Yield Protocol To Shut Down Operations Soon
Yield Protocol, which had previously secured $22 million in total value locked (TVL) and enjoyed support by prominent venture capital firms is reportedly closing its operations. The decision is a result of the ongoing bear market, which has forced several projects to end their once successful initiatives.
The platform had provided fixed-rate lending and borrowing services on stablecoins based on predefined durations. The closure of Yield Protocol was announced by its X account, which explained that the protocol would gradually conclude its activities. It also mentioned that borrowing and lending services would come to a halt by December 2023.
Lead Engineer Alberto Cuesta Cañada expressed gratitude for the support received over the years. The Yield Protocol website lists backers such as Paradigm, Framework Ventures, CMS, and Robot Ventures. While the protocol had amassed over $22 million in TVL at its peak in April 2022, its current TVL is now slightly above $2 million.
A spokesperson for the protocol cited a lack of demand and uncertainty surrounding regulatory matters as significant factors influencing the decision to cease operations.
Yield Protocol is not the only DeFi project to undergo shutdown in recent weeks. In September, GRO, a protocol based on Avalanche, conducted a DAO vote to terminate its operations. Additionally, in July, AlgoFi, a lending platform based on Algorand, similarly declared its closure through a blog post.
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