The Ukrainian-based crypto lender Everlend Finance has announced to shut down its lending application citing liquidity crutches. The Everlend update conveyed to the Twitter community on the February 1 post informed them about the closure of the lending platform. The post urged the customer to withdraw their assets. The Tweet disclosed that Everlend’s decision was influenced by uncertainty in the borrowing and lending industry.
Everlend Ceasing Operations
Despite the ongoing liquidity woes battling the DeFi Platform, Everlend made interesting moves until the crypto market went south. The lending platform has surrendered gambling for less gain in the crypto space.
As per the Tweets, the Everlend team informed the customers that the user interface is on withdraw mode. The users are encouraged to withdraw their assets from the platform since the application will run till the final transaction is made.
Also, the team has assured the consumers plan to recover all the assets available on the platform by mid-February.
The crypto lender restated steps to redesign the firm codebase platform to be open-source. The move will encourage other developers to continue making valuable contributions toward the development of Everlend.
Beyond this, the firm acknowledged the support from the Everlend key stakeholders who pushed the firm to invest more in the burgeoning Solana DeFi platforms. The support team will continue providing services before the firm exits the Solana ecosystem.
Why are the Solana-Based DeFi Platforms Shutting Down?
A few days ago, the Solana-based crypto firm Friktion announced plans to close the user interface by the end of last month. Friktion urged customers to remove their assets before the complete shutdown of the application. The company revealed that the ailing crypto markets influenced its shutdown plans.
Presently, Everlend has followed the footstep of Friktion, which was also affected by last year’s market meltdown, plunging most DeFi protocols to liquidity crises.
According to DeFiLlama, Everlend was valued at $400000 when the bulls were active. Since then, value has shrunk to a point where the firm lacks sufficient liquidity to stay operational.
Moreover, the unplanned vanishing of the Serum protocol has affected the growth of most DeFi platforms. Before this, Serum financed most of the DeFi protocols, Everlend being one of the beneficiaries.
Editorial credit: Dennis Diatel / Shutterstock.com
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