Urgent: Powerloom Users Have 24 Hours to Exit Before Shutdown

The clock is ticking for Powerloom users. The decentralized data infrastructure network is set to permanently halt all operations at 6:00 AM UTC on July 21. If you have transferable assets on the network, you have less than 24 hours to bridge them over to Ethereum. Once this deadline passes, the network will stop producing blocks and any funds left behind will be permanently inaccessible.

This shutdown comes after the project founders decided the network lacked a sustainable operating model and sufficient resources to continue. While the team previously closed reward claims and unstaking functions, the current window is specifically for holders of liquid on chain balances. Do not wait, as the bridge depends on the chain being active to process your exit.

It is important to note that this deadline only applies to assets currently held on the Powerloom network. Any POWER tokens already held as ERC 20 assets on the Ethereum blockchain are not affected and will remain safe. This situation serves as a stark reminder of the risks associated with bridge dependencies, where the functionality of an exit path relies entirely on the survival of the source chain.

If you have funds on the network, use the official bridge as soon as possible to ensure your assets are safely moved to Ethereum before the final cutoff.