{"id":120935,"date":"2023-07-11T17:08:53","date_gmt":"2023-07-11T17:08:53","guid":{"rendered":"https:\/\/dripp.zone\/news\/algorands-largest-defi-protocol-shutting-down-operations-crypto-news\/"},"modified":"2023-07-11T17:08:54","modified_gmt":"2023-07-11T17:08:54","slug":"algorands-largest-defi-protocol-shutting-down-operations-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/algorands-largest-defi-protocol-shutting-down-operations-crypto-news\/","title":{"rendered":"Algorand&#8217;s Largest DeFi Protocol Shutting Down Operations\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Algorand-based decentralized finance (DeFi) protocol, Algofi, has announced winding down its operations.<\/p>\n<p>In a statement, Algofi cited a &#8220;confluence of events&#8221; as the reason behind its decision that has rendered it no longer viable to continue building and maintaining the platform to the &#8220;highest standards.&#8221;  As a result, the platform will soon transition to withdrawal-only mode.<\/p>\n<ul>\n<li>The DeFi platform <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.algofi.org\/algofi-community-update-3cc989962d57\" data-wpel-link=\"external\">revealed<\/a> that closing down all the social media platforms associated with the platform except Discord in a bid to ensure &#8220;seamless, unified communication.&#8221;<\/li>\n<li>The process of winding down the protocol is estimated to take several months.<\/li>\n<li>In the meantime, the team will work on reducing the collateral factors of the digital asset markets on its platform, enabling liquidity to migrate to other protocols.<\/li>\n<\/ul>\n<blockquote>\n<p>\u201cThis is obviously not the outcome any of us on the team or in the community hoped for at the outset of this project.  We can&#8217;t thank the Algorand community enough for their support throughout this journey and can&#8217;t wait to see what comes next for Algorand.&#8221;<\/p>\n<\/blockquote>\n<ul>\n<li>Algofi is the largest DeFi hub in Algorand boasting a TVL of $32.36 million and accounting for nearly 55% of the layer 1 ecosystem&#8217;s value.<\/li>\n<li>According to the latest data compiled by DeFiLlama, TVL hit an all-time high of $134 million earlier in February this year, since then, the figures have gone downhill.<\/li>\n<li>Zooming out, Algorithm&#8217;s TVL has also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defillama.com\/chain\/Algorand\" data-wpel-link=\"external\">plummeted<\/a> by over 73% since its peak of $218 million last November to $58.35 million at the time of writing.<\/li>\n<\/ul>\n<div class=\"code-block code-block-12\" style=\"margin: 8px 0; clear: both;\">\n<div><center><span style=\"font-size:11px; color: gray;\">SPECIAL OFFER (Sponsored)<\/span><\/center><br \/>\n<b>Binance Free $100 (Exclusive): <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/binancebanner\" data-wpel-link=\"internal\">Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> ,<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/buy-bitcoin-5-easy-steps\/\" data-wpel-link=\"internal\">terms<\/a>,<\/p>\n<p><b>PrimeXBT Special Offer: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/primexbt2\" data-wpel-link=\"internal\">Use this link<\/a> to register &#038; enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Algorand-based decentralized finance (DeFi) protocol, Algofi, has announced winding down its operations. In a statement, Algofi cited a &#8220;confluence of events&#8221; as the reason behind its decision that has rendered it no longer viable to continue building and maintaining the platform to the &#8220;highest standards.&#8221; As a result, the platform will soon transition to withdrawal-only [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":33443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-120935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=120935"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120935\/revisions"}],"predecessor-version":[{"id":120936,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/120935\/revisions\/120936"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/33443"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=120935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=120935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=120935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}