Solana (SOL)-based decentralized finance (DeFi) platform Friktion advised users to withdraw their balance and announced that the platform will be shut down.
In a recent announcement shared by the Friktion developer team, it was stated that the platform has decided to stop all operations. January 25 as of date will only be able to actively access the withdrawal page Users were asked to withdraw their money from the platform.
During its service on the Solana network, approximately 20 thousand wallets, transaction volume 3 billion dollars and as the total locked value reaching $150 million Friktion, status “really tough decision” described as.
of the year 2022 DeFi Stating that it was a difficult year for the team, it was stated that they evaluated many factors, including users and community members, while making this decision. On the other hand, the developers, who stated that they will continue to support the Solana ecosystem, gave the following details in the continuation of their explanations:
The company continues to believe strongly in the future of Solana DeFi and will continue to support the ecosystem as much as it can. Due to this decision we have taken, only the withdrawal process will be active for the future and no deposit can be made on the platform. We understand this can be a difficult time for everyone and we want to make the transition as smooth as possible.