SolanaID Shutting Down Services Amid Critical Growth Challenge

Solana-based on-chain reputation protocol SolanaID is shutting down its services on September 30, citing an inability to solve a critical growth challenge. The team behind the project stated that without active campaigns, there were no rewards to offer users, but without sufficient user adoption, the project hesitated to launch campaigns.

This circular problem proved insurmountable for the SolanaID team, who acknowledged they could not create benefits to attract new users. Despite its efforts, the protocol struggled to gain traction and establish a reputation layer on Solana.

The SOLID token, issued by SolanaID, will remain on-chain after the shutdown, with its locked liquidity pool staying intact. The treasury holdings previously controlled by SolanaID are set to be burned, reducing supply and providing some clarity for existing token holders.