Babylon Finance Fails to Revert Negative Momentum, Closes Platform
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Sept. 1, 2022

Babylon Finance, a decentralized finance (DeFi) management protocol built on Ethereum, will shut down on November 15, after the team failed to reach an agreement on reimbursement with Fei Protocol.

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Ramon Recuero, Babylon Finance Founder, wrote in a blog post that at the end of June, Fei Protocol and Rari Capital canceled the reimbursement and forced Babylon to "reprice the Rari assets to zero."

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Recuero added that the Babylon team will consolidate all remaining treasury holdings and distribute them amongst BABL and hBABL holders. The process will start on September 6. He added:

"Utterly disappointing to see teams like FEI cashing out when their project has failed."

Update: Edited headline and third paragraph with corrected name of the project.

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