Everlend Finance, Solana’s decentralized finance (DeFi) protocol, is shutting down. And encourage customers to withdraw money from the platform.
companyannounceThe decision was made on Twitter on Feb. 1, stating that despite “sufficient avenues” to proceed. But it is a gamble under current market conditions, as the Everland team noted:
“Unfortunately, due to liquidity problems, And this is not just about Solana and the B/L market (on which Everlend relies 100%) is shrinking in a stressful environment where everything is at stake. and even if we have enough channels But we decided to stop now.”
Everlend states that deposits from the protocol are in the vault and the app will only be in withdrawal mode until the funds are fully withdrawn. “We recommend our users to withdraw their funds as soon as possible.”
According to DeFi Llama, Everlend had nearly $400,000 in TVL during its peak.
Everlend is the second Solana-based DeFi protocol to be shut down in a few days. Due to the crypto winter, earlier on Jan. 27, the Friktion platform announced it would be closed citing “Tough market for DeFi growth”
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