Polynomial will cease operations, with plans to restart the project in the future
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BlockBeats News, February 15th, the DeFi derivatives protocol Polynomial announced in a post that the on-chain derivatives market has grown 100 times in recent years. While its core strategic direction was deemed correct, the execution fell short of expectations, leading the team to decide to gradually shut down its current operations.
Polynomial stated that the platform has accumulated data from 27 million transactions, has systematically identified product moats and key competitive factors, and will prioritize building long-term barriers to entry in the next phase. The team emphasized user fund security and will follow a standardized process to complete the shutdown.
At the same time, Polynomial stated that it will not give up on its mission to "achieve the large-scale implementation of on-chain derivatives" and will relaunch the project with the same team in the future, optimize the execution path, and provide existing users with priority participation rights.
BlockBeats previously reported that on May 11, 2023, Polynomial Protocol announced the completion of a seed round of financing. The specific amount of financing was not disclosed. Road Capital, Caballeros Capital, Archetype, as well as individuals investors such as Kain Warwick from Synthetix, Jordan from Synthetix, Scott Sunarto from eGirl Capital, Eden Au from The Block, Mike from Lyra, and Pranav from Graph participated in the investment.
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