Altcoin developers of the Metaverse-themed cryptocurrency project Starlink (STARL) announced that the project is no longer officially developed. The entire team, except the founders, left the project, causing an unexpected interruption in the project's progress.
In an open letter addressed to the STARL community, remaining team members shed light on the circumstances that led to this decision. The letter outlines several challenges faced by the project, particularly funding constraints and issues with the project's original tokenomics.
According to the letter, due to insufficient funding the team has relied solely on volunteers for the past year, leading to an unstable environment to develop the envisioned gameplay and metaverse experience. Moreover, mismanagement of funds by the founders left the existing team with limited resources, hampering their ability to continue development and expansion efforts of the project.
The letter also highlights deficiencies in STARL's tokenomics, which were not initially designed to adequately support long-term project development. The absence of mechanisms such as taxes, team allocations and treasury control further increased the financial difficulties of the project.
In response to these disruptions, the team decided to move towards establishing a new game studio through an extensive rebranding effort.
According to the statement, key suggestions from potential investors and partners include rebranding the project to differentiate it from past relationships, defining a clear core goal, reviewing tokenomics for sustainability, and severing ties with previous founders and developers involved in legal issues.
While the future of STARL remains uncertain, the team has assured the community that updates will be provided in the coming days and weeks.
STARL altcoin is listed on central exchanges OKX, Gateio and MEXC and has a market value of $49 million at the time of writing.
*This is not investment advice.
