2 years ago
Algofi, the largest decentralized finance protocol connected layer-1 blockchain Algorand, said it volition unopen down pursuing a "confluence of events" that meant it could nary longer beryllium maintained to its highest standard.
The platform, which offers lending, borrowing and trading, volition soon determination into withdrawal-only mode, a blog station said.
"To this day, our content successful the spot of Algorand’s exertion and caller statement algorithm has not wavered," Algofi added successful the post.
Algofi was acceptable up during the highest of the erstwhile bull market, erstwhile algorand (ALGO) was trading astatine $1.85, and earlier crypto markets entered a prolonged diminution that saw ALGO slump to arsenic debased arsenic $0.09 past month.
The drop, coupled with an assertive stance by the U.S. Securities and Exchange Commission (SEC) arsenic it precocious labeled algorand arsenic a security, has stunted the maturation of DeFi projects connected the antecedently hyped blockchain.
Total worth locked (TVL) connected Algorand presently stands astatine $59 million, a crisp driblet from February's much than $200 million, according to DefiLlama data.
Despite seeing its TVL slump by much than 10% since the announcement was made, Algofi inactive accounts for much than fractional of the worth connected the Algorand blockchain, which present holds the slightest magnitude of worth since the commencement of 2022.
Edited by Sheldon Reback.
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