MoonPots Crashes Down to Earth

MoonPots has announced plans to shut down and distribute the rest of the $150,000 in Treasury Funds. 

With its first blog post in four months, the Moonpots team issued a sunset post on Nov. 22. The product, originally “Powered by Beefy” and with $1 million given out to users, has run out of gas. 

The team claims several factors led to this situation, but ultimately the project has run out of funds to make the lottery pots attractive. The surprising claim is that the team expected this–– as if the project was always running on fumes.

“First, we’re running out of $POTS to incentivize participation and boost prizes. While, of course, we knew this would happen, a few factors have made the situation less tenable,” according to the blog.

The team also cited team abandonment and the difficult bear market environment as reasons for the project’s downfall. 

The team originally issued three contingency proposals:

• 100% as APY into Ziggy’s Pot for stakers over six months
• 100% into Ziggy’s Prize Pot for APY, with grand prizes awarded to winning community members
• 50% to Ziggy’s Prize and 50% to APY Ziggy’s Pot for three months

The APY Ziggy Pot options look set to win the proposals with over 84% of the vote.

An addendum to the proposals has been added regarding the timetables after a community outcry for changes. Two weeks is currently winning the vote for how long the distribution will last, with 81%. Other timetable options include four, 12, and 24 weeks.

Regardless of what contingency is chosen, the community will not be pleased. Judging by the votes and community comments, the users want a quick even distribution to get out fast. The once-trusted Beefy product has become another victim in the bear market. The Moonpot Telegram group is full of comments of disappointment and letdown. 

The Ziggyverse is also on a lifeline as the project searches for funds to kickstart the project, according to recent comments by Sin0fpride, a Moonpot TG community moderator.

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What is Moonpots:

Moonpot is a win-win lottery on BNB Chain with the mission to help as many people as possible grow their assets safely and securely while having fun doing so. Moonpot savings vaults make it simple for anyone to access the bank-beating DeFi interest rates available in crypto. A weekly lottery gives everyone saving via Moonpot the thrill of a possible big win while never putting their deposit at risk.

Where to find Moonpot:

Website | YouTube | Telegram | Discord | Twitter | GitHub |