PHaver, which was once a centralized social media platform that once promised hope, has been the local tokens since the token creation event in September 2024 (TGE) SOCIAL He officially stopped his activities with the fall of more than 99 %.
The sudden closing deleted the community participation and developer momentum for months. PHaver, which aims to bridge between lens and Farcaster ecosystems, once had a 35,000 -day active users and more than 800,000 downloads. The application was 50 %of all lens traffic and 20 %of Farcaster traffic.
Defi analyst Ignas shared his views on the collapse of the platform, citing strategic false steps and a combination of financial bad management:
Ign I learned yesterday that PHaver had put an end to his activities by closing all social networks, and he added: “I had great hopes for PHAVER, who united the lens and farcaster ecosystems.”
The Token launch of the platform was overshadowed with technical problems, including the portal outages that last for hours of prevented users from demanding token. Delays have led to a common FUD (fear, uncertainty and doubt), damaging the user trust from the beginning.
According to PHaver team members, the project spent over $ 1 million to list five central exchanges (CEXs), including Bybit, Kucoin and Gate.io. However, it could not meet the process volumes and liquidity expectations.
The critical decision of the PHaver team for not selling token due to the already high FUD during the token creation activity resulted in a lack of operational funds. “This was a mistake,” he said, an old employee, the team’s team deprived enough resources to maintain operations.
PHaver collected 8 million dollars of funds of approximately 80 million dollars of valuation from important supporters such as Polygon Ventures and Nomad Capital. However, financial damage rate and bad Treasury management became fatal. As a Finnish company, it was legally required for PHAÇ to pay to its employees for a compulsory 1-2-month notice period after the closing announcement.
Social technically continues to be traded on the stock exchanges, but the value decreased and shook investors and users.
*It is not an investment advice.
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Source: https://www.bitcoinsistemi.com/bir-zamanlarin-gozde-projesiydi-altcoinin-fiyati-yuzde-99-dusunce-bugun-kapanma-karari-aldi/
