It is with heavy hearts that we are announcing the discontinuation of operations at Cykura. This decision was by no means taken lightly, and we understand it may come as a disappointment to members of the community, as it has for us. While this outcome is not the one any of us envisioned when we began this journey, we remain proud of the accomplishments we achieved along the way. For those who supported the platform through the trials and tribulations, we extend our deepest gratitude to you.
As a project, we pursued every avenue available to grow and sustain Cykura, despite facing an extremely challenging market environment. However, factors that include the adverse events of 2022 and a cutthroat competitive environment have had an indelible impact on our ability to carry the project forward any longer.
We still believe in the power of Web3 and the amazing things it can do, and we hope you will continue to as well.
As part of the wind-down process for CYS holders, we will initiate a buyback of CYS using OpenBook. This method allows any holder to sell their token at a fixed price, based on the market price at the time of this announcement- $0.006. The OpenBook order will go live 24 hours after this announcement is published so that holders have a buffer. In this way, all holders may sell for the same price at any time during the buyback period. This period will run for 4 weeks to allow everyone the option to take part.
In 24 hours, we will share a follow up announcement to indicate that the buy back order is live. To proceed with the buyback, simply head over to jup.ag and create a sell order for your CYS holdings. Jupiter will route this transaction through OpenBook, where the limit order is placed.
Should you currently have any CYS tokens staked, simply withdraw them. All deposits to the staker have been suspended.
For remaining liquidity providers, we kindly request you withdraw your liquidity from Cykura. There will be a period of 4 weeks to withdraw any remaining funds before the UI is deprecated.
Should you face any issues or have questions, feel free to shoot over a request using the form available here. We will get back to you within 24 hours to assist with any matters.
As we navigate this difficult period, we will be on standby to assist with the process. We thank you again for your support. Let’s keep the dream of web3 alive.