PANews reported on April 6 that according to DeFi researcher Ignas, the Web3 social media application Phaver has ceased operations and its token price has fallen by 99% since the TGE in September 2024.

Phaver team members said that, first, there were technical problems with TGE and airdrops, which prevented users from receiving their tokens in time, causing FUD; second, Phaver paid more than $1 million for the launch of 5 CEXs; third, due to low market sentiment, the team did not sell tokens during TGE, resulting in insufficient operating funds. As a Finnish company, Phaver also needs to pay 1 to 2 months of severance pay for its employees.

Some former team members are developing SocialDAO to find new uses for SOCIAL tokens.