In an unexpected turn of events, the Xeenon team has announced the closure of its Web3 streaming platform, citing regulatory challenges in the United States as the prime reason. The platform, which sought to revolutionize the streaming industry with innovative Web3 tools, finds it difficult to continue its operations.
The Xeenon team expressed their gratitude towards the community’s support throughout their journey and urged them to remain hopeful and innovative for the future. This article aims to detail the reasons behind the closure and the services offered by Xeenon during its operational phase.
- Xeenon’s journey and mission
- Features of the Xeenon platform
- The regulatory challenges faced
- Closure details and user guidelines
- Final message from the Xeenon team
About Xeenon: An Overview
Xeenon emerged as a promising Web3 streaming platform, built to serve creators and their communities through the Arbitrum and Livepeer Networks. With the goal of reshaping the streaming economy, Xeenon provided a space where creators could earn immediately without any minimum withdrawal threshold, offering payment in ETH as a part of their revenue generation strategy.
Platform Features and Innovations
The platform stood out for its commitment to low fees, superior security, and instantaneous payments, courtesy of the underlying blockchain technology. Xeenon leveraged the Livepeer network for best-in-class streaming experiences, offering decentralized video transcoding services. Furthermore, the platform facilitated ease of entry for creators, requiring no mandatory crypto wallet to start, and offering integrations with popular wallet providers like Metamask.
Encountering Regulatory Roadblocks
Despite their innovative approach, the Xeenon team encountered significant regulatory barriers in the US, which impeded their ability to introduce the novel features they envisioned. The regulatory landscape in the US posed a substantial challenge, ultimately leading to the difficult decision to shut down the platform.
Details of the Closure
The Xeenon team announced that the platform’s operations will cease on Friday, September 15th, 2023. Users are advised to download any content they wish to save before 00:00 UTC on Saturday, September 16th, 2023, and to claim any DAI for credits that might be present in their wallets before the stipulated deadline.
A Farewell Message from Xeenon
As they conclude this chapter, the Xeenon team expressed their heartfelt gratitude towards their community of creators, viewers, and supporters who were integral in making their journey memorable. They emphasized that the trust and enthusiasm of their community served as a beacon of light throughout their venture. In their farewell message, they encouraged everyone to remain hopeful, curious, and steadfast in the pursuit of innovation, leaving them with thanks for the cherished memories.
As the Xeenon platform winds down, it leaves a void in the Web3 streaming space, a testament to its ambitious attempt to reshape the streaming economy. The closure highlights the growing pains of innovative platforms navigating a complex regulatory landscape. While this marks an end to Xeenon’s journey, it also serves as a reminder of the relentless pursuit of innovation in the Web3 space, inspiring others to continue where they left off. The future remains bright, with opportunities for new pioneers to step in and carry the torch forward in the evolving world of Web3 streaming.