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On-chain identity project Phi will cease operations on May 25.
Golden Finance reports that the on-chain identity project Phi will cease operations on May 25th, with phi.box and other services stopping 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 no longer sufficient to support the project’s continued operation.