Mojito Markets, a DEX project with a focus on ecological sustainability in Aptos, has said that it was disproportionately impacted by the FTX/Alameda collapse. Because of this, they were unable to continue working with Alameda as their market maker, and they also lost access to the project money that had been held by FTX.
Moreover, they noted that the company’s ability to execute on its project plan has been severely impacted by the difficulty in securing emergency capital in the setting of a bear market. The accomplishment of certain project goals—such as making a profit, acquiring the necessary regulatory licenses, and passing audits—tends to fix these problems on its own.
Regrettably, Mojito Markets has not yet had the necessary amount of time or resources to accomplish these goals.
They added that:
“The excitement and enthusiasm for Mojito Markets across the team is still very much alive but we have come to terms with the reality of the situation and have decided to pause project development for the time being.”
Mojito Markets has said that it plans to start up where it left off and also go multi-chain in order to increase exposure of the protocol while also tapping into universal cross-chain liquidity as soon as the capital and financing situation improves.
The business has said that despite these obstacles, they are still dedicated to producing a top-tier prediction markets protocol, but development must be temporarily halted owing to a lack of funds.
The company said:
“It is extremely tough to announce we will be pausing the development of Mojito Markets for now. Though the situation is not ideal, we are optimistic we will be able to pick back up where we left off at some point in the future.”
