Decentralized Email Service Dmail to Shutdown, Token Hits New Low

Dmail Network, an email platform that has been in operation for five years, announced that it will cease all operations as of May 15. The group has been working to create what it called a “managed email,” according to the shutdown. to announce.

The Dmail Network team cited several reasons for the closure in a letter published on Thursday. According to users, the costs of setting up bandwidth, storage, and computing became too high and took up a large part of their budgets, making sustainable businesses impossible. These costs increased significantly with user growth, the group said.

The platform has also struggled with failed fundraising efforts and a number of assets that have not met the market cap. The team said it tried different payment methods and marketing methods but could not find a permanent solution that users were willing to pay for. The sign of the project has not yet been clearly understood, the main use cases and has failed to create a working economic model, according to the staff.

Additional challenges included the departure of large groups that left the remaining members powerless to stock up on cheap equipment. Dmail Network has also experienced several financial failures and failed acquisition attempts.

Users must transfer their emails to other platforms before May 15, after which all nodes will stop working and emails will no longer be available.

The suspension of the Dmail Network shows many problems in the field of social media and communication. The team admitted that they were “expecting this” after seeing other platforms’ problems.

Users pointed to “transformations” Lens experiencecentral social space, and Friend.techas indicators of the problems facing Web3 communication projects. These platforms have also faced similar challenges in achieving sustainable usage and revenue streams while competing with other centralized platforms.

They wrote: “If conditions allow in the future, we expect a more mature recovery, but for now we have to accept it. “If possible, we believe that the crypto market will pay more attention to things that are in place of prices alone.”

On that note, the DMAIL token on the BNB Chain has dropped by nearly 70% over the past 24 hours, according to data from CoinGecko, recently trading at $0.000167 and hitting a new high last Friday. At its current price, DMAIL has dropped almost 100% after reaching a peak of $0.97 in early 2024, shortly after its launch. Its current market price is under $15,000.