Foresight News reports that DeFi derivatives protocol Polynomial announced it has ceased operations starting February 14th Beijing time and is entering the winding-down phase. Polynomial Chain and Polynomial Trade will both shut down, with forced liquidation scheduled for February 18th, the liquidity layer will be closed on February 24th, and the chain will cease operation on March 3rd.
Polynomial stated that the previously announced TGE plan scheduled for the first quarter will also be canceled, as they do not want to “issue tokens for a product that is about to disappear.” However, participant data will be retained, and early supporters will have priority access to the new company’s products.
Polynomial also mentioned that technology is not the moat in the derivatives market—liquidity is. However, Polynomial lacks liquidity, with its TVL peaking at only $8 million. The team said that the new company will still be related to derivatives.
Foresight News previously reported that Polynomial announced the completion of a seed round of funding in May 2023, with Road Capital and some Synthetix executives participating; the funding amount was not disclosed.
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