Zaros, one of the decentralized finance projects (Defi), announced that it has decided to end its activities because of insufficient funds.
The official statement of the project team said that many methods such as transformation, expanding the financing chain and evaluating strategic options were tried to continue the project over the past five months, and that sustainable financing could not be achieved despite all efforts.
The Zaros team stated that two main factors played a role in the failure of the project: the product was released entirely in one go, instead of in modules, and the timing of the launch of the ZRS token. The team emphasized that it could not be integrated with existing liquidity sources because of the adapted architecture of the system, which delayed the development process. Moreover, the issue of token created before the product launch created a disadvantage in terms of financing, together with the expansion of the planned schedule.
Zaros completed an investment round of $ 1.8 million on 23 May 2024. Investors such as SNZ Holdings, Seven Capital, Cogitent Ventures, DCI Capital, as well as important names such as Antony Sassano, Fernando Martinelli, Kieran Warwick, Andy Chen and Kevin Lu. The project was intended to innovate in the field of eternal futures using Liquid Stake Token (LST) and Liquid Restake Token (LRT) technologies.
The Zaros team also specified specifically that none of the co-founders sold ZRS-Tokens, as can be verified by chain via Sablier.
*This is not investment advice.
