PANews May 4 news, the on-chain identity protocol Phi announced that it will officially shut down its platform http://phi.box and related services on May 25, 2026. Users must complete operations such as reward collection, withdrawal of staked assets, and organization of NFTs before this deadline. Phi stated that the governance token $PHI will continue to remain on-chain and can be traded through Aerodrome, but liquidity may gradually decline.

It is reported that Phi was founded in 2022, and launched the on-chain activity visualization product Phi Land based on ENS, attracting 296,000 users and over 65 protocol partnerships, with a total minting of more than 4.3 million NFTs. Previously, Phi received strategic financing led by Neoclassic Capital to develop a decentralized on-chain identity credential system, but due to financial issues, the team significantly reduced its size this January and ultimately decided to cease operations after unsuccessful attempts to pivot. The Phi team expressed gratitude to all supporters and stated that they will carry the experiences from this journey into future new endeavors.

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