DeFi derivatives protocol Polynomial will cease operations

Techub News reports that the DeFi derivatives protocol Polynomial announced on X that it has ceased operations and entered the winding-down phase as of February 14th Hong Kong time. Both Polynomial Chain and Polynomial Trade will be shut down, with forced liquidation occurring on February 18th, the liquidity layer closing on February 24th, and the chain ceasing operation on March 3rd. Polynomial stated that the previously announced TGE plan scheduled for the first quarter will also be canceled, as they are unwilling “to issue tokens for a product that is about to disappear,” but participant data will be retained, and early supporters will have priority access to new company products. Polynomial also mentioned that technology is not the moat in the derivatives market—liquidity is—but Polynomial has lacked liquidity, with its TVL peaking at only $8 million. The team said that the new company will still be related to derivatives.