Decentralized finance (DeFi) lending protocol Yield Protocol introduced its determination to shut down by the top of the 12 months due to an absence of enterprise demand and world regulatory pressures.
Yield Protocol will stop to exist after its December 2023 collection ends, which is slated to mature on December 29, 2023. In its announcement detailing the “wind down” operation, Yield Protocol confirmed that the March 2024 mounted price collection launch had been canceled. The protocol acknowledged:
“While 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.”
Unfavorable crypto rules within the United States, Europe and the United Kingdom have been additionally among the many causes that finally led Yield Protocol to shut down. Starting right now, “liquidity providers for the *MS (March-September) strategies won’t accrue any further fees,” it acknowledged.
We’ve made the powerful determination to wind down the Yield Protocol. The March 2024 mounted price collection is not going to be launched. Only the December 2023 collection stays lively for borrowing and lending. All borrowing and lending will finish by December thirty first. https://t.co/oHnCGgeP13
— Yield Protocol (@yield) October 3, 2023
Finally, “all borrowing and lending will end by December 31st,” two days after the prevailing collection will mature, an official tweet confirmed.
Related: Binance to shut down BUSD lending by October 25
2023 witnessed quite a few different protocol shutdowns, which included the $29 million in total value locked lending platform Geist Finance and a Discord crypto trading bot None Trading valued at $16.5 million.
In each instances, the first cause for his or her shutdown was attributed to an exterior assault. Geist Finance shut down permanently due to losses from a Multichain exploit. None Trading stated it had “lost a significant amount of funding” and “team tokens” essential for its operations.