PANews reported on May 4th that Phi, an on-chain identity protocol, announced it will officially shut down its platform http://phi.box and related services on May 25, 2026. Users must complete reward claiming, staked asset withdrawal, and NFT consolidation before then. Phi stated that its governance token $PHI will remain on-chain and can be traded through Aerodrome, but liquidity may gradually decrease.

Founded in 2022, Phi launched Phi Land, an on-chain activity visualization product based on ENS, attracting 296,000 users and partnerships with over 65 protocols, and minting over 4.3 million NFTs. Previously, Phi received strategic funding led by Neoclassic Capital to develop a decentralized on-chain identity credential system. However, due to financial difficulties, the team significantly scaled back in January of this year, and after unsuccessful attempts at transformation, ultimately decided to cease operations. The Phi team expressed their gratitude to all supporters and stated that they will carry the experience gained from this journey into a new chapter.