TechFlow reports that on February 15, DeFi derivatives protocol Polynomial announced via Twitter it had ceased operations and entered wind-down procedures starting February 14 (Beijing Time). Both Polynomial Chain and Polynomial Trade will shut down; forced liquidations will occur on February 18; the liquidity layer will be shut down on February 24; and chain operations will cease on March 3. Polynomial stated that its previously announced Token Generation Event (TGE), scheduled for Q1, has also been canceled, as it “refuses to issue a token for a product that is about to cease to exist.” However, participant data will be retained, and early supporters will receive priority access to products from the new company. Polynomial added that technology is not the moat in the derivatives market—liquidity is—and Polynomial恰恰 lacked liquidity, with its peak TVL reaching only $8 million. The team noted that the new company will still focus on derivatives.
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