⚠️ Algorand’s largest DeFi protocol is shutting down its operations! Why? Read more here -
In a statement, Algofi cited a “confluence of events” as the reason behind its decision that has rendered it no longer viable to continue building and maintaining the platform to the “highest standards.” As a result, the platform will soon transition to withdrawal-only mode.that closing down all the social media platforms associated with the platform except Discord in a bid to ensure “seamless, unified communication.
“This is obviously not the outcome any of us on the team or in the community hoped for at the outset of this project. We can’t thank the Algorand community enough for their support throughout this journey and can’t wait to see what comes next for Algorand.” Algofi is the largest DeFi hub in Algorand boasting a TVL of $32.36 million and accounting for nearly 55% of the layer 1 ecosystem’s value.
According to the latest data compiled by DeFiLlama, TVL hit an all-time high of $134 million earlier in February this year, since then, the figures have gone downhill.by over 73% since its peak of $218 million last November to $58.35 million at the time of writing.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
DeFi Protocol Holding 55% of Algorand Value to Shut DownDecentralized finance protocol algofiorg will shut down due to a 'confluence of events' following a sharp decrease in asset prices and activity on the Algorand blockchain. Reporting by oknightcrypto.
Lire la suite »
Algorand decentralized lending protocol Algofi to shut down by end of yearAlgorand was previously labeled as a security by the SEC in April.
Lire la suite »
DeFi protocol Arcadia Finance hacked on Ethereum and Optimism for $455kWhile the investigations are underway, Arcadia’s code houses another vulnerability, which could prove catastrophic for the protocol if exploited.
Lire la suite »
Cega’s exotic DeFi derivatives expand to Ethereum Layer 2 ArbitrumCega Finance has expanded its Solana and Ethereum-based DeFi structured investments product to the Layer 2 network Arbitrum.
Lire la suite »
King Charles Loved Biden’s Breach of Royal Protocol'His Majesty the King is entirely comfortable with that kind of contact—and what a wonderful symbol of warmth and affection it was between both the individuals and their nations.”
Lire la suite »
Aave DAO decides to swap to $2 million in Balancer LP tokensThe Aave community has approved a $2 million token swap to procure BAL-WETH liquidity pool tokens from the DeFi protocol, Balancer.
Lire la suite »