News

LENA Network Addresses Concerns And Takes Steps Towards Transparency, After 80% Price Drop

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.

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.

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.

Related Post

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.

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

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Top Secrets to Identifying the Best Crypto to Buy This Week Before It’s Too Late!

In a world where the digital economy is growing at lightning speed, the race to…

11 hours ago

NYC Entrepreneur Wins Big with BTC: BlockDAG Could Be Next

Mia Sanders, NYC Entrepreneur, Made Millions by Investing in BTC: Could BlockDAG Be Next for…

1 day ago

Miami Artist Earns $5.2M with Solana: BlockDAG’s Future Prospects?

A Miami Artist's $5.2M Solana Success: Does BlockDAG Hold Equal Promises for 30,000x ROI? Success…

1 day ago

Chainlink And Aptos Investors Migrate To The Presale Of New Crypto Instant Funding Prop Firm FXGuys ($FXG)

Recent market trends show that the new DeFi coin, FXGuys ($FXG), has been the go-to…

1 day ago

Polkadot Price Prediction; Can XLM’s Rally Hold Strong as New Crypto Brings Passive Income? 

Curious about where the Polkadot price is headed? Or maybe you’re wondering if XLM’s rally…

2 days ago

Best Crypto Presale to Watch: Could This Be the Next 9000% Breakout Star?

Any investor can achieve outstanding profit by selecting the best crypto presale in the growing…

2 days ago