The developers, feeling betrayed, laid the blame for the project’s termination squarely on the shortsightedness of the Algorand Foundation board. They believed that the Algo Foundation deliberately ignored their pleas, seemingly waiting for their annual contract to expire to take control of the product code.
“With the declining prices in the crypto market, our current model for project financing has become untenable, resulting in a significant shortfall in funding. AlgoExplorer has become incapable of covering its operating costs. Despite exhaustively exploring all options, including personal financial contributions, we were unable to secure support from the Algorand Foundation board. Regrettably, on January 1, 2024, AlgoExplorer will cease operations due to the impossibility of sustaining the project,” expressed AlgoExplorer.
The closure of AlgoExplorer will undoubtedly be felt across the Algorand ecosystem, impacting exchanges, developers, and users alike. This loss leaves a void that the developers believe will have a significant impact on all participants.
In a related note, Algofi, a prominent DeFi project that locked up a substantial portion of assets within the Algorand network, has also announced its discontinuation.