Everlend, a lending aggregator built on the Solana network, said in a Twitter thread it is closing services and won't continue its development.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
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."
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 The protocol is now in withdrawal-only mode and will run until the funds are fully withdrawn, the team said.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.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange