AlgoFi, the decentralized finance (DeFi) protocol operating on Algorand (ALGO), announced that it will shut down by ending its operations.
AlgoFi, the largest DeFi protocol on Algorand 11 July In the post he published on the official blog site on the development of And as a result of various events that hinder the sustainability of have decided to close reported.
A series of events occurred that made developing the AlgoFi platform to the highest standards no longer a sustainable path for our company. Therefore, we will begin to shut down the platform.
In line with the decision deposit transactions will be disabled and only withdraw money to transactions will be allowed According to a roadmap of collateral reduction plans it shared, AlgoFi liquidate all assets on the platform at the end of the year plans.
The power of Algorand technology and the new consensus algorithm their faith is not shaken The team, who stated that, about the reasons that led to the closure of the platform, a detailed information hesitated to do so.
defecation According to data from last year November per month 218 million your dollar on Total Locked Asset (TVL) The TVL value of the protocol hosting the 85% in decline 32.2 million dollars appeared to regress. AlgoFi, total on Algorand 58 million dollar of TVL 54.6%was forming.
