Abstract and other web3 projects scrap TGEs and shut down services
- —Abstract will wind down its chain on Dec. 15 after postponing its TGE
- —StandX canceled its token and will distribute the DUSD stablecoin instead
- —Edgen shut down without a TGE, leaving some users unable to claim refunds
- —Users say time and money spent on airdrop farming were lost
Why it matters: The wave of canceled TGEs and shutdowns undermines airdrop-farming incentives and trust in projects that promise tokens without a viable business.
Source: Bloomingbit