Breaking: ArcherSwap and ShadowSwap Cancel Aquarius Loan IDO, Refunds Users Money

 Archerswap and ShadowSwap a decentralized exchange (DEX) built on Core Blockchain has announced the cancellation of Aquarius IDO respectively. The two DEX has been gaining popularity among traders due to their fast transaction speeds and low fees. Recently,  ArcherSwap and ShadowSwap had lunch an initial DEX offering (IDO) for a project called Aquarius Loan. However, the launch was canceled due to an unachievable desired result.

Aquarius Loan is the first decentralized money market for lenders and borrowers, featuring borderless stablecoins on Core Blockchain. It claims guaranteed liquidity for millions of users and hundreds of applications. The project had gained some buzz on social media and among crypto enthusiasts, but many in the CoreDAO community were skeptical of losing their money after seeing some projects they invested in not doing well.

On April 26, 2023, ArcherSwap announced it was canceling the Aquarius IDO after it was launched on 24th April because the project did not achieve the desired result. In its social media post, ArcherSwap said that it was decided to cancel the IDO and returned the invested fund to users. However, users will have to claim their funds back themselves through the claim button on the site.

Dear archers. Due to the fact that Aquarius IDO did not achieve the desired result, it was decided to cancel IDO and return the invested funds to users.

— ArcherSwap (@archerswapcore) April 26, 2023

 The decision was met with reactions from the community where many criticized the exchange that it means the community has lost confidence in the DEX for losing money on some projects.

Aquarius in its response to the incident, expresses its regret for the unsuccessful IDO and claim to remain committed to its mission, and will keep the community informed on the next step.

Dear community members, we regret to inform you that our IDO was not successful. Despite this setback, we remain committed to our mission and we will keep you informed of our next steps in due course. All invested funds will be refunded. Thank you for your unwavering support. pic.twitter.com/vHakgcKWOk

— Aquarius Loan (@AquariusLoan) April 26, 2023

 This incident highlights the importance of conducting thorough research and due diligence before investing in any project, especially in the world of decentralized finance (DeFi) and crypto. While the promise of high returns and innovative technology can be tempting, it is important to remember that the space is still largely unregulated and prone to scams and fraud.

In conclusion, the cancellation of the Aquarius Loan IDO by ArcherSwap and ShadowSwap serves as an important reminder of the risks and challenges associated with investing in the DeFi and crypto space. While the technology has the potential to revolutionize the way we transact and invest. It is important to approach it with caution and always do your own research (DYOR) before making any investment decisions.

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