This Altcoin’s Developers Announced They Are Shutting Down the Project Due to Lack of Funding

Zaros, one of the decentralized finance (DeFi) projects, announced that it has decided to terminate its activities due to insufficient funds.

In the official statement made by the project team, it was stated that many methods such as transformation, extending the financing chain and evaluating strategic options were tried in order to continue the project in the last five months, and that sustainable financing could not be achieved despite all efforts.

The Zaros team stated that two main factors played a role in the failure of the project: the product was released entirely at once, rather than in modules, and the timing of the launch of the ZRS token. The team emphasized that due to the customized architecture of the system, it could not be integrated with existing liquidity sources, which slowed down the development process. In addition, the issuance of the token before the product launch created a disadvantage in terms of financing, along with the extension of the planned schedule.

Zaros completed a $1.8 million investment round on May 23, 2024. Investors such as SNZ Holdings, Seven Capital, Cogitent Ventures, DCI Capital, as well as important names such as Antony Sassano, Fernando Martinelli, Kieran Warwick, Andy Chen, and Kevin Lu participated in this round. The project aimed to innovate in the field of perpetual futures using Liquid Stake Token (LST) and Liquid Restake Token (LRT) technologies.

The Zaros team also specifically stated that none of the co-founders sold ZRS tokens, as can be verified on-chain via Sablier.

*This is not investment advice.

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