The past few months have been tough for everyone in crypto, and it's been particularly challenging for us at Axo. We've been closely monitoring the situation and doing our best to make things work. However, Axo is fundamentally a trading platform that depends heavily on significant trading volume, which unfortunately isn't present on Cardano right now. The ecosystem's current market size, fragmented community, and limited user activity aren't providing the volume or liquidity needed for Axo to be viable. If Cardano achieves broader adoption and gains substantial volume as many hope, Axo could certainly become viable again in the future.
Further, ADA's volatility has made financial planning very difficult, and unfortunately, the stablecoin options available on Cardano haven't resolved these problems either. We've had certain financial obligations and important commitments that we needed to address, but had delayed, hoping for improved market conditions. That hasn't happened, so we recently made the necessary decision to convert our treasury funds into something more stable and liquid.
Additionally, we are currently preparing to return the ADA locked in each user's vesting smart contract to ensure that everyone receives their funds back in a timely manner.
We're actively exploring alternative options and strategies to give Axo the best possible chance to move forward, but we're also preparing responsibly in case we need to pivot or softly close our operations on Cardano.
We truly appreciate your understanding and patience during this uncertain time. We're committed to navigating this as transparently and thoughtfully as we can, and we'll keep you informed every step of the way.
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