Algorand’s Largest DeFi Protocol Shutting Down Operations

Algofi will remain active only on Discord and will shut down all the other social media channels.

In a statement, Algofi cited a “confluence of events” as the reason behind its decision that has rendered it no longer viable to continue building and maintaining the platform to the “highest standards.” As a result, the platform will soon transition to withdrawal-only mode.

The DeFi platform revealed that closing down all the social media platforms associated with the platform except Discord in a bid to ensure “seamless, unified communication.”

The process of winding down the protocol is estimated to take several months.