After appearing to be regaining its balance, the platform has finally quashed its community’s hopes.
End of the SharkRoad
Yield optimization protocol, Autoshark Finance, has formally brought to an end its development and continuity.
The Autoshark team, in a touching letter on March 4 to its community, announced that the members of the team would go their separate ways and cease further development of the protocol.
“Hello Sharks, If you have been in the chat group or followed our Twitter account for the past couple of months, you will know that things weren’t looking up for the AutoShark project. The team has decided to make the logical choice to prevent loyal community members from buying the ever dipping native tokens . . . Therefore, we would like to announce we are stopping all development on the AutoShark platform,” Autoshark stated in the Medium post to its community.
The team decided to br ing the project to an end to protect the community from incurring further losses. A massive slump in the value of Autoshark’s platform tokens and poor performance of the protocol’s launchpad made the protocol lose its viability.
What Went Wrong?
Autoshark came under liquidity stress after the protocol twice suffered flash loan attacks in October 2021. Those attacks caused the value of the platform’s $JAWS and $FINS tokens to crash. Not long after that, Autoshark launched a new $ATLAS token. The $ATLAS token itself suffered a massive slump in value.
This time around, the team attributed the slump to some early-access investors who reneged on the team’s trust and dumped their cache of tokens on the market. As of writing, $ATLAS had fallen 97% from its all-time-high value, $JAWS and $FINS are down 99.5% and 99.75% from theirs, respectively. The result is that the platform has been so depleted of funds that Autoshark has decided to call it quits.
However, the AutoShark team has set up some remedial measures to try and reduce the impact of the latest development on holders of the platform’s tokens. See the team’s Medium post for more details.
It is pretty sad to see a BSC project that seemed to have prospects go down. When in December 2021, Autoshark teased its metaverse plans, many people hoped that the protocol was stable and going to have a good run in 2022. All those hopes have now faded away, and the community is left to pick up whatever is left of their investments.
What was AutoShark:
AutoShark is a yield optimizer on the BNB Chain and Polygon Network. It is forked from PancakeBunny and offers unparalleled access to farming opportunities through superior yield strategies and auto-compounding vaults.
The DeFi ecosystem is a robust landscape, with multiple Dapps looking to participate in specific segments of the market. From lending to gamification to NFT marketplaces, the goal of AutoShark is to capture interest through the use of yield optimizing for BSC and Polygon.
Where to find AutoShark:
Source : bsc.news
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