DeFi lending protocol Yield Protocol announced that it has decided to close by the end of the year due to lack of business demand and global regulatory pressures. Yield Protocol will cease to exist at the end of the December 2023 series, which will expire on December 29, 2023. Confirming the cancellation of the March 2024 fixed-rate series, the protocol said: "We consider it necessary to take this decision as there is currently no sustainable demand for fixed-rate borrowing on Yield Protocol."
Negative crypto regulations in the US, Europe, and the UK were also some of the challenges that led to the closure of Yield Protocol. Starting today, “liquidity providers for March-September strategies will no longer accumulate fees.”
We have made the decision to shut down Yield Protocol. The March 2024 fixed rate series will not be launched. Only December 2023 series is active for borrowing and credit. All borrowing and credit will end by December 31. https://t.co/oHnCGgeP13
— Yield Protocol (@yield) October 3, 2023
Finally, "all borrowing and credit will end on December 31st," an official tweet confirmed.
2023 has seen several protocol-level closures, including TVL lending platform Geist Finance at $29 million and Discord crypto trading bot None Trading at $16.5 million.
In both cases, the main reason for the closure was attributed to external attacks. Geist Finance has been permanently closed due to losses caused by the Multichain vulnerability. None Trading stated that it lost a "significant amount of funds" and "team tokens" critical to its operations.
Negative crypto regulations in the US, Europe, and the UK were also some of the challenges that led to the closure of Yield Protocol. Starting today, “liquidity providers for March-September strategies will no longer accumulate fees.”
We have made the decision to shut down Yield Protocol. The March 2024 fixed rate series will not be launched. Only December 2023 series is active for borrowing and credit. All borrowing and credit will end by December 31. https://t.co/oHnCGgeP13
— Yield Protocol (@yield) October 3, 2023
Finally, "all borrowing and credit will end on December 31st," an official tweet confirmed.
2023 has seen several protocol-level closures, including TVL lending platform Geist Finance at $29 million and Discord crypto trading bot None Trading at $16.5 million.
In both cases, the main reason for the closure was attributed to external attacks. Geist Finance has been permanently closed due to losses caused by the Multichain vulnerability. None Trading stated that it lost a "significant amount of funds" and "team tokens" critical to its operations.