Odaily Planet Daily News According to DeFi researcher Ignas, Web3 social media application Phaver has ceased operations, and its token price has fallen 99% since the TGE in September 2024.
Phaver team members said that first, there were technical problems with TGE and airdrops, which prevented users from receiving them in time, causing FUD; second, Phaver paid more than $1 million for the launch of 5 CEXs; third, due to low market sentiment, the team did not sell tokens at TGE, resulting in insufficient operating funds. As a Finnish company, Phaver also needs to pay employees 1 to 2 months of severance pay.
Some former team members are developing SocialDAO to find new uses for SOCIAL tokens.