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Flow Ecosystem Mainstream Wallet Blocto Announces Shutdown, FLOW Price Drops Over 99% Leading to Prolonged Project Losses, Unsuccessful Attempts to Meet with Leadership Over Six-Month Period
BlockBeats News, December 17, Blocto, a cross-chain smart wallet project, posted on social media:
"After serving over 2 million users for five years, with heavy hearts, we announce that Blocto Wallet service is coming to an end.
As one of the earliest supporters of Flow's ecosystem, Blocto has built key infrastructures for the ecosystem, including Blocto Wallet, BloctoSwap, Blocto Cross-chain Bridge, and BloctoBay. We also operated the most utilized FLOW staking node. We have collaborated with top projects, serving millions of users, and we are incredibly proud of it.
However, solely focusing on building excellent products is not always sustainable. With the FLOW price dropping from a high of nearly $40 in 2021 to now below $0.3 (a decrease of over 99%), Blocto has been operating at a significant loss. Over the past few years, we have accumulated over $5.5 million in losses to maintain community services. But this cannot go on indefinitely. Realizing that our operational funds were running out, we attempted to communicate with Flow/Dapper leadership since June of this year.
After six months of relentless efforts, we have not been able to secure any meetings with the leadership. Each email exchange took weeks, while our remaining funds continued to deplete. During these months, we did not receive clear support or engage in constructive discussions on a sustainable path forward. Now, we no longer have the funds to continue bearing these costs.
Starting from 7 p.m. PST on December 18, 2025 (the termination date), Blocto Wallet, BloctoSwap, and Blocto Cross-chain Bridge will cease operations. The staking service of Blocto's own nodes remains unaffected."
It is worth noting that Blocto raised an $80 million Series A funding in February 2023, valuing the company at an estimated $800 million. The funding round was backed by Mark Cuban, IPX, and 500 Global, with the specific amount undisclosed. At that time, Blocto supported networks such as Aptos, Ethereum, Solana, Polygon, Flow, and BNB Chain.
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