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Withdrawal threshold changed from 5 XEM to 50 XEM

Increasing the withdrawal threshold in FreeNEM.com [21 January 2022]

21st of January 2022 - What happened with FreeNEM.com?

We had to increase the withdrawal threshold in FreeNEM.com from 5 XEM to 50 XEM and we have also twitted about it in 3 following tweets:

As the tweets already explain, the NEM project is not going so well. The best indicator for this is the NEM price (XEM price).

We started both FreeNEM.com and FreeCardano.com in February 2018. Back in those days both ADA and XEM were worth a few cents only. However, as of today, January 2022, ADA is worth over $1.20 and XEM is worth barely $0.10 - so one project went 12x times more than the other.

But it's not only a matter of a price

We used a node from NEM to issue automatic payments to all of our users on FreeNEM.com. Recently the node started to process withdrawals slowly, it has become slower and slower until no withdrawals could be processed anymore.

NEM is still automated but a lot of businesses, mainly Crypto businesses, have given up on it. It has never become mainstream because of such troubles. Yes - sites like Binance or Huobi can still automate it with huge costs but they as well might decide it's time to delist it or raise the fees on it, or let it be for now, since it's indeed an older project in comparison to many others.

So why the threshold was raised?

The threshold was raised because we have to automate NEM and/or process it manually for the time being using different tools and mechanisms which will be more expensive. The alternative would be closing the site.

We have a principal of never closing any of our sites. This is why we had to raise the that threshold, and by doing so the site can remain live & open for those who still wish to use it.

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