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On-chain identity project Phi will cease operations on May 25.
Mars Finance reports that, according to official sources, the on-chain identity project Phi will cease operations on May 25th, and phi.box along with other services will stop providing service, but the PHI token will be retained and continue trading on Aerodrome. Phi stated that in January of this year, the team carried out a large-scale layoff to reduce costs and seek a sustainable development path. In the following months, Phi explored various possibilities, including transforming into a prediction market or artificial intelligence sector, but currently, funds are insufficient to support the project’s continued operation.