DeFi MATTER Tanks 47% After Unlocking Tokens of Strategic Investors to “Filter Long-term Supporters”
The earliest investors are still up 500% to 1,000% as the seed price of MATTER was just $0.018 and the private sale price was $0.035.
The price of MATTER token crashed more than 47% from $0.3615 to $0.1916 late on Wednesday.
As of writing, the token is trading at nearly $0.225, down 96.6% from its all-time high of $6.05 in early April, as per CoinGecko.
This crash occurred after the decentralized finance (DeFi) protocol AntiMatter took to Twitter to share that they are unlocking all the tokens allocated to strategic investors. The tweet read,
“After internal discussion, MATTER has decided to move forward the unlock all strategic investors.”
According to the team, this move will “benefit” the on-chain DeFi derivative protocol in the mid and long term by “helping filter long-term supporters of the project.”
Despite this crash in price, at its current levels, MATTER is still up between 500% and 1,000% for the earliest investors.
According to ICO Analytics, the seed price of MATTER was $0.018, and the private sale price was $0.035.
Jack Lu, the co-founder of the project, also shared the reasoning behind the unlock decision with one of them, including daily unlocks being unhealthy for the project.
Lu acknowledged that in the shorter term, this decision would affect the project negatively, as can be seen in the price action, but said in the mid-long term, this will speed up their “negotiations” with centralized cryptocurrency exchanges and partners that they are reportedly having.
“AntiMatter is here to stay. We keep building,” said Lu.
The crypto community didn’t like this decision at all, seeing it as a “straight scam” and pointing out how several crypto influencers have been shilling this project a few months back.
Just about a week back, Antimatter Finance’s testnet of the decentralized option trading platform went live. It aims to release V2 in July or August this year.