The developers announced that they closed the project due to a lack of funding in this Altcoin!

Decentralized finance (DeFi) project Zaros announced that it has decided to cease operations due to a lack of funding.

In the official statement made by the project team, it was stated that many paths such as transformation, extending the financing chain, and evaluating strategic options have been tried in order to sustain the project over the past five months, and despite all efforts, sustainable financing has not been achieved.

The Zaros team stated that two key factors contributed to the project's failure: the product being launched all at once instead of in modules and the timing of the ZRS token launch. The team emphasized that the system could not be integrated with the existing liquidity sources due to its customized architecture, which slowed down the development process. Additionally, the release of the token before the product launch created a disadvantage in terms of funding, along with the delays in the planned schedule.

Zaros completed a $1.8 million investment round on May 23, 2024. This round saw participation from investors such as SNZ Holdings, Seven Capital, Cogitent Ventures, DCI Capital, as well as key figures like Antony Sassano, Fernando Martinelli, Kieran Warwick, Andy Chen, and Kevin Lu. The project aimed to innovate in the field of permanent futures (perpetual futures) using Liquid Stake Token (LST) and Liquid Restake Token (LRT) technologies.

The Zaros team also specifically stated that no founding partner has sold ZRS tokens, as it can be verified on-chain via Sablier.