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On-Chain Identity Project Phi to Cease Operations on May 25
According to Golden Finance, the on-chain identity project Phi will cease operations on May 25, with phi.box and other services being discontinued. However, the PHI token will remain and continue to be traded on Aerodrome. Phi stated that in January of this year, the team underwent significant layoffs to reduce costs in search of a sustainable path forward. In the following months, Phi explored various possibilities, including a transition into the prediction market or artificial intelligence sectors, but currently, funding is insufficient to support the continuation of the project.