Share this article
DeFi Lender Arco Protocol, Launched on Aptos Blockchain, Goes Dark After Botched Fundraise
Network congestions and issues with claiming tokens led to widespread dismay from the Arco community.
Updated May 9, 2023, 4:00 a.m. Published Oct 31, 2022, 10:47 a.m.
Make us preferred on Google
Arco Protocol, a cross-chain decentralized finance (DeFi) platform on the newly launched Aptos blockchain, has gone offline following a botched fundraise.
Arco, which offer lending and staking services, intended to raise funds on Oct. 29 in an initial DEX offering (IDO), which is a form of decentralized crowdfunding. DeFi is an umbrella term for lending, trading and other financial activities carried out on a blockchain without traditional middlemen.
STORY CONTINUES BELOW
Não perca outra história.Inscreva-se na Newsletter Crypto Daybook Americas hoje. Ver Todas as Newsletters
However, Arco Protocol said that over 300 people deposited to the IDO at the same time, causing network congestion and an unforeseen issue with token claiming. The Aptos blockchain had a less than stellar start earlier this month.
Arco posted a Twitter poll asking the community whether the funds received should be returned, kept or if the project itself should be handed over to the community.
At press time the majority of respondents have requested a refund. Arco said that Wormhole and Celer Network had cancelled partnerships with them following the calamitous launch.
The Arco Protocol website and Discord channel are both offline.
Arco Protocol did not immediately respond to CoinDesk's request for comment.
Read more: Aptos Token Rebounds After Upstart Blockchain's Dismal Debut
Mais para você
What to expect at CoinDesk's Consensus Hong Kong 2026
Consensus Hong Kong kicks off on Wednesday with speeches from the city's chief executive and the head of its markets regulator.
O que saber:
- Consensus Hong Kong 2026 starts Wednesday with more than 10,000 attendees and 350 speakers discussing tokenization, stablecoins, AI and other crypto themes.
- The two-day conference follows recent volatility in bitcoin, which plunged from above $95,000 to near $60,000 before rebounding to about $70,000 in a matter of weeks.
- Speakers include Hong Kong Chief Executive John KC Lee, Animoca co-founder Yat Siu, Solana Foundation President Lily Liu and BitMine Chairman Tom Lee.
Top Stories
