[On-Chain Identity Project Phi to Cease Operations by End of Month] Foresight News reports that the on-chain identity project Phi will cease operations on May 25. Services such as phi.box and others will be discontinued, but the PHI token will remain and continue trading on Aerodrome. Phi stated that the team underwent significant layoffs in January to reduce costs and seek a sustainable development path. Over the following months, Phi explored various possibilities, including transitioning into the prediction market or artificial intelligence sectors, but the current funding is no longer sufficient to support the project's continuation.