Solana-powered DeFi project Everland shuts down


The Everlend landing protocol team based on the Solana blockchain has announced the closure of the project.

“It was a very difficult decision, it took us a month to try to consider any options for moving forward,” the developers said.

They cited contraction in the borrowing/lending market and a lack of liquidity as reasons.

The platform switched to withdrawal-only mode.

The team noted that they did not lack funding, but considered continuing to work under the current conditions a “gamble”.

The developers will leave the code base of the project open so that anyone can use it.

“We believe in the future of DeFi on Solana and will continue to innovate and contribute to the development of the ecosystem in any way we can,” Everland said.

Early November 2022 TVL protocol fell from levels above $300,000 to levels near $100,000.

Solana-powered DeFi project Everland shuts down
Data: DeFi Llama.

This happened against the backdrop of the collapse of FTX, which resulted in the closure of one of the leading decentralized exchanges on Solana – Serum. The platform has been a major liquidity provider for blockchain projects.

At the end of January, Friktion, a DeFi digital asset management platform from the Solana ecosystem, announced the termination of user service.

Recall that the developers of the Mango Markets protocol, on the contrary, announced their readiness to restart it. A Solana-powered project went bankrupt after an unauthorized $116 million asset divestment in October 2022.

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