Algorand ecosystem DeFi protocol Algofi will gradually cease operations

ChainCatcher news, Algorand's largest DeFi protocol Algofi announced that it will gradually cease operations. The Algofi team stated that its protocol will be set to "withdrawal-only mode" and will close all social media accounts except for the Discord channel, "to ensure seamless and unified communication."

The winding down process is expected to take several months, during which the Algofi team will reduce the collateralization ratios in the digital asset lending market on its platform, allowing liquidity to migrate to other protocols. (Source link)