Friktion, the Solana decentralized finance (Defi) service platform, will shut down its user interface and urge customers to obtain property from the agreement, according to a statement on January 26th.
The website of this project will not be given the same service, and each Volt will be limited to withdrawals, thus making the deposit unavailable. According to the Friktion page, Friktion's Volt is a structured product aimed at Defi investment, allowing investors to take a share of the income of the investment pool.
However, the underlying protocol will remain browsable on the chain. As the company often says, "the arduous sales market that defi has improved in the past six months" is the driving force behind this decision:
This determination was not made hastily, as Friktion has well overcome many tests in the past, including King Luna, FTX and Internet outages. The company still firmly believes in the future development of Solana Defi and will once again apply the ecosystem where it can.
Friktion's app covers nearly 2, 000 customer wallets, with a turnover of more than $3 billion, and more than $160 million in total locked use value (TVL) in the first half of 2022 before being hit by the winter of login passwords. In November 2022, the company even went online with insufficient loan guarantees to organize investors' needs for DEFI.
The decision to shut down the user interface came nearly a year after the company announced that it had raised $5.5 million in a financing round in January 2022. Investors in this round of financing include Jump Crypto, Defiance Capital, Delphi Ventures, Solana Ventures and Tribe Capital.
One member of the site's shareholders' meeting included Alameda Scientific Research (Alameda Research), a sister company of FTX, which played a leading role in the collapse of the trading center in November 2022. Other supervisory board members include Genesis Trading, LedgerPrime, CMS Holdings and Orthogonal Trading.
Friktion didn't immediately respond to Cointelegraph's request for comment.
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