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Cryptocurrency News Articles
Arco Protocol Goes Offline After Botched Fundraise on the Aptos Blockchain
Jun 27, 2024 at 06:02 pm
Arco Protocol, a cross-chain decentralized finance (DeFi) platform on the newly launched Aptos blockchain, has gone offline following a botched fundraise.
Cross-chain decentralized finance (DeFi) platform Arco Protocol, which is built on the newly launched Aptos blockchain, has gone offline following a botched fundraise.
Set to raise funds on Oct. 29 in an initial DEX offering (IDO) – a form of decentralized crowdfunding – Arco Protocol, which offers lending and staking services, encountered network congestion from over 300 people depositing to the IDO at the same time, causing an unforeseen issue with token claiming, the project said. The Aptos blockchain had a less than stellar start earlier this month.
Arco is now asking the community whether the funds received should be returned, kept or if the project itself should be handed over to the community in a Twitter poll.
At press time the majority of respondents have requested a refund. Arco said that Wormhole and Celer Network had canceled partnerships with them following the calamitous launch.
The Arco Protocol website and Discord channel are both offline.
Arco Protocol did not immediately respond to CoinDesk's request for comment.
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