Golden Finance reported that according to a statement on July 10, Algofi, the largest decentralized financial protocol in Algorand (ALGO), announced that it would cease operations. The Algofi team stated that the protocol will be set to withdrawal-only mode and will close except Discord. All social media accounts outside of channels to ensure seamless, unified communication. The closing process is expected to take several months, during which the team will reduce the collateral factor of digital asset markets on its platform, allowing liquidity to be migrated to other protocols.