Aphelion, the NEO-based peer-to-peer trading platform, announced it was closing its non-custodial exchange, saying that market forces had taken too heavy a toll.
In a Twitter post the company – whose public token sale was the second to be held on the NEO blockchain – explained that after two years “the market has finally taken its toll”. It added that users “are not using the DEX (decentralized exchange) and trading NEO-based assets overall.” As a result, the project has become unsustainable and operated at a loss so far this year.
It is with great disapointment we must report our groundbreaking DEX and project is taking steps to close down. After nearly 2 years and successful applications across all channels and 10s of thousands of lines of open source code that the market has finally taken its toll.
— Aphelion (@Apheliontoken) October 8, 2019
The company announced in June it was halting development of its exchange due to low exchange volume and dwindling funds.
While the Aphelion Wallet was still supported on the website, the link to DEX simply said “the market is currently closed for trading. Please use the controls below to cancel your orders and withdraw your funds from the contract back to your wallet”.
Featured image by Austin Distel via Unsplash.