How crypto companies go bankrupt:

Yesterday, I learned that Phaver social media app had closed operations with all socials gone.

Token down 99% since TGE in September.

I had high hopes for Phaver merging Lens and Farcaster ecosystems, with 35K DAU and 800k downloads. 

At peak, they had 50% of Lens traffic and 20% of Farcaster's.

I asked their team member on what happened and three things stand out:

1. They messed up TGE & airdrop. It led to hours of portal failures, causing FUD as people couldn't claim immediately.

2. They overpaid for CEX listings: Paid more than $1m USD for 5 CEX listings. $SOCIAL still trading on Bybit, KuCoin, Gate etc.

3. Ex-employee said the team decided not to sell any tokens at TGE as FUD was already too high. This was a mistake as they were short on cash for operations.

TL;DR – Phaver ran out of funds. As a Finnish company, it also had to pay employees during the 1–2 month notice period.

All this despite raising $8m at $80M valuation from Polygon Ventures, Nomad Capital

I just minted my Faces of Farcaster. A custom, onchain art collection exclusively for Farcasters by @harmonybot and @sayangel

Creating content with code: @harmonybot /bot-or-not | /blitkin | /orange-dao | IRL: YC W15 Construction tech founder

On-chain art minting agent. 

The original $CHAOS
0x26E0331355dF5Ef082F69dF161218093708a73ac

Built by @sayangel

@sophia-intract please tell me my POH score

Learn Bitcoin.
That's the best you can do for your financial freedom.

Game Controller is US military’s choice weapon
═══ ⋆ ☆⋅★⋅☆ ⋆ ═══
https://papatoshi.com/24control4
In a future conflict, American troops will direct the newest war machines not with sprawling control panels or sci-fi-inspired touchscreens, but controls familiar to anyone who grew up with an Xbox or PlayStation in their home.

Over the past several years, the US Defense Department has been gradually integrating what appear to be variants of the Freedom of Movement Control Unit (FMCU) handsets as the primary control units for a variety of advanced weapons systems, according to publicly available imagery published to the department’s Defense Visual Information Distribution System media hub.

Produced since 2008 by Measurement Systems Inc. (MSI), a subsidiary of British defense contractor Ultra that specializes in human-machine interfaces, the FMCU offers a similar form factor to the standard Xbox or PlayStation controller but with a ruggedized design intended to safeguard its sens…

Holding $SOCIAL in a Phaver connected wallet also offers up to a 60x multiplier on your Season 2 allocation! 🔥

Questions? Drop em on the comment section and I'll do my best to answer all

Bullish on $SOCIAL

Keep Phavering! 🦄

Doed anyone address from eligible become ineligible? I saw many cases in X

￼just mint my Phaver Cred Pass, good luck all of u!

SAFETY NOTICE:
As TGE draws closer and closer there are every day scammers trying to post fake links and drain your wallets. Remember that every Phaver account and team member has the special purple tick with Phaver logo in it, any other account looking official is very likely a scam. Also on X if you don’t see a yellow tick next to the account it is not an official announcement and on Telegram and Discord all the announcements come through the locked announcement channels where no non-admins can post. 

If ever in doubt you can ask our 24/7 support team to verify if a link is real or not in TG or Discord. 

Stay safu and LKP! 😎

Golden Rooster

@goldenrooster