FTX Collapse Affects Aptos Affiliate Project!

aptos ecological DEX project Mojito Marketsannounced that it was affected by the FTX/Alameda collapse, losing the funds for the project hosted by FTX and the support of Alameda.

FTX Crash Affects Project Aptos, Mojito Markets

The project decided to suspend development. Once the funding situation improves, it will continue to improve.

The FTX/Alameda collapse has disproportionately affected Mojito Markets in many ways. It was said that we lost the project funds under the supervision of FTX, we lost our market maker Alameda.

In the statement, it was stated that emergency financing was difficult to obtain in the context of the bear market and had serious implications for our ability to execute our project plan.

In addition, the project team said:

The excitement and enthusiasm for Mojito Markets across the team is still very much alive, but we have accepted the reality of the situation and have decided to halt project development for now.

Once the capital/funding situation gets better, we plan to continue where we left off at Mojito Markets and move to multi-chain to maximize the impact of the protocol while simultaneously leveraging universal cross-chain liquidity.

We are a new protocol running on a new blockchain in an area where regulations are uncertain.

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That’s a hard sell, even at the best of times. These issues are naturally resolved by project successes such as profitability, obtaining regulatory licenses and auditing. Unfortunately, we haven’t had the time or resources to reach these milestones yet.

Losing Alameda as our market maker means two things.

1. Prices on Gate.io are volatile and illiquid, and 2. A large MOJO token sale on DEXs like PancakeSwap and LiquidSwap most likely Alameda means an abnormally large Mojito token sale that is not naturally offset by equal buying pressure.

*Not investment advice.

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