Algofi, one of the top defi project on algorand announces it will cease operations and go into withdrawal only mode.
1 min read
Like many other altcoins Algo has taken a beating in the bear market. Algofi now shuts down even though they got over 2M in funding in 2021 from venture capitalists including Coinbase ventures.
the team believes that going forward we are no longer able to provide the support necessary to maintain the protocol at the high standards which we believe the community deserves. We will begin sunsetting the platform and put the platform in withdrawal-only mode.
Is this the straw that breaks the camel’s back? Or is the camel already broken?(down 90% from all time high)
The details can be found in their blog post – https://blog.algofi.org/algofi-community-update-3cc989962d57?gi=9f39b97cc651
submitted by /u/NaturephilicReaction
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