Another Victim of the Bear Market in Cronos: Magus Nodes Closes Down

by BSC News

August 29, 2022

chain

Magus Nodes closes down due to Cronos network issues and the ongoing bear market. The team announces refunds for the users.

Deck: Magus Nodes closes down due to Cronos network issues and the ongoing bear market. The team announces refunds for users and NFT holders.

“A Hard Announcement to Make”

Magus Nodes, the Decentralized Finance (DeFi) protocol on the Cronos chain, closed down, taking the community by surprise.

“It's been 4 months since Magus Nodes launched. In those long months, our team has worked 24/7 to make Magus a success,” the Magus team mentioned in a recent Twitter thread. “Along the way, we met amazing people within our Magi' community who have supported us since the beginning, which makes this a hard announcement to make.”

The team provided a couple of main reasons for the closure:

  1. Cronos network issues
  2. Impact of the bear market leading to less investment.
  3. Due to the market downturn, marketing outlay did not produce a great ROI

The Magus team paused token trading and suspended the P2P marketplace. Magus Nodes further confirmed that they would use treasury tokens to take out the liquidity, and then will move USDC immediately to the treasury.

The team also confirmed that they would distribute funds back to the token holders. Further, everyone who purchased the Magus prime Non-Fungible Tokens(NFTs) will get 100% refunds. Recent updates from the team in the Discord announcement show that the team has completed token payouts.

Source

Community members are mostly supportive of the team members during this difficult time.

“Sad to see this project end. The MAGUS team is standing up, gentlemen, for the way it’s being handled hats off to all of you! I did receive USDC in my wallet yesterday, thank you,” One user shared on the Magus Nodes Discord Channel.

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