The TEN Token experienced a dramatic collapse of 80% shortly after its launch, leading to significant backlash from the cryptocurrency community. This incident has compelled the project”s founders to publicly address the situation, pledging to enhance transparency and deliver regular updates.
Following the launch, the founders of TEN Protocol, an Ethereum-based privacy initiative, acknowledged their shortcomings in communication during the initial rollout. They admitted to making critical errors, including a last-minute change to the airdrop claiming process, which left many users unaware of impending gas fees. The lack of timely communication led to a wave of uncertainty among investors regarding the team”s integrity.
In a public statement on social media, the team expressed their remorse: “Yesterday was Day 1 for TEN. We made mistakes, and we owe you an apology. We”re here for the long haul, and it”s important we start by owning where we fell short. We made serious mistakes around communication during TEN”s token launch. That”s on us.”
The immediate aftermath of the launch saw analysts on X noting the swift -80% decline, characterizing it as one of the sharpest drops of the year. Commentary compared $TEN to previous failures in the market, such as KINTO, raising concerns about the project”s viability and the integrity of its claims of being an “anti-rug” token.
Critics have pointed out that the launch contradicted the project”s promises, especially as several investors found themselves unable to liquidate their holdings during the rapid decline. Analysts are urging potential investors to conduct thorough due diligence, emphasizing that the performance of a platform cannot solely be blamed on external factors.
As the scrutiny of TEN intensifies, the broader TON ecosystem continues to capture global interest. The recent unveiling of Cocoon, a decentralized AI compute network by Telegram CEO Pavel Durov, indicates a strategic shift towards integrating AI with blockchain infrastructure.
In their apology, the TEN team noted that while their intentions were to foster a positive launch, their hesitance led to confusion at a crucial moment. Co-founder Gavin Thomas expressed his commitment to the project, stating, “I”ve spent the last 5 years building TEN because I genuinely believe Ethereum needs encryption – and that belief hasn”t changed.”
The upcoming weeks will be pivotal for TEN Protocol as investors will closely monitor whether the team can rectify its communication issues, stabilize the launch environment, and fulfill its promises regarding the FUSE model and mainnet milestones without further setbacks.
