Hermes Defi Post Mortem
About a year has passed since Hermes Defi was launched at Polygon with the intention of providing users with a yield for their assets backed by a safe, transparent and fast project and team.
Many things have happened since then, successes, mistakes and a lot of learning along the way for both the team and the users who have shared this journey.
Sadly the road is over.
Two months after the DEX launch, the final balance is very negative for all the agents involved. The team has not been able to earn any funds other than paying their fixed costs for a product that they have been developing for 3 months, the users have not been able to keep a sustainable investment and the private investors have not achieved a positive ROI.
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An important point in life as in any business is to know when to say enough is enough and both valleyrider and the team consider that this point has arrived for Hermes Defi.
Numerous events have happened to bring us to that point since the creation of Hermes Protocol and its subsequent HERMES token.
A failed launch that lost all the momentum and trust that Harmony users had in us and then a hack to the blockchain itself which has literally broken the possibility to operate financially on it.
We have waited until the moment in which the official Harmony team launched its proposal to recover the blockchain and after analyzing it internally we have come to the conclusion that it will not get the results desired by them, so it makes no logical sense to stay here.
However we wish the best possible outcome to both the Harmony team and its users and that the solutions proposed can get their ecosystem out of the difficult moment in which they find.
Makes no sense to bet on a multichain strategy under the current brand of the project, so we put an end to this project as it is known.
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Contracts deployed so far will continue to work on chain but the platform will be unmaintained and there will be no innovation under the Hermes Defi name.
Users with tokens belonging to Hermes Defi, i.e. IRIS and HRMS, will have to break their liquidity positions for other digital assets.
In the case of HRMS the only blockchain that currently has liquidity is Harmony and in the case of IRIS in Polygon where during the launch of the project an LP with 55,000 IRIS tokens and 50,000 USDC was burned on Quickswap.
Our commitments to private investors Harmony itself and M6 capital will be managed between the teams internally.
We thank all the users who have been with us and made this amazing journey possible over the last year.
Any questions or suggestions the valleyrider DM is open via Discord.
