BlockBeats news: On February 15, the DeFi derivatives protocol Polynomial announced that the on-chain derivatives market has grown 100-fold in recent years. While its core strategic direction was correct, execution fell short of expectations, and the team has decided to orderly shut down its current operations.
Polynomial stated that the platform has accumulated 27 million transaction records, has systematically identified its product moat and key competitive factors, and will prioritize building long-term barriers in the next phase. The team emphasized user fund security and will complete the closure process through standardized procedures.
At the same time, Polynomial stated it will not abandon its mission to enable large-scale adoption of on-chain derivatives. In the future, the project will be relaunched by the same team, with an optimized execution path and priority access offered to existing users.
BlockBeats previously reported that on May 11, 2023, Polynomial Protocol announced the completion of its seed round, with the specific funding amount undisclosed. Individual investors included Road Capital, Caballeros Capital, Archetype, Kain Warwick and Jordan from Synthetix, Scott Sunarto from eGirl Capital, Eden Au from The Block, Mike from Lyra, and Pranav from The Graph.