Solana DeFi Everlend Finance Terminates Its App Due To Lack Of Money

Key Points:

• Solana-based DeFi lending protocol Everlend Finance has shut down its app platform, the company announced on February 1.
• Everlend cited the participants in DeFi lending’s liquidity shortage as the reason for the decision to stop down. The crew claimed that carrying on under these circumstances would be risky.
• Everlend is the most recent DeFi lender with a Solana location to close its doors.

Despite having enough runway to continue functioning in the current business environment, Solana-based DeFi lending protocol Everlend Finance has shut down its app platform, the company announced on February 1.

The platform has been switched to withdraw-only mode by the Everlend staff. It has been advised for users to delete their assets. The statement indicated that the app would remain active until each withdrawal had been handled. The group also provided a timeline for how it will use all cash donated and left over in the following two weeks.

Everlend cited the participants in DeFi lending’s liquidity shortage as the reason for the decision to stop down. The crew claimed that carrying on under these circumstances would be risky.

The Everland app front end is the only aspect of the shutdown notification for Wednesday. To enable others to continue developing solutions utilizing its technological stack, the Everlend team has announced that it will open-source its software.

Solana lending ceases

Everlend is the most recent DeFi lender with a Solana location to close its doors. In January, Friktion, a different DeFi yield platform located in Solana, shut down its front-end application, citing several difficulties the crypto community as a whole was experiencing.

According to DeFiLlama, Everlend had approximately $400,000 in total value locked up at the height of its strength. When money left protocols in the Solana ecosystem in November as a result of the FTX collapse, this number fell precipitously.

Everlend was established in 2021 with funding provided by sponsors like Serum, Everstake Capital, and GSR. In Q1 2023, the Ukrainian lending platform intended to change into a DAO under community control.

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