New Developments in DeFi Derivatives
On February 15, 2024, Polynomial, a DeFi derivatives protocol, announced it will be shutting down its current operations. Despite confirming the right direction for on-chain derivatives, the project didn't meet expectations. The team will now focus on preparing for a future relaunch.
Data-Driven Strategic Shift
The platform has processed over 27 million transactions, gathering valuable market insights. The team stated they've clearly identified product advantages and competitive factors, and will now focus on building sustainable long-term advantages.
Securing User Assets
Polynomial emphasized that user funds will be handled properly, with all closing procedures conducted under strict compliance. The team also revealed plans to relaunch the project with an optimized strategy and offer priority access to existing users.
Backed by Industry Leaders
In May 2023, Polynomial successfully completed a seed round. Backers included Road Capital, Caballeros Capital, and several well-known industry figures.