After appearing to reestablish its equilibrium, the platform has ultimately dashed the dreams of its users.
SharkRoad Bids Goodbye
Autoshark Finance, a yield optimization protocol, has formally ended its development and maintenance.
On March 4, the Autoshark team wrote a heartfelt letter to its community. They declared that the members of the team would split up and that the protocol would no longer be developed.
They stated that the AutoShark project was not doing well. To dissuade devoted community members from purchasing the ever-diminishing native tokens, the team has made the logical decision. As a result, they’d like to announce that all development on the AutoShark platform is coming to a halt.
To safeguard the community from future losses, the team decided to bring the initiative to a close. The protocol lost its viability due to a large drop in the value of Autoshark’s platform tokens and poor functioning of the protocol’s launchpad.
The Reason Behind
The protocol faced two flash loan attacks in October 2021, putting Autoshark’s liquidity under strain. The platform’s $JAWS and $FINS tokens saw their value plummet as a result of the attacks. Autoshark created a new $ATLAS token not long after that. The value of the $ATLAS token has plummeted dramatically.
This time, the team blamed the drop on some early-access investors who betrayed the team’s trust and sold their tokens on the open market. $ATLAS had lost 97 percent from its all-time high value as of writing, while $JAWS and $FINS had fallen 99.5 percent and 99.75 percent, respectively, from theirs. As a result, the platform’s funds have been exhausted to the point that Autoshark has opted to shut down.
The AutoShark team, on the other hand, has put in place several countermeasures to try to mitigate the impact of the current development on platform token holders.
It’s disappointing to see a BSC project with promising prospects fail. When Autoshark teased its metaverse plans in December 2021, many people hoped the protocol was solid and would have a successful run in 2022. All of those hopes have now vanished, leaving the community to pick up the pieces of their investments.
About AutoShark
On the BNB Chain and Polygon Network, AutoShark is a yield optimizer. It is a fork of PancakeBunny that provides unrivaled farming prospects through superior yield tactics and auto-compounding vaults.
The DeFi ecosystem is a diverse one, with a variety of Dapps vying for market share in different areas. AutoShark’s mission is to grab interest through the use of yield optimization for BSC and Polygon in everything from lending to gamification to NFT marketplaces.
