- AlgoFi, a decentralized finance (DeFi) protocol operating on Algorand, has announced that it will be shutting down due to various events that have hindered its development and sustainability.
- The decision to close down the platform was made in a blog post published on AlgoFi’s official website on July 11.
- AlgoFi plans to disable deposits and only allow withdrawals, with a roadmap to liquidate all assets on the platform by the end of the year.
AlgoFi, the Largest DeFi Protocol on Algorand, to Shut Down
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The leading decentralized finance (DeFi) protocol on Algorand, AlgoFi, has recently announced its decision to shut down due to a series of events that have impacted its development and sustainability. In a blog post published on July 11, AlgoFi stated that they will be closing the platform to ensure the highest standards of development and sustainability can no longer be maintained.
Disabling Deposits and Liquidating Assets
As part of the closure, AlgoFi will be disabling deposit transactions and only allowing withdrawals. They have also shared a roadmap outlining their plans to liquidate all assets on the platform by the end of the year. This decision comes as a result of the events that have hindered the platform’s progress and made it unsustainable for the company.
Belief in Algorand Technology
Despite the decision to shut down the platform, the AlgoFi team expressed their unwavering belief in the power of Algorand’s technology and its new consensus algorithm. However, they refrained from providing detailed information about the specific reasons that led to the closure of the platform.
Impact on Total Value Locked (TVL)
According to data from DefiLlama, AlgoFi hosted over $218 million in Total Value Locked (TVL) in November last year. However, the current TVL value has plummeted by 85% to $32.2 million. AlgoFi accounted for 54.6% of the total $58 million TVL on Algorand.
As AlgoFi prepares to shut down, the cryptocurrency community will be closely watching the impact of this decision on the DeFi ecosystem and the Algorand network.
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