- The FTX/Alameda crash disproportionately affected Mojito Markets in many ways. We lost project funds that were under the custody of FTX, we lost our market maker, Alameda
- Obtaining emergency funding has been tough in the context of a bear market, having serious implications on our ability to deliver on our project plan
- The excitement and enthusiasm for Mojito Markets across the team is still very much alive but we have come to terms with the reality of the situation and have decided to pause project development for the time being
- When the capital/funding situation becomes better, Mojito Markets intends to pick up where we left off but also go multi-chain to maximize exposure of the protocol, whilst also tapping into universal cross-chain liquidity
Immediate next steps will include:
- Reminting the MOJO token on Ethereum. This will be our first step on our multi-chain journey when we decide to pick things back up [details of how this will work to follow in the next few days — please note you must hold the old (Aptos) token to receive the new (Ethereum) token]
- We’re putting the required processes and plans in place to effectively pause the project until the macroeconomic situation is better and we can successfully fund the project
Project update — pausing protocol development; token remint on Ethereum coming soon
https://twitter.com/MojitoMarkets/status/1604940075636527104