X @Ignas | DeFi

Project Performance - TVL decreased by 89% [1] - $FRAG decreased by 97% to $1 million market cap [1] - The project failed to find Product-Market Fit (PMF), leading to user attrition [1] Fundraising - The project raised a $12 million Seed round from Robot Ventures, Hashed, BitGo, etc [1] Industry Analysis - The case highlights the flaws of the airdrop farming era [1]