Friktion, the Solana-based DeFi platform, has announced users will be able to cash out of the protocol. Since the platform will suspend all frontend operations, if anyone uses the platform, they must hurry up and withdraw money!
The Friktion team said it had decided to suspend the platform due to the financial crisis resulting from the collapse of FTX and the lack of functionality on the Solana blockchain.
In addition, the team said that the operating costs of the platform were too high compared to profit and cash flow. As a result, Friktion announced on January 27, 2023 that it had disabled the front-end interface. to prevent users from making new deposits
The platform is currently open in “Withdrawal Mode Only” to allow users to withdraw Volt deposits.
“We are now recommending users to withdraw funds from Friktion as we will be shutting down the service,” the Friktion team said.
Prior to FTX’s bankruptcy, the Friktion platform had $150 million worth of assets locked in Solana, with a trading volume of over $3 billion. Based on information from D.eFiLarma