Paradigm Labs Closes Down Due to Lack of Resources
On the 10th of March 2020, Liam Kovatch, the CEO of Paradigm Labs, announced the closure of the company. Paradigm Labs is a decentralized finance (DeFi) project.
The company noted that the closure is because of lack of significant product-market fit and limited resources. Paradigm Labs however expressed their gratitude to their community for their support in two years of their operation.
What’s Next after Paradigm Labs Closure?
The DeFi project’s announcement stated that the closure will affect the broader ox staking ecosystem, because Zaiden’s War Chest will not collect protocol charges anymore from the 16th of March onwards. The company therefore urged the stakers to reallocate staked ZRX onto other active pools.
Despite Paradigm closing down, the team did not close doors to the community members. The team will ensure active communication with the affected users and business operations necessary to the legal dissolution of the company.