Algofi, a DeFi protocol built on Algorand, a decentralised finance blockchain, is expected to get closed soon, stated Cointelegraph.
With insights from an announcement made on July 11, 2023, developers mentioned that the “belief in the strength of Algorand’s technology and novel consensus algorithm has not wavered,” Cointelegraph added.
Sources revealed that “A confluence of events has taken place that no longer makes building and maintaining the Algofi platform to the highest standards a viable path for our company. Due to this, we will begin sunsetting the platform and put the platform in withdrawal-only mode shortly,” Cointelegraph highlighted.
Furthermore, it is believed that the current liquidity mining programs will be “halted and no future proposals will be enacted.” Supposedly, the Algofi protocol had $25 million in total(at the time of writing), which was less by about $135 million peak in February, Cointelegraph concluded.
(With insights from Cointelegraph)