📣 Nocturne Shuts Down
posted 6 Jun 2024
Just five months after discontinuing their flagship product—the Nocturne v1 privacy protocol for Ethereum—the Nocturne team has announced the company’s closure.
Despite receiving $6 million in funding from industry giants like Vitalik Buterin, Bain Capital Crypto, and Polychain Capital in October 2023, and potentially boosting Lamborghini sales, the project has come to an end.
The developers pointed out that transaction fees and UX are top priorities for users, with privacy taking a backseat—a market reality they felt was not ready to support the additional costs.
They believe that for privacy systems to be successfully implemented, widespread adoption of public L2 networks and account abstraction technologies is essential. These advancements could address high transaction fees and streamline the onboarding of new users. But now, the relevance of these opinions may dwindle following the company's setback.
Users can withdraw their funds via the Nocturne dApp until the end of June. After that, the developers will make self-service withdrawal tools available on GitHub.
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