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- 🚨 Gate Alpha Ambassador Recruitment is Now Open!
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- 📢 Gate has released its latest Proof of Reserves report!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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The social application Phaver announced it will cease operations, and the Token price has fallen by 99%.
gate News bot news, Decentralized Finance researcher Ignas reported that the social media application Phaver has officially ceased operations. The project's Token has fallen 99% since the token generation event (TGE) in September 2024.
The Phaver team disclosed the specific reasons for the shutdown: technical failures occurred during the TGE and airdrop process, resulting in users being unable to receive their Tokens on time; over $1 million was spent to launch on 5 centralized exchanges; the team did not sell Tokens during the TGE, leading to a shortage of operating funds.
As a company registered in Finland, Phaver needs to pay employees 1-2 months of severance pay. Currently, some former team members are developing the SocialDAO project to explore new application scenarios for the SOCIAL Token.
Source: Wu Says