DeFi Derivatives Protocol Polynomial Ceases Operations

DeFi derivatives protocol Polynomial has announced the cessation of its operations starting February 14, according to Foresight News. The closure affects both Polynomial Chain and Polynomial Trade, with forced liquidation scheduled for February 18 and the liquidity layer shutting down on February 24. The chain's operations will cease on March 3. Polynomial has canceled its previously announced Token Generation Event (TGE) planned for the first quarter, citing reluctance to issue tokens for a product that is ending. However, participant data will be retained, and early supporters will have priority access to new company products. The team emphasized that liquidity, rather than technology, is the key competitive advantage in the derivatives market, a factor Polynomial lacked, with its Total Value Locked (TVL) peaking at only $8 million. Despite the closure, the new company will continue to focus on derivatives. Earlier reports from Foresight News indicated that Polynomial completed a seed funding round in May 2023, with participation from Road Capital and some Synthetix executives, although the amount raised was not disclosed.