Cosmos ecosystem L1 Pryzm announces gradual shutdown of operations

Formerly known as the Terra ecosystem project Prism Protocol, the Cosmos ecosystem L1 Pryzm has announced that it will gradually cease operations, with plans to complete the process by January next year. Pryzm stated that the decision to discontinue operations was due to the financial unsustainability of maintaining an L1 and the risks associated with transferring management to new operators. Pryzm is requesting users to redeem their assets as soon as possible within the next two to three days.