DeFi has been making waves in the financial world and one such platform, Solana-based Everlend Finance, was riding the wave until now.
The Solana-based lending protocol has announced that it will be shutting down due to the lack of liquidity. Despite the platform’s potential and the team’s belief in Solana as an efficient chain for DeFi, they have decided to close down operations as they believe it would be a gamble to continue in current conditions.
Time to Close Up Shop
Everlend was created with the goal of providing easy and accessible lending services to the crypto community. However, the current state of the market has made it difficult for the platform to continue its operations and the team has decided to shut down the platform.
The team has decided to open-source Everlend’s codebase, so that others can build on the platform’s foundation and continue its development.
In a series of tweets, Everlend said to be grateful for the support it has received from its users and stakeholders, who have been with the platform from the beginning. All deposits from the underlying protocols are now in Everlend’s vaults, and users are advised to withdraw their funds as soon as possible.
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
The app is now in withdrawal-only mode and will continue to operate until all funds are fully withdrawn. Members of the core team will be available in the Everlend discord to assist users with any queries or concerns.
While the shutdown of Everlend Finance may come as a disappointment to its users, the team is hopeful for the future of Solana and DeFi. The decision to open-source the codebase is a testament to their commitment to the DeFi space and they will continue to innovate and contribute to its development.
With the rapid pace of change in the crypto world, it is crucial for platforms to remain agile and adapt to market conditions. The shutdown of Everlend Finance may be a setback, but it is a step forward in the journey towards a more stable and secure DeFi ecosystem.
Disclaimer
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
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