StarkNet-Based Exchange Announces It Has Ceased Operations, This Altcoin Price Dropped Sharply!

StarkNet derivatives trading protocol ZKX announced that it would cease operations due to low user engagement, insufficient revenue to cover operating costs, and a decline in token value.

The news was announced by ZKX founder Eduard. Eduard said that the ZKX protocol will cease operations as the team is unable to pursue an economically viable path.

Eduard explained that user engagement on the platform was poor, transaction volume was down, revenue was not enough to cover cloud server expenses, and the team was unable to pay salaries and business expenses.

“It is with great sadness that we must announce the termination of the ZKX protocol. Despite our best efforts, we were unable to find an economically viable path for the protocol.

All markets on ZKX were delisted, positions were closed, and all funds were returned to each user’s trading account.

Users can transfer funds from their trading accounts to their primary custody account.

Self-storage ZKX accounts are wallets on Starknet, users can withdraw to L1 via the Starkway bridge at any time.

The withdrawal period lasts until the last day of August. ZKX entitlement and distribution will continue after sunset on September 1.

We strongly recommend everyone withdraw their funds and claim any pending STRK rewards by August.”

As a StarkNet core project, ZKX had received investments from over a dozen VCs, including StarkWare Amber Huobi Cryptocom Hashkey, etc.

Following this announcement ZKX price dropped by 38%.

Important Statement 30.07.24

With much regret, we have to announce the discontinuation of the ZKX protocol. Despite our best efforts, we have been unable to find an economically viable path for the protocol.

(1) All markets have been delisted, positions have been closed and all…

— Eduard (@0xEduard) July 30, 2024

*This is not investment advice.