The on-chain identity project Phi will cease operations on May 25

According to official news, the on-chain identity project Phi will cease operations on May 25, and phi.box and other services will be discontinued, but the PHI token will be retained and continue to trade on Aerodrome.

Phi stated that in January of this year, the team underwent large-scale layoffs to reduce costs in search of a sustainable development path. In the following months, Phi explored various possibilities, including transitioning into the prediction market or artificial intelligence fields, but currently, the funds can no longer support the project's continued operation.