Friktion Urges Users To Withdraw Funds As It Halts Front-end Operations

Key Points:

• Friktion, a DeFi platform with headquarters in Solana, has requested all of its users to remove their money from the protocol as it prepares to halt all frontend operations.
• Friktion therefore said on January 27 that it has stopped its frontend interface to stop users from making additional deposits.
• Friktion achieved over $150 million in total-value-locked (TVL) on Solana and had around $3 billion in trading volume prior to the recent insolvency issue.

Friktion, a DeFi platform with headquarters in Solana, has requested all of its users to remove their money from the protocol as it prepares to halt all frontend operations.

The FT team said that the deteriorating financial difficulties brought on by the FTX failure and Solana’s frequent outages forced them to make the difficult decision to halt operations.

It is specifically claimed that the platform’s running costs are excessively high in light of its revenue and cash flow.

FT therefore said on January 27 that it has stopped its frontend interface to stop users from making additional deposits.

However, the platform is in “withdrawal-only mode” to allow users to withdraw their Volt deposits.

“In the meantime, we strongly encourage users to withdraw funds as the Friktion user platform begins the process of sunsetting,” the Friktion team said.

According to DeFiLarma statistics, Friktion achieved over $150 million in total-value-locked (TVL) on Solana and had around $3 billion in trading volume prior to the recent insolvency issue.

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