Just a few months ago, it was thinking about issuing a stablecoin. Now, it's unsustainable.
Japan’s DMM Crypto is discontinuing its Seamoon Protocol. No new services will be added to the ecosystem, and the fate of existing services on the platform is under discussion, the company announced.
The Seamoon Protocol was powered by the SMP token in the DM2 Verse on the Oasys layer-2 blockchain. The Seamoon Portal was a Web3 gaming and content site that featured games and anime produced by Japanese e-commerce and internet group DMM.com.
In August, DMM Crypto was working with stablecoin platform Progmat to issue its own stablecoin for use alongside fiat and credit cards to enhance the financial prospects of the ecosystem. However, according to a translation of a DMM Crypto statement published by Japan finance blogger Norbert Gehrke:
