Phi, an on-chain identity protocol, announced that it will shut down on May 25.

CoinFeed reported on May 4th that Phi, an on-chain identity protocol, announced the official shutdown of its platform http://phi.box and related services on May 25, 2026. Users are required to complete reward claiming, staked asset withdrawal, and NFT consolidation before this date. Phi stated that its governance token $PHI will remain on-chain and can be traded through Aerodrome, but liquidity may gradually decrease. Phi, founded in 2022, previously launched Phi Land, an on-chain activity visualization product based on ENS, attracting 296,000 users and partnerships with over 65 protocols, and minting over 4.3 million NFTs.