{"id":168619,"date":"2023-10-05T09:48:11","date_gmt":"2023-10-05T04:18:11","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=168619"},"modified":"2023-10-05T09:48:11","modified_gmt":"2023-10-05T04:18:11","slug":"yield-protocol-to-permanently-wind-down-operations-by-december-2023-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/yield-protocol-to-permanently-wind-down-operations-by-december-2023-crypto-news\/","title":{"rendered":"Yield Protocol to permanently \u2018wind down\u2019 operations by December 2023 – Crypto News"},"content":{"rendered":"
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Decentralized finance (DeFi)<\/a> lending protocol Yield Protocol announced its decision to shut down by the end of the year due to a lack of business demand and global regulatory pressures.<\/p>\n

Yield Protocol will cease to exist after its December 2023 series ends, which is slated to mature on December 29, 2023. In its announcement<\/a> detailing the \u201cwind down\u201d operation, Yield Protocol confirmed that the March 2024 fixed rate series launch had been canceled. The protocol stated:<\/p>\n

\u201cWhile we think that the future is bright for DeFi and fixed rate markets in DeFi, we felt this decision was necessary because there is currently not sustainable demand for fixed-rate borrowing on Yield Protocol.\u201d<\/p><\/blockquote>\n

Unfavorable crypto regulations in the United States, Europe and the United Kingdom were also among the reasons that ultimately led Yield Protocol to shut down. Starting today, \u201cliquidity providers for the *MS (March-September) strategies won\u2019t accrue any further fees,\u201d it stated.<\/p>\n

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We\u2019ve made the tough decision to wind down the Yield Protocol. The March 2024 fixed rate series will not be launched. Only the December 2023 series remains active for borrowing and lending. All borrowing and lending will end by December 31st. https:\/\/t.co\/oHnCGgeP13<\/a><\/p>\n

\u2014 Yield Protocol (@yield) October 3, 2023<\/a><\/p><\/blockquote>\n

Finally, \u201call borrowing and lending will end by December 31st,\u201d two days after the existing series will mature, an official tweet confirmed.<\/p>\n

Related: <\/em><\/strong>Binance to shut down BUSD lending by October 25<\/em><\/strong><\/a><\/p>\n

2023 witnessed numerous other protocol shutdowns, which included the $29 million in\u00a0total value locked lending platform Geist Finance<\/a> and a Discord crypto trading bot None Trading<\/a> valued at $16.5 million.<\/p>\n

In both cases, the primary reason for their shutdown was attributed to an external attack. Geist Finance shut down permanently due to losses from a Multichain exploit. None Trading said it had \u201clost a significant amount of funding\u201d and \u201cteam tokens\u201d crucial for its operations.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Decentralized finance (DeFi) lending protocol Yield Protocol announced its decision to shut down by the end of the year due to a lack of business demand and global regulatory pressures. Yield Protocol will cease to exist after its December 2023 series ends, which is slated to mature on December 29, 2023. In its announcement detailing […]<\/p>\n","protected":false},"author":2,"featured_media":168620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-168619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168619","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=168619"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168619\/revisions"}],"predecessor-version":[{"id":168622,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168619\/revisions\/168622"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/168620"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=168619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=168619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=168619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}