In October last year, the privacy protocol Nocturne successfully received US$6 million in seed round financing, which was jointly led by Bain Capital Crypto and Polychain Capital, and Vitalik Buterin also participated in the investment. However, today Nocturne announced that it has shut down the v1 version it deployed on the Ethereum mainnet in November last year and turned to the development of new "application products."
The team (Nocturne Labs) stated that the initial goal of Nocturne was to promote account abstraction (AA) and expand the accessibility of cryptocurrency. They realize that account-level privacy is both one of AA’s most unique applications and one of the biggest public challenges in crypto. However, over the past year, they have discovered that they need to move to open L2s and AA before focusing on privacy, as users are more concerned about cost and user experience. They argue that privacy issues will become a priority only after basic barriers are overcome. The team decided to focus on improving the openness of L2s and AA to provide better user experience and lower costs. At the same time, they will continue to work hard to solve privacy issues and ensure the security of users’ personal information. In this way, Nocturne hopes to bring the convenience and benefits of cryptocurrency to more people.
New Directions
As L2s, AA, and data availability improve, the cost of building practical applications decreases significantly. This cycle is expected to see more users gain access to cryptocurrencies in simpler ways.
Nocturne Labs believes that as more applications and practicalities emerge, the need for privacy will once again be highlighted. Until then, however, they will focus on solving pressing problems faced by technology and users today, and share more information about new products in the coming months.
Users Can Withdraw Funds
The Nocturne team stated that they are allowing existing Nocturne v1 users to withdraw funds from the Nocturne frontend. Additionally, the platform’s deposit, trading and staking services have been shut down.
They further stated that they will launch a brand new product that is far more successful than Nocturne v1’s $500,000 TVL and $2 million monthly transaction volume.
The community gives more support to the team
In this regard, the community's response is mostly positive, and they are looking forward to Nocturne Labs' new products. Adeniyi Abiodun, co-founder of Sui, did not forget to promote his own public chain. He responded: Sui Network natively supports the account abstraction function (AA) in its core protocol and supports zero-knowledge proof, allowing you to build privacy-protecting applications. This is all achieved with industry-leading low gas fees. Welcome to discuss cooperation at any time.
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