Solana-based DeFi lending platform Everlandannounced that it has stopped the project and its development.
In its announcement, the project cited the lack of liquidity and the general contraction of the borrowing and lending market as reasons.
There is no liquidity and it’s not just about Solana and B/L [borçlanma ve borç verme] market (which Everlend is 100% dependent on) continues to shrink.
On the other hand, he drew attention to the fact that it would be a big “gamble” to continue operating the project even if there is enough space.
We are deeply saddened to announce that as of today our team has decided to close down https://t.co/UiTuuSdyrB and won’t continue its development
— Everlend (@EverlendFinance) February 1, 2023
NEWS CONTINUES BELOW
Everlend has updated its app with only withdrawals active. The announcement to remove users who have deposited from the protocol is also repeated frequently.
The project also announced that the protocol’s codebase will be open sourced so that “everyone can use what we’ve built and keep working.”
Solana-Based Everlend and Other DeFis Are Decreasing
The liquidity crunch Everlend mentioned, witherIt emerged as the DeFi ecosystem in .
This started when it became clear that the private keys of the project were held on the crypto exchange following the collapse of FTX in November. Finding a suitable replacement has been a challenge, as Serum’s liquidity pools support the vast majority of the Solana DeFi ecosystem and make access to liquidity extremely efficient.