Web3 social app Phaver has ceased operations, and its token price has fallen 99% since TGE

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ODAILY
04-06
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Odaily Planet News - According to DeFi researcher Ignas, Web3 social media application Phaver has ceased operations, with its token price dropping 99% since its TGE in September 2024. Phaver team members stated that firstly, technical issues during TGE and airdrop prevented users from timely token claiming, triggering FUD; secondly, Phaver paid over $1 million in listing fees for 5 CEXs; thirdly, due to low market sentiment, the team did not sell tokens during TGE, resulting in insufficient operational funds. As a Finnish company, Phaver also needs to pay 1-2 months of severance to employees. Some former team members are currently developing SocialDAO to seek new use cases for the SOCIAL token.

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