The Phaver app has officially shut down after the project's token lost 99% of its value since the TGE event in September 2024.
The main reason was identified as poor financial management: the project spent more than $1 million to list on 5 centralized exchanges (CEX), but did not generate revenue due to the decision not to sell tokens during the TGE.
Phaver’s strategy of prioritizing long-term trust and awareness backfired as its operating funds quickly ran out. Without a clear financial plan and a steady cash flow, the project was unable to sustain its operations, leading to its eventual collapse despite the strong support it had received from the community.