MilkyWay Protocol announces the gradual cessation of operations and permanent closure

MilkyWay Protocol has announced that it is gradually ceasing operations and will permanently shut down. MilkyWay stated that the demand and adoption of decentralized finance did not meet expectations, and WayCard was launched too late to alleviate the financial pressure in a timely manner.

MilkyWay's revenue primarily comes from liquidity staking fees, of which the protocol retains 10%. As part of the shutdown process, the earned protocol fees will be returned to MILK token holders by proportionally distributing USDC to eligible snapshot holders.