Inception, a liquid restaking token platform, announced it will sunset operations despite two years of development and recent funding.

In a statement shared on X on Friday, the team attributed the decision to the lack of a “product market fit” along with a “lack of liquid rewards in shared security” that made its future unsustainable.

“We want to reassure everyone that all user assets are safe and withdrawals remain available at any time. We recommend retrieving any deposited funds at your earliest convenience,” said the team.

This story is an excerpt from the Unchained Daily newsletter.

Inception was built as a Layer 2 protocol compatible with EigenLayer and Symbiotic, aiming to boost liquidity and yield for restaked assets by issuing liquid restaking tokens (LRTs).

The platform launched over 15 LRTs, integrated with more than 60 DeFi protocols, and underwent eight security audits. 

Inception raised $3.5 million in seed funding in January from a range of prominent crypto investors.