Satori Finance, a multichain decentralised exchange, will end operations. It has become another cryptocurrency protocol to shut down amid a recent market slump.
According to a recent report by The Block, Satori said on social media X (Twitter), "After careful consideration, we have made the difficult decision to shut down operations." It said prolonged unfavourable market conditions meant profits were not sufficient to continue operating.
Users can withdraw funds until July 16. After that, the platform will halt operations and users will no longer be able to withdraw remaining assets.
Satori is one of several cryptocurrency protocols that have closed recently. Projects with significant recognition, including Bitcoin scaling layer Botanix, have also halted operations in succession, citing a lack of profitability. Despite regulatory progress and broader institutional adoption, prices of major cryptocurrencies such as Ethereum and Solana remain at 2022 bear market levels.
Chi-gyu Hwang
delight@d-today.co.kr