CoinDesk Mothballs DESK Reward Token Program

New York Stock Exchange with banner flagging ProShares Bitcoin Strategy ETF on the day it started trading.

These users began transferring large amounts of DESK to “collector” wallets on-chain. Even though our terms of service prohibited trading DESK, a secondary market nevertheless emerged where people were trading it, thus assigning it a value which we never intended it to have. DESK became a tool that we no longer fully controlled. This is a risk with blockchain and decentralization. Ultimately we made the determination that the product, as built, wasn’t serving us and our community effectively.

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