- EverlendFinance has asked users to take their funds elsewhere as it shuts down.
- The protocol controlled $400,000 at the peak of its operation.
- Last month, two Solana NFTs announced their departure to other rival chains.
In a seven-part tweet yesterday, Everlend Finance, a Solana-based DeFi lending protocol, announced that it was shutting down its app platform, asking users to take their funds elsewhere.
Everlend Finance said it resolved to shut down after trying to explore other positive options in the past months to no avail, given the absence of liquidity. The project noted its closure has nothing to do with the Solana blockchain itself and that it has enough resources to remain afloat. However, it has decided to halt, as pressing forwards with its current condition would be equivalent to gambling.
3/ Unfortunately, rn liquidity is just not there and this is so not just about Solana and the B/L market (on which Everlend is 100% dependent) keeps shrinking. In these conditions pressing forward is a gamble. And even though we had enough runway, we decided to stop now.— Everlend (@EverlendFinance)
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