[ad_1]
Everlend Finance, Solana-powered DeFi will be ending its app platform, according to a official announcement on February 1.
Users have been asked to withdraw their assets as quickly as possible from the DeFi-based lending protocol. The team assures that the software will continue to run until all withdrawals have been processed.
Moreover, it will switch the app to withdrawal mode only.
Next, the team shared its plan for covering all funds raised and not used in the next two weeks.
Created in 2021, Everlend is a Ukrainian lending platform that gets financial backing from leading investors such as Serum, Everstake Capital and GSR.
By the end of the first quarter of 2023, the company plans to transition into a community-controlled DAO.
The team stated on February 1 that recent actions had been taken despite having sufficient runway to run in the current business environment.
But due to the liquidity crunch, lender Solana DeFi was forced to reconsider its position, and continuing to operate under these conditions would be a “stake”.
This comes at a time when another Solana-based DeFi yield platform also discontinued its front-end application in January due to crypto headwinds.
The Solana Defi ecosystem took a major hit in 2022, being left in a “disabled position”, as Ben Sparango recently acknowledged.
Sparango, head of Strategic Business Development at the Solana Foundation spoke about the Foundation’s aspirations for 2023. He said his main focus is reviving the ailing DeFi sector and improving financial use cases such as payments.
Solana Founder Plans to Revive the DeFi Sector
The Solana co-founders laid out their vision for a decentralized future in a blog post on January 31. They say that Solana’s high throughput rivals that of the New York Stock Exchange and will increase the potential of the cryptocurrency even further.
“We believe that Solana making block space abundant and cheap will leapfrog crypto to its full potential,” they said.
In addition, some bear market data and activity is emphasized. One of them was the significant growth in SOL validators last year. A second validator client developed by a third party is also being tested. In test simulations, it generates a staggering 0.6 million transactions per second.
[ad_2]
Source link
