ONI, the utility token associated with Anonify, has undergone a significant downturn, plummeting by more than 90% in recent weeks, contrasting sharply with the overall bullish trend in the cryptocurrency markets, particularly with Bitcoin reaching record highs.
Following its launch on Feb. 20, the token experienced a surge in demand, peaking at $1.18 on Feb. 28, only to drop to $0.01974 by March 13. This sharp decline has raised concerns about the project potentially being a “rug pull.”
Anonify, a privacy-focused Telegram bot, claims to facilitate secure cross-chain swaps across different blockchains, emphasizing complete anonymity and user identity confidentiality. The platform’s cross-chain swap feature allows for seamless token and coin exchanges between various blockchains.
The Blast Bridge by Anonify aims to improve user experience by enabling smoother interactions between Ethereum (ETH) and the Blast Layer 2 (L2) network. With the launch of Blast’s mainnet on Feb. 26, Anonify introduced bridging capabilities between BLAST and ETH.
The project asserts that this bridge enables users to transfer assets between the two networks without the usual 14-day waiting period required by official Blast bridges. This move is part of the project’s efforts to enhance liquidity inflow into the Blast Ecosystem, ultimately improving transaction efficiency and security across the ecosystem.
However, on March 1, the Anonify team addressed an issue where some users accessed the Blast L2 mainnet prematurely using an Ethereum contract address, bypassing the official bridge. To maintain platform security and integrity, the team decided to delay the bridge activation to mitigate potential risks, clarifying any speculation about selling activities on the charts.
On March 8, Anonify announced the closure of the Blast -> ETH bridge due to lack of demand. Despite this, the team plans to repurpose the UI for an upcoming web app to offer a more seamless swapping experience in line with their roadmap.
In a conversation with Crypto.news, an ONI investor known as “Grinding Poet” expressed concerns about the project’s lack of updates from developers and a perceived tax farming strategy with a 4% buy/sell tax. The investor also highlighted disappointment with the project’s performance relative to its promises of a fast both-way bridge for Blast.
Grinding Poet further suggested that developers may have taken advantage of investors, especially with the recent suspension of the bridge. The investor, who holds a substantial investment in ONI, shared these frustrations amidst growing discontent within the ONI investor community.
Crypto.news observed additional complaints in the project’s Telegram group, focusing on project management issues and a perceived lack of marketing efforts despite having a functional product. Some users expressed support for the project’s anonymous creator, “Snup,” viewing the current market cap as a potential investment opportunity.
At the time of writing, the token was valued at $0.02474, down 97.9% from its all-time high.