The largest Defi protocol on Algorand's network announced the closure – Bits Media

The project of decentralized finance Algofi, on which it is concentrated 55% blocked in Algorand Assets, announced the termination of operations and transition to the withdrawal mode of user funds.

The company's official announcement says, what was the reason for the solution "Code of events", which does not allow "creating and supporting the Algofi platform according to the highest standards".

“Our faith due to Algorand technology and the innovative consensus algorithm is unshakable. Obviously, This is not the result, to which someone in a team or community hoped from the very beginning of the project. We thank the Algorand community for support and look forward to new projects ", - The developers wrote.

In the process of closing the platform, the team will reduce the asset coefficient for several months. This will make liquidity without shocks, The developers believe. Now the total volume of Algorand assets blocked in the network is $59,03 million. Algofi has still blocked in the project $32,22 million.

Algofi received the platform $2,8 Milly financing c 2021 year from investors, как jump Crypto, Y Combinator, Coinbase. However, c 2023 year Native cryptocurrency Algorand (SOMETHING) I got into the list of unregistered securities of the US Securities and Exchange Commission (SEC).