoinDesk, he hated to turn. “It’s common for projects to share ticks in the crypto space,” said Paxos spokeswoman Becky McClain. “There are dozens of cases where shared qtickers or tickers share characters, and I’m convinced that these practices are distinguishable and confusing without consumers.” Paxos already before the ticket was selected. I didn’t answer the follow-up question about whether I checked if it was used.
This anti-climate story highlights the problems that have surfaced several times in cryptocurrencies and may surface more frequently in the future as the industry grows. Investors tend to be confused if exchanges do not have a standard for assigning identifiers.
“It’s important that each marker refers to a single asset, as the ticker is designed to make the asset immediately visible to the customer,” said Kevin Beardsley, Senior Product Manager, Professional Trading at Kraken. I am. “But two projects may claim the same symbol, and the winner is usually virtually determined by the community.”