DeFi derivative protocol Polynomial announces cessation of operations

The DeFi derivative protocol Polynomial announced that it will cease operations and enter its final phase starting from February 14th (UTC+8). Polynomial Chain and Polynomial Trade will be closed, with forced liquidation on February 18th, liquidity layer closure on February 24th, and chain shutdown on March 3rd. The TGE program previously planned for the first quarter has been cancelled, and participant data will be retained. Early supporters will have priority to experience the new company's products. Polynomial stated that liquidity is key to the derivatives market, but its liquidity is insufficient, with a peak TVL of only $8 million. The team revealed that the new company will still focus on the derivatives field.