Fun

Starknet-based ZKX protocol shutters, blaming lack of users

News Feed - 2024-07-31 10:07:24

Tom Mitchelhill7 hours agoStarknet-based ZKX protocol shutters, blaming lack of usersThe protocol"s founder cited minimal user engagement, tumbling revenues, and “broader exhaustion” in the DeFi sector.1318 Total views17 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe ZKX Protocol — a social derivatives trading platform built on the Ethereum Layer-2 network Starknet — has shuttered, with its founder saying there is no “economically viable path” forward for the protocol.


In a July 31 post to X, ZKX founder Eduard Jubany Tur wrote that the protocol’s user engagement had been “minimal,” noting that only a few individuals had been mining the protocol’s rewards program.


He added that trading volumes had “significantly decreased” and the protocol’s daily revenue could only cover a “fraction” of their cloud server expenses.Source: Eduard Jubany Tur


Tur said ZKX had delisted all markets, closed all positions, and returned all funds to each of its user"s trading accounts. Users will have until the end of August to transfer their funds from their trading wallets to the protocol’s main self-custodial account.


It comes just a month after ZKX protocol raised $7.6 million in funding from a strategic round on June 19, which saw contributions from investors including Flowdesk, GCR, and DeWhales.


Previous investors in the protocol included Hashkey, Amber Group, Crypto.com, and StarkWare.Source: ZKX Protocol


Tur added there was no way to “sustainably support” the protocol with the current value of its recently launched ZKE token.


Related:Starknet launches $25M token incentive for top projects


“There’s no denying the TGE didn’t meet expectations, and the resulting losses have contributed to our current situation. As major token holders exercise their right to cash out, the token’s value has continued to decline,” he said.


Tur also blamed “broader exhaustion” in the decentralized finance (DeFi) sector.


The price of the protocol’s native ZKX token fell 37.8% in the last 24 hours and is currently changing hands for $0.02, per CoinGecko data.


The ZKX token is down 96.4% from its all-time high of $0.62 which it notched a day after its launch on June 20.The ZKX token is down 96% from its post-launch valuation. Source: CoinGecko


Magazine:THORChain founder and his plan to ‘vampire attack’ all of DeFi# Blockchain# Cryptocurrencies# Ethereum# Derivatives# DeFi# Layer2Add reaction

News Feed

Hoo AMM Pool Launched, New Access to Increase User Yields
Hoo AMM Pool Launched, New Access to Increase User Yields press release PRESS RELEASE. According to Hoo users who participated in AMM (Automated Market Maker) test, each liquidity p
Chinese Zhejiang Province Aims to Build a $28.7 Billion Metaverse Industry by 2025
Chinese Zhejiang Province Aims to Build a $28.7 Billion Metaverse Industry by 2025 Zhejiang, a coastal province of China, has presented a metaverse development plan that seeks to b
Brayden Lindrea4 hours agoShibarium wallets surpass 100K after SHIB devs relaunch bridgeShytoshi Kusama, the co-founder of the SHIB token, said the bridge was fixed with the help of Polygon Labs co-founder Sandeep Nailwa
Report Claims Nayib Bukele’s Regime May Issue a Salvadoran Stablecoin
Report Claims Nayib Bukele"s Regime May Issue a Salvadoran Stablecoin According to regional reports, El Salvador’s current leadership is in the midst of de
Lido’s Ethereum staking market share dips below 30%
Arijit Sarkar2 hours agoLido’s Ethereum staking market share dips below 30%Other prominent entities contributing to the ETH staking ecosystem are crypto exchanges Coinbase (14.04%) and Binance (3.75%) and Ethereum stak
Gaming Giant Animoca Brands Reveals Ban Against Russian Users, Co-Founder Compares Russia to North Korea
Gaming Giant Animoca Brands Reveals Ban Against Russian Users, Co-Founder Compares Russia to North Korea Blockchain gaming firm Animoca Brands has revealed the company is breaking
US Banks Can Now Hold Reserves for Stablecoin Issuers, Says Federal Banking Regulator
US Banks Can Now Hold Reserves for Stablecoin Issuers, Says Federal Banking RegulatorThe U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying
PEPE Shows Strength With A Firm Grip Above This Key Support Zone
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
John Deaton files amicus brief in support of Coinbase appeal against SEC
Turner Wright3 hours agoJohn Deaton files amicus brief in support of Coinbase appeal against SECThe lawyer said he had filed a brief on behalf of 4,701 Coinbase customers for no charge as part of his advocacy work in the
America should learn from the optimism of HODLing
Christopher Koopman1 hour agoAmerica should learn from the optimism of HODLingHistory is littered with failed predictions about the future of technology. Have we learned anything along the way?265 Total viewsListen to a
Fantom CEO defends Solana amid network woes
Amaka Nwaokocha12 hours agoFantom CEO defends Solana amid network woesFantom creator Andre Cronje referred to the Solana network as a victim of success.9143 Total views15 Total sharesListen to article 0:00NewsOwn this pi
Venezuela Might Have Cryptocurrency ATMs Again Soon
Venezuela Might Have Cryptocurrency ATMs Again Soon While Venezuela has been a leading country for cryptocurrency adoption in Latam, its citizens don’t have access to crypto