The ArcoProtocol website and discord channel are offline following a botched fundraise on Aptos_Network. Reporting by oknightcrypto.
Arco Protocol, a cross-chain decentralized finance platform on the newly-launched Aptos blockchain, has gone offline following a botched fundraise.
Arco, which offer lending and staking services, intended to raise funds on Oct. 29 in an initial DEX offering , which is a form of decentralized crowdfunding.is an umbrella term for lending, trading and other financial activities carried out on a blockchain without traditional middlemen. However, Arco Protocol said that over 300 people deposited to the IDO at the same time, causing network congestion and an unforeseen issue with token claiming. The Aptos blockchain had a less than stellarArco posted a Twitter poll asking the community whether the funds received should be returned, kept or if the project itself should be handed over to the community.
At press time the majority of respondents have requested a refund. Arco said that Wormhole and Celer Network had cancelled partnerships with them following the calamitous launch.Arco Protocol did not immediately respond to CoinDesk's request for comment.
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