According to DeFi researcher Ignas, social media app Phaver has ceased operations and its token price has fallen 99% since TGE in September 2024. Phaver team members said that, first, there were technical problems with TGE and airdrops, which caused users to be unable to collect them in time, causing FUD; second, Phaver paid more than $1 million for the five CEXs to be launched; third, due to the sluggish market sentiment, the team did not sell tokens at TGE, resulting in insufficient operating funds. As a Finnish company, Phaver also pays 1 to 2 months of severance costs for employees.