StandX Founder: Forcing a Token Launch Goes Against Our Values; I Will Personally Contribute to the Airdrop

Odaily News: StandX co-founder and CEO Aaron Gong posted on X, stating: "Regarding this decision for StandX not to conduct a TGE, I want to be candid with everyone. Without external capital backing, our TVL reached a peak of $200 million. The team has achieved commendable results, but we still fell short of our expectation of entering the industry's top three. Based on the project's current fundamentals, we could indeed proceed with a token launch. But if we cannot deliver long-term value and instead profit through token issuance and short-term speculation, we would be leaving the cost to our users and community. That would be irresponsible both externally and internally, and it goes against my values. Most of our past revenue has already been distributed to users through SIP-2 / SIP-3 subsidies. For this airdrop, in addition to the surplus on the project's books, I will also contribute personally to give back as much as possible to the community that has supported us all along. All user funds are safe. We will ensure an orderly wind-down and clearly announce the specific arrangements for fund withdrawals, the airdrop, and the cessation of all services. Thank you to every user and team member. I regret that we could not reach the position we had hoped for. We will do our best to finish things properly."