Following its launch, LENA Network, a liquidity protocol that garnered significant attention and raised over 800 ETH, faced a steep decline of over 80%.
This downturn raised concerns within the community regarding the project’s viability and transparency.
LENA Network, a liquidity protocol that raised over 800 ETH, fell over 80% less than half a day after the token’s launch. LENA Network: Deployer has transferred 753 ETH ($2.9 million) to OKX. LENA Network says its strategic partners and investors include DWF Labs, Alchemy Pay and…
— Wu Blockchain (@WuBlockchain) March 6, 2024
According to on-chain reports, the LENA Network Deployer transferred $2.9 million worth of ETH to OKX, a move that sparked further scrutiny. Despite the decline, LENA Network boasts prominent investors and strategic partners such as Draper Dragon, Alchemy Pay, and DWF Labs.
In response to the community’s concerns, LENA Network released a statement aimed at addressing the issues head-on. The team emphasized their commitment to integrity and transparency, pledging to utilize the raised capital to drive future development and enhance liquidity within the LENA pool.
Attention everyone🚨
We want to address the concerns that have arisen within our community head-on, and assure everyone that our project is built on a foundation of integrity and transparency. We've openly shared details about our vetted investors, and we're committed to using… pic.twitter.com/s3znuZTSRs— LENA ⚡ IFO Launching (@LENA_Network) March 6, 2024
LENA Takes Bold Steps To Save The Situation
To address feedback from the community, LENA Network took proactive measures, including locking the Liquidity Pool, which comprises 250k 1-Sided liquidity. This decision precedes the launch of the auction page scheduled for the upcoming week, promising various benefits for stakeholders.
Important announcement 🚨
In response to feedback, Liquidity Pool has been locked (250k 1-Sided Liquidity)
It's said that true innovation attracts attention, and with that, scrutiny.
Our project is no exception, yet our dedication to our roadmap and goals is unwavering.
Our… pic.twitter.com/KwQdtT2OJ1
— LENA ⚡ IFO Launching (@LENA_Network) March 6, 2024
In a significant move towards decentralization and building trust, the LENA Network team formally renounced ownership of the token contract. This step underscores their dedication to fostering a safer and more community-driven environment for all participants involved.
Important announcement 🚨
We've taken a significant step forward in ensuring our project's trust and decentralization – we've officially renounced ownership of our token contract.
This move is all about fostering a safer and more community-driven environment. Making things… pic.twitter.com/hoxbpszWuR
— LENA ⚡ IFO Launching (@LENA_Network) March 6, 2024
The initiative reflects LENA Network’s commitment to rectifying concerns and aligning with community expectations. By prioritizing transparency and decentralization, the project aims to instill confidence among investors and stakeholders, paving the way for a more inclusive and resilient ecosystem.
The steps taken by LENA Network serve as a testament to the project’s resilience and adaptability in navigating challenges within the ever-evolving crypto landscape. As the project continues to evolve, its commitment to transparency and community engagement remains paramount, ensuring a solid foundation for future growth and development.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: angrysun/123RF // Image Effects by Colorcinch
