Nocturne Crypto Shuts Down Version 1 for New Venture

Spread the love

Nocturne, a crypto project backed by prominent figures such as Vitalik Buterin, recently announced the discontinuation of its first version, Nocturne v1. The project initially focused on improving account abstraction (AA) and crypto accessibility, emphasizing account-level privacy as a unique and challenging goal in the crypto world.​​​​

Founded in the United States, Nocturne aimed to enable users to transact anonymously within the Ethereum ecosystem. The project stood out by combining stealth addresses, zero-knowledge proofs and account abstraction, offering a new solution for enabling private accounts on public blockchains​​​​

Despite its initial goals, Nocturne shifted its focus to new product development in the application area. This decision comes after recognizing the need to address consumers’ immediate concerns about cost and user experience (UX) before delving into privacy aspects. The team realized that the transition to public Layer 2 solutions (L2s) and wider adoption of AA must precede efforts to improve privacy.

Nocturne achieved milestones such as surpassing $500k in Total Value Locked (TVL) and $2M in volume within a month. However, taking into account the changing landscape and user priorities in the crypto sector, the project is now ready to address the technical and user-facing issues that are of immediate importance today.

For current Nocturne v1 users, the platform has paused deposits, swaps and bets, providing a one-year withdrawal window through their website.

As Nocturne transitions to its new look, the crypto community awaits further details on the upcoming product. This strategic point reflects the dynamic nature of the crypto industry, where projects must constantly adapt to user needs and market trends.

Image source: Shutterstock

Leave a Comment