Crypto

Cryptocurrency multichain protocol ShuttleFlow to shut down

Cryptocurrency multichain protocol ShuttleFlow to shut down

The protocol launched two years ago but never gained significant traction

Ecosystem multichain cryptocurrency protocol ShuttleFlow, managed and sustained by Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute, will be terminated after two years and transferred to Web3 studio Zero Gravity, which will continue to grow the protocol under new branding.

“All user funds are secure and will be migrated from ShuttleFlow to Zero Gravity,” wrote the project. “Users who have previously bridged through ShuttleFlow and completed the claim of their bridged assets on the destination chain do not need to undergo any additional operations for the migration.”

“After ShuttleFlow shuts down its bridging, users can bridge through Zero Gravity’s official App or continue using the bridging aggregator, which will integrate Zero Gravity when launched.”

ShuttleFlow will remain partly operational until January 2024, so users have time to claim their bridged assets. The website and servers will be permanently removed after that date.

The ShuttleFlow asset Bridge was launched by Conflux in 2021 to better introduce its users of the ecosystem to decentralized finance. At the time, the company said its proof-of-work algorithm allowed up to 6,000 protocol transactions per second. Conflux announced earlier this year that it has partnered with China Telecom, the second-largest telecommunications company in the country, to create a new SIM card for blockchain.

Conflux is a layer-1 blockchain functioning on a mixed proof-of-work and proof-of-stake platform. The Shanghai Tree-Graph Blockchain Research Institute, its parent company, is backed by the Shanghai Municipal People’s Government and declares itself the “only regulatory-compliant public blockchain in China.”

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