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Friktion noted that “a tough market for DeFi growth” forced the platform to shut down its user interface.
Solana based decentralized finance (DeFi) and crypto asset management platform, Friktion shut down its user platform.
In the latest announcement distributed on January 27, the company urged investors to withdraw their funds.
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On January 25, Friktion started moving all “Volts to Withdrawal-Only mode in the Friktion User Interface.” Therefore, deposits are no longer available.
Volts Friktion is a protocol designed for DeFi investments. In short, Volt allows customers to earn income from investment pools.
It should be noted that even if the user interface is turned off, the underlying protocol will “continue to function as designed.”
When talking about the reasons behind the decision, Friktion noted that “it’s been a tough market for DeFi growth in recent months.” The company goes into more detail by stating:
Costs have exceeded revenues which is why we are re-evaluating our strategy going forward, starting with the deprecation of the user platform. Decisions, although challenging, are made to provide optimal value for all stakeholders including users and community members.
In the announcement, Friktion noted that they “have great faith in the future of Solana DeFi and will continue to support the ecosystem as best they can.”
The company celebrates that in its time, reached nearly 20,000 wallets, exceeded $3 billion in trading volume, and reached $150 million in total locked value (TVL). In addition, in early 2022, the company raised $5.5 million in a funding round led by Jump Crypto, Solana Ventures, Tribe Capital, etc.
The platform also has quite significant boards. Friktion’s board members include the now bankrupt Alameda Research, Ledger Prime, Orthogonal Trading, Genesis Trading, and CMS Holdings.
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