TechFlow reports on April 6, according to DeFi researcher Ignas, the social media application Phaver has ceased operations, and its token price has dropped 99% since its TGE in September 2024. Phaver team members cited several reasons: first, technical issues during the TGE and airdrop prevented users from claiming tokens promptly, causing FUD; second, Phaver paid over $1 million in fees for listings on five CEXs; third, due to poor 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 severance equivalent to one to two months' salary. Some former team members are now developing SocialDAO to explore new use cases for the SOCIAL token.
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