Arco, one of the main decentralized finance (DeFi) protocols of the freshly deployed Aptos (APT) blockchain, finds itself backed up following a failed Initial Dex Offering (IDO). Indeed, the network found itself congested following too many transactions, and the distribution of tokens turned out to be a major failure.
Arco flies away as quickly as it arrived
Shortly after the launch of the Aptos (APT) blockchain mainnet, arcoone of its first decentralized finance (DeFi) protocols, should already close soon.
And for good reason, following its Initial Dex Offering (IDO) initiated on October 29, the protocol has experienced significant network congestion following simultaneous submissions by several hundred people at a time. In fact, the distribution of tokens turned out to be a real failure, especially in terms of the process for claiming them.
Following this disastrous launch, the protocol announced via Twitter that several major partners had abandoned him. This concerns, among others, Huobi, Gate, Wormhole and Celer Network.
📢Important Announcement
1/ Some of our partners have ended partnerships due to an unexpected issue that happened during IDO. Including potential partners (not verified): MEXC, Houbi, Gate, as well as announced partners (verified): Wormhole and Celer network.
🧵— Arco Protocol | Hiring (@ArcoProtocol) October 29, 2022
Also, Arco being now in the most complete fog, the team in charge of the project has made a voting proposal in the Twitter thread above in order to find out whether she should reimburse the injured users, continue to work on her project despite everything, or if she should finally hand over the reins of the protocol to her community.
At the time of writing these lines, 50% of voters want a refund31% continue to trust Arco, and 19% want the project to be left in the hands of the community.
To conclude, and no doubt in the hope of regaining the trust of his community, Arco ends his tweet with these words:
“However, whichever you choose, keep in mind that the ArcoFamily was once the largest and most successful of the Aptos communities. We were united, unstoppable, and stronger than any other project. Therefore, if you still believe in us, we will do everything in our power to make ARCO the #1 lending protocol on Aptos! The future of ARCO is in your hands. Please choose carefully. »
Whatever, the project’s Discord server is currently lockedand its various lounges remain inaccessible.
Aptos cryptocurrency, APT, is located at 55th ranked cryptocurrency by market capitalization. It is currently trading at $8.1, which is a down 15% since its launch on October 19.
👉 Also read – Top 5 potential token airdrops not to be missed
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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