Solana decentralized Finance (Defi) agreement Everlend Finance has closed its business and urged customers to withdraw funds from the site.
The company announced the decision on Twitter on Feb. 1, saying that although there was "enough runway" to operate again, it would be a gamble in the current sales market environment. In particular, the Everland team noticed:
Unfortunately, the liquidity of Rn is not there, and it's not just about the market for Solana and Everlend L (which Everlend is 100% dependent on). Under such circumstances, moving forward is a gamble. Although we have enough runways, we are sure to stop now.
Everlend also mentioned that the savings in the basic agreement are now kept in the vault and that the program will be located on a withdrawal-only basis until the funds are settled. [W] We generally advise our own customers to withdraw money as soon as possible. "
The team announced that all raised and unused funds, as well as payments from third-party contractors, would also be covered within two weeks, indicating that the parties concerned would receive detailed compensation. The agreement will also open its code base to the public, allowing others to build solutions on the.
Everlend's road map in the coming months includes the release of its governance platform and financial markets. The agreement was signed in 2021 and its investors include GSR, serum albumin and Everstock Capital.
According to DefiLlama, Everlend had a total TVL of nearly $400000 at its peak. However, after the collapse of FTX, the agreement suffered a significant decline, which would have a negative impact on inflation expectations.
Everlend is the second one under Solana's Defi protocol that is closed in winter due to login passwords. On January 27th, Friktion Platform said it would close its interface because of the "complex and ever-changing sales market for Defi improvement".
Nearly a year ago, Everlend announced that it had raised $5.5 million in a round of financing. In November last year, the company even launched loans with insufficient loan guarantees, aimed at investors' need for DEFI, just before the spread of FTX.
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