By cryptoadmin 
Phaver, a as soon as promising decentralized social media platform, has formally ceased operations after its native token SOCIAL fell by over 99% since its Token Era Occasion (TGE) in September 2024.
The abrupt shutdown erased months of group engagement and developer momentum. Phaver, which aimed to bridge the Lens and Farcaster ecosystems, as soon as had 35,000 each day energetic customers and over 800,000 downloads. At its peak, the app accounted for 50% of all Lens visitors and 20% of Farcaster visitors.
DeFi analyst Ignas shared his views on the platform’s collapse, citing a mixture of strategic missteps and monetary mismanagement:
“Yesterday I realized that Phaver was shutting down all social media,” Ignas wrote, including, “I had excessive hopes for Phaver, which mixes the Lens and Farcaster ecosystems.”
The platform’s token launch was marred by technical points, together with hours-long portal outages that prevented customers from claiming tokens. The delays led to widespread FUD (concern, uncertainty, and doubt), undermining consumer belief from the outset.
In line with Phaver crew members, the challenge spent over $1 million to safe listings on 5 centralized exchanges (CEXs), together with Bybit, KuCoin, and Gate.io. Regardless of this, buying and selling volumes and liquidity failed to fulfill expectations.
The important resolution by the Phaver crew to not promote tokens as a result of already excessive FUD through the tokenization occasion resulted in a scarcity of operational funds. “It was a mistake,” mentioned one former worker, including that the choice left the crew with out ample assets to proceed operations.
SOCIAL value has dropped 99% since its launch.
Phaver had raised $8 million at a valuation of round $80 million from main backers like Polygon Ventures and Nomad Capital. Nonetheless, the monetary loss ratio and poor treasury administration proved deadly. As a Finnish firm, Phaver was additionally legally required to pay its staff for the necessary 1-2 month discover interval following the closure announcement.
SOCIAL technically continues to commerce on exchanges, however its worth has fallen, stunning traders and customers.
*This isn’t funding recommendation.