Solana DeFi Aggregator Everlend Sunsets Services
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Feb. 2, 2023

Everlend, a lending aggregator built on the Solana network, said in a Twitter thread it is closing services and won't continue its development.

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The developers explained that although they've spent a month to "try and explore any options for going forward," the liquidity is "just not there." They added:

"In these conditions pressing forward is a gamble. And even though we had enough runway, we decided to stop now."

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All the deposits are now in Everlend vaults and users should withdraw their funds as soon as possible, the developers added. The protocol is now in withdrawal-only mode and will run until the funds are fully withdrawn, the team said.

Founded in 2021, Everlend raised a total of $2.6 million in seed funding, according to data from Crunchbase. Headquartered in Kyiv, Ukraine, the protocol was using automatic rebalancing and refinancing mechanisms to continually optimize the user's position.

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