Millions of Lisk holders were disappointed when Lisk (LSK) CEO, Max Kordek announced that the much anticipated Lisk rebrand that was expected to take place before the year ends had been postponed. The Lisk price took a hit from the unfortunate news, losing 20% in an hour. Many vented out their anger with the Lisk development team on social media platforms with many expressing concerns over the future of the currency that targets programmers and developers and aims to make the development and integration of blockchain technology into everyday applications an easy process.
Why is rebranding a huge deal?
Many will recall the rebranding of Antshares to NEO which took place earlier this year. This rebrand brought with it new features that gave NEO an edge over its competition and this saw its price and market valuation shoot through the roof. It introduced an advanced smart contract code, digitization of more different assets as well as support for decentralized commerce.
Whenever a cryptocurrency rebrands, there is excitement in the market. This is because it brings with it new features that it didn’t support before. It also improves on the features it currently has making it faster, more secure and more flexible. This gets many excited and leads to a scramble in the market for its native cryptocurrency driving its price to new heights.