Aphelion, a decentralized exchange offering trading pairs on the NEO blockchain, has announced in an update that the project has “been forced to halt development.” CEO Ian Holtz cited low exchange volume and “a lack of funds” as reasons for the development freeze.

Next Steps

In the announcement, Holtz defended his development team’s release of quality open-source code, their creation of working products on a variety of platforms, and their outstanding history of contributions to the NEO core protocol. However, as he noted: “The market has recovered as we have expected it to, but APH has not” and therefore when combined with low exchange volume, development has come to a halt.

Holtz announced that the team’s “has budgeted…to keep the exchange open and pay the server fees;” the team’s remaining allocation of 6,000,000 APH tokens will be frozen. The team will continue to seek additional partnerships with sources of funding and pursue other options to continue the project’s development.

Holtz concluded by commenting on his effort to secure additional capital for the project: “Unfortunately, if it fails over the next few months we will likely need to take steps to close the business.”

The full “Current State of Affairs” announcement can be viewed at the following link: