LENA Network Addresses Concerns And Takes Steps Towards Transparency, After 80% Price Drop

Following its launch, LENA Network, a liquidity protocol that garnered significant attention and raised over 800 ETH, faced a steep decline of over 80%.

This downturn raised concerns within the community regarding the project’s viability and transparency.

LENA Network, a liquidity protocol that raised over 800 ETH, fell over 80% less than half a day after the token’s launch. LENA Network: Deployer has transferred 753 ETH ($2.9 million) to OKX. LENA Network says its strategic partners and investors include DWF Labs, Alchemy Pay and…

— Wu Blockchain (@WuBlockchain) March 6, 2024

According to on-chain reports, the LENA Network Deployer transferred $2.9 million worth of ETH to OKX, a move that sparked further scrutiny. Despite the decline, LENA Network boasts prominent investors and strategic partners such as Draper Dragon, Alchemy Pay, and DWF Labs.

In response to the community’s concerns, LENA Network released a statement aimed at addressing the issues head-on. The team emphasized their commitment to integrity and transparency, pledging to utilize the raised capital to drive future development and enhance liquidity within the LENA pool.

Attention everyone