Algofi will remain solely on Discord and will depart from all the other social media platforms.
Algofi, Algorand-based decentralized finance (DeFi) protocol, has announced the discontinuation of its operations.
In a statement, Algofi stated a “confluence of events” as the cause for its decision, claiming that it is no longer viable to continue growing and maintaining the platform to the “highest standards.” The platform will therefore shortly shift to a withdrawal-only mode.
The DeFi platform announced that it will be shutting down all social media networks linked with it except Discord with the objective to maintain “seamless, unified communication.”
It is anticipated that the protocol’s termination will take several months.
In the meantime, the team will focus on lowering the collateral requirements for the digital asset markets on its platform so that liquidity is able to migrate to other protocols.
Also Read: DeFi Protocol Rodeo Finance Hacked; $1.53 Million ETH Stolen
Clearly, none of us on the team or in the community hoped for this outcome when this project began. We are so grateful for the Algorand community’s support during this journey and are keen to see what comes ahead for Algorand.
Algofi is the largest DeFi hub in Algorand, with a TVL of $32.36 million and accounting for roughly 55% of the layer 1 ecosystem’s value.
According to the most recent information compiled by DeFiLlama, TVL reached an all-time peak of $134 million in February of this year; since then, the figures have fallen.
Zooming out, Algorithm’s TVL has decreased by more than 73% from its peak of $218 million in November to $58.35 million at the time of writing.