With FTX's ripple effect on DeFi liquidity, Everlend is closing its doors and requesting clients withdraw funds.
Solana decentralized finance protocol Everlend Finance is closing down its operations and urging clients to withdraw funds from the platform.the decision on Twitter on Feb. 1, stating that despite having"enough runway" to continue operating, it would be a gamble under current market conditions. In particular, Everland's team noted:
Everlend also noted that deposits from underlying protocols are now in vaults, and the app will be in withdrawal-only mode until the funds are cleared."[W]e suggest our users withdraw their funds asap." According to DeFi Llama, Everlend held almost $400,000 in total value locked during its peak. However, the protocol suffered a significant decline in the wake of FTX's collapse, which had a negative impact on market liquidity.
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