GM Kava/Toreus Community! We would like to provide you with an important update regarding the sunsetting of the Toreus protocol, building on our previous communication. (1/x) 🧵

If you remain interested in the Kava ecosystem and are exploring new opportunities to utilize your assets, we recommend taking a look at @MareFinance & @PinjamLabs .

You can now access the new TORE-WKAVA trading pair on @SushiSwap . To get started, please follow this link:

Some of you may have encountered issues with our liquidity pool (LP) on Equilibre, despite our best efforts to resolve these issues with the Equilibre team. In response to this, we have taken the step to move all TORE-WKAVA LP from Equilibre to SushiSwap.

We've also burned any team owned $TORE. Since the team had a cliff on their vesting, no team tokens were sold as none were in circulation to begin with.

Please note that the underlying Toreus smart contracts will remain immutable. This means you will always have the ability to interact with them on the KAVA EVM blockchain.

To ensure that you have ample time to make any necessary adjustments, we are extending the period during which the frontend will remain online. Should we decide to cancel hosting and shut down, we will provide a one-month notice to our community.

While deposits are no longer accepted, you can still manage your existing positions, repay debts, and perform actions related to your $TORE tokens.

Effective immediately, the Toreus frontend will be closed for deposits. This decision is aimed at preventing new users from inadvertently locking themselves into the protocol with potential bad debt and depegged assets.

We have consulted with key players in our ecosystem, including KAVA and FTM Foundation, to assess progress toward a road to recovery. Unfortunately, as of our latest communication, there has been no significant progress to report.

🧵7/7 We want to thank the Kava team and our partners for our ongoing conversation and brainstorm sessions. But most of all we are grateful for the amazing community we've built over the past months. We're deeply sorry Toreus did not grow out to the heights we all wished for.

🧵6/7 5. After all $TORE lockers are unlocked (3 month period max) we will distribute all the remaining airdrop allocations 6. Leave the LP active for 6 months or until it's drained.

🧵5/7 4. After these 3 weeks we will fairly return the veVARA NFT to @EquilibreAMM. They will blacklist our Gauge, meaning that no more bribes and voting can happen. The LP will however remain open for trading!

🧵4/7 1. Halt emissions and stop bribing on @EquilibreAMM to stop inflation 2. Let users withdraw their funds from the money markets 3. Wait for all the $TORE lockers to end their locks and sell into LP while we keep compounding the $VARA rewards for buybacks for 3 weeks

🧵3/7 We do not see a viable route to meaningfully keep Toreus in Kava as a contributing protocol and hence we decided to gracefully sunset the project. In order not to negatively affect users and make the process as fair as possible we will follow the playbook below:

🧵2/7 A combination between internal and external factors led to a situation where we cannot add the value we’d like to. After some initial issues, we were still determined to keep building and progressing, but the Multichain depeg tipped the scale for us.

🧵1/7 TOREUS SUNSET Earlier this year we set out on a mission to boost the Kava-EVM #DeFi ecosystem by providing an effective lending infrastructure. After a successful TGE and jumpstarting an amazing community Toreus took quite some hits.

GM! #kavafam This week the devs have released the first version of our Lending market stats. Fees accrued in May: $8000+ All of which distributed among stakers/lockers and those with vesting rewards. Check it out here:

Round 2 out of 12 Airdrops is live! Make sure to claim your Airdrop before it expires 💪 All Airdrop claims will vest over 3 months, just like our vested rewards for the Toreus Lending Market. Check it out here: https://t.co/DGTO6hIhYT

We've upgraded the security of the Toreus Protocol.👮‍♂️ All our post-deploy items have been completed and therefore we have moved the ownership of the contracts to the Toreus Multisig (3/4). We continue to work on improving the experience in the upcoming weeks. Stay tuned 👀