After almost 4 and a half years, unfortunately, today we’re announcing the closure of BH Network and all associated products.
As a consequence, the BHAT token and the BHAgents NFTS will no longer grant access to any services or functionalities we’ve built within the BH Network and all associated products.
This is one of the hardest messages we’ve ever had to write in recent years, as we poured our hopes, tireless hard work, and countless efforts into building something meaningful. We fought tirelessly to avoid this outcome, exploring every possible path to keep BH Network and all associated products alive, but the challenges have proven insurmountable.
The significant decline in eGLD’s value (down over 10x since our public sale) combined with the broader crypto market’s volatility, has severely impacted our liquidity and the sustainability of BH Network. Despite our team’s exhaustive efforts, the market conditions, low adoption across the ecosystem and the liquidity crisis have created insurmountable obstacles.
The broader web3 landscape has shifted dramatically, with intense competition, fleeting user attention, and a prolonged bear market following events like the Terra/UST crash, which coincided with our BHAT listing.
The overwhelming market challenges, beyond our control, have made it clear that continuing operations would not serve our community and the closure of BH Network and all associated products is the most responsible path forward.
We’ve poured every possible effort into this journey - launching five products (topIQs, Xero, FLIPiX, xAudits, and xAnalyze), building three engineering teams from the ground up, and exploring every avenue to boost adoption.
The truth is, these 4 and a half years have been very tough. Adoption in the ecosystem is extremely low, and the liquidity topic is not even worth mentioning anymore. We tried 5 products mentioned above, and out of all 5, only BHero and xAudits had decent adoption, with BHero even riding a wave of success for a while, but the external factors have significantly affected all our products.
Thus, during these years, BH Network has navigated a challenging web3 landscape. The value of eGLD dropped sharply and as mentioned above, severely disrupting our liquidity and creating unsustainable pricing dynamics for BHAT. As envisaged above, the broader crypto market’s volatility, coupled with an influx of competing projects and the short attention span of web3 users, made achieving widespread adoption difficult.
Continuing further would be unsustainable and wouldn’t serve our shared vision. Instead of prolonging operations with no clear path to success, we’ve chosen to close operations thoughtfully.
Sometimes, you just have to stop when you see that things are not heading in the right direction, no matter how much effort you put in. A business is not only about revenue and profit for all the parties involved (builders, partners and investors), but also about what you do, how you do it, who you do it with, and what type of impact you bring to a community - about feeling that what you do fulfils you.
Looking back, we understand that certain efforts didn’t deliver the outcomes we hoped for:
a) some products were highly ambitious or launched ahead of market readiness;
b) legal expenses were substantial, driven by the need to operate in a foreign jurisdiction due to the lack of regulatory clarity in Romania;
c) engineering costs were significant, driven by the pursuit of innovative solutions, the high cost of specialized talent, and the complexity of the work;
d) locking substantial liquidity against eGLD, which declined sharply, critically impacted our financial stability;
e) participating in the Metabonding program, which allocated 10% of BHAT’s supply to the MultiversX ecosystem, didn’t deliver the anticipated benefits.
Despite these obstacles, it’s uncertain whether a different blockchain would have altered our path, as the challenges outlined in points a) through d) would likely have persisted regardless of the blockchain chosen. We’re deeply grateful for the MultiversX community’s steadfast support from the outset, and we sincerely thank you for standing by us.
Some key numbers about our project reflecting our hard work and efforts :
● 5 products: BHero, topIQs, xAudits, FLIPix, xAnalyze
● BHAT: 2 CEXs, 1 DEX, 2 fiat on-ramps, $1.2M+ injected in liquidity vs eGLD, 65% of total supply burned, $39M on-chain DEX volume. First and the only ESDT token listed on Bitget. We also helped Huobi integrate ESDT support in 2022, but we weren’t listed due to the extremely high fee at that time.
● BHAgents: Top 10 NFT collections by holders and volumes
● BHero: 14 projects launched, raising $5M+ / 10K eGLD, 20k KYC-ed users
● xAudits: 17 smart contract audits
● FLIPiX: ~$25k in volumes, 2k+ listed NFTs, 3k+ NFTs traded, 2500+ users tested the product
● xAnalyze: 100+ users tested, 10 paying customers
● topIQs: 200+ accounts, only 4 paying customers despite all efforts
● 3 engineering teams built from scratch
Key moments & history:
Our journey has been defined by both challenges and achievements:
● May 2021 – first team-up discussions
● Aug 2021 – announced building on Elrond and first MVP of topIQs
● Sep 2021 – BH Network AG legally incorporated in Vaduz, Liechtenstein
● Oct 2021 – Feb 2022 – private sale timeline
● Jan 2022 – team v1 announced (3 different engineering teams over almost 5 years)
● March 2022 – first partners announced
● March 2022 – BHero Launchpad announced (2nd launchpad in the Elrond ecosystem after xLaunchpad / Maiar Launchpad)
● April 2022 – BHAT public sale on BHero
● May 2022 – BHero leveling system announced
● May 2022 – BHAT staking live on xExchange
● May 22, 2022 – BHAT public listing on xExchange during a violent bear market, just one week after the Terra/UST crash
● June 2022 – BHAT in Metabonding, xPortal (Maiar) listing, TrustWallet listing
● June 2022 – BHAgents public sale on BHero
● July 2022 – BHAgents Weekly Chest Tag Lottery introduced
● Sept 2022 – NF-Tim public sale on BHero
● Sept 2022 – BHAgents Perks system live
● Oct 2022 – Sense4FIT tokens and NFTs public sale on BHero
● Nov 2022 – BHero at xDay Paris as Gold Partner
● Oct 2022 – BHero Projects Audits introduced (later transitioned into xAudits)
● Nov 2022 – BHAT live on Transak
● Dec 2022 – BHAT live on Bitmart
● Dec 2022 – topIQs Beta live on devnet
● Jan 2023 – topIQs Beta live on mainnet
● Feb 2023 – CowCow public sale on BHero
● March 2023 – BHero DAO introduced
● April 2023 – BHero live on Cryptorank
● April 2023 – goCharge public sale on BHero
● May 2023 – BHero live on SourceForge
● May 2023 – BHero Locking introduced
● May 2023 – BHero at NFT Cluj
● June 2023 – HomeX public sale on BHero
● June 2023 – BHAT listing on Bitget
● June 2023 – DreamyWhales by Neversea public sale on BHero
● June 2023 – BHAT live on Ledger
● Nov 2023 – The Great Burn introduced: supply reduced from 500M → 200M (first stage) and 200M → 100M (second stage)
● Dec 2023 – Globees public sale on BHero
● Jan 2024 – xAudits introduced
● Jan 2024 – Jan 2025 – 17 smart contract audits completed via xAudits
● April 2024 – FLIPiX NFT marketplace introduced
● June 2024 – TheCursedLand public sale on BHero
● July 2024 – first roadmap for BHero on EVM announced
● Sept 2024 – Build21 public sale on BHero
● Sept 2024 – Tradesilvania fiat integration on BHero
● Oct 2024 – Inspir3 public sale on BHero
● Oct 2024 – FLIPiX Season 2 started & BHAgents burn
● Jan 2025 – BHero live on EVM
● Jan 2025 – GPTWars public sale on BHero EVM
● April 2025 – IXFI whitelist via BHero
Our Products Status:
1. BHero - BHAT from locking and staking were automatically distributed to all participants. The site and the associated infra will be closed this week.
2. FLIPiX - all assets (NFTs and tokens) were automatically distributed today to the users, the site will be closed this week.
3. xAnalyze - all the infrastructure associated will be closed this week.
4. topIQs - all the infrastructure associated will be closed soon.
5. xAudits - the service will not be discontinued; it will continue on-demand under a new company through a business transfer (not related to the BHAT tokens and BHAgent NFTs)
Airdrop for BHAT and BHAgents holders:
As a final gesture of appreciation, we’re offering this airdrop to BHAT tokens and BHAgents NFTs holders, distributing the remaining funds (after accounting for taxes and operational costs) to our incredible community. Though not required by any legal provision, this initiative reflects our way of sincerely thanking you and offering a meaningful farewell as we close this chapter. This initiative reflects our deep gratitude for your support, despite the challenges we’ve faced.
Within the airdrop, when you claim, you will automatically transfer your BHAT tokens and/or BHAgents NFTs to a smart contract, your tokens/NFTs will be burned, the smart contract will distribute USDC (wUSDC on MultiversX) and you’ll receive USDC (wUSDC on MultiversX) in return, based on the formula mentioned below. This burn marks the official closure of the BHAT project and its ecosystem.
Site + terms and conditions (accessible before claim): airdrop.bh.network
The smart contract will distribute You (wUSDC on MultiversX), based on the following formula :
0.00325 wUSDC (MultiversX) USDC for 1 BHAT Token
5 wUSDC (MultiversX) for 1 BHAgent NFT
Deadline for claiming the airdrop: December 15th 2025 15:00 UTC.
Airdrop Eligibility Criteria
To participate in the Airdrop, you must meet the following criteria:
● Hold BHAT Tokens in a wallet included in the snapshot (applicable only for BHAT token claims); The snapshot was taken on Sept 15th 2025 at 9:29AM UTC time.
If someone had BHAT as liquidity in a DEX, CEX, or Metastaking, they can withdraw those into their wallet and they must then email contact@bh.network with their wallet address and the transaction hash showing the withdrawal. We will manually update the snapshot to include their wallet address and token balance.
● Hold BHAgents NFTs in a non-custodial wallet at the time of claiming (applicable only for BHAgents NFT claims).
We won’t be withdrawing the liquidity from the LP, so the choice is yours: you can either join the airdrop by burning your digital assets and to receive USDC, or keep holding/trading your tokens if you prefer.
Thank you for being part of our journey, none of this would have been possible without you.
