Mojito Markets, an Aptos decentralized exchange (DEX), is the latest one to reveal exposure to the FTX implosion. As a result, the platform is putting a pause on project development until the macroeconomic situation recovers.
In a blog post, Mojito Markets said that it had lost project funds that were under the custody of the bankrupt crypto exchange.
- The loss of Alameda as its market maker has further plunged the project’s fate to obscurity.
- The core team also lost the majority of their personal funds.
- The platform admitted that amassing emergency funds in the bear market has been tough but expects to pick up the pace once the market recovers.
“When the capital/funding situation becomes better, Mojito Markets intends to pick up where we left off but also go multi-chain to maximize exposure of the protocol, whilst also tapping into universal cross-chain liquidity.”
- As part of the immediate next steps, Mojito intends to move its native token – MOJO – token to Ethereum in near future. The team expects that this move would remove Alameda’s supply of Mojito tokens from circulation and ensure that the price of the token is solely driven by market forces and not an artificial depression.
- Mojito also plans to expand multi-chain to tap into higher levels of liquidity and give the ecosystem the “best exposure possible.”
- FTX’s fall has prompted severe financial losses for multiple firms such as Liquid Global, Digital Currency Group-owned Genesis, Multipcoin Capital, and BlockFi, to name a few.
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#DeFi #Protocol #Reveals #Exposure #FTX #Alameda