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StarkNet derivatives trading protocol ZKX has announced that it will cease operations due to low user engagement, insufficient revenue to cover operating costs, and a decline in token value.
ZKX founder Eduard announced the news. Eduard said that the ZKX protocol will cease its operations because the team cannot follow an economically viable path.
Eduard explained that user interaction on the platform was poor, transaction volume dropped, revenue was unable to cover cloud server expenses, and the team was unable to pay salaries and business expenses.
“It is with great sadness that we have to announce the termination of the ZKX protocol. Despite all our efforts, we could not find an economically viable path for the protocol.
All markets on ZKX have been delisted, positions have been closed and all funds have been returned to each user's trading account.
Users can transfer funds from their trading account to the main 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 encourage everyone to withdraw their funds and claim their pending STRK rewards by August.”
As a StarkNet main project, ZKX, StarkWare Amber Huobi Cryptocom Hashkey etc. It had received investments from more than a dozen VCs, including
Following this announcement, the 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.