Solana DeFi crypto lender, Everlend Finance, has made it known that it will be shutting down due to the market’s liquidity crunch. Although the lender has enough runway to continue operation in the current business environment, it decided it was best to stop operation entirely.
Announcing this in a Twitter post, Everlend Finance stated it would not continue with its app development which was believed to be an excellent product. It also urged users to remove their assets, having moved the platform to withdraw-only mode.
Everlend Finance stated that the main reason for its decision was the current liquidity crunch. It was a tough decision following a month of exploring many options. The company also emphasized that this move was not about Solana.
The crypto lender reiterated its belief in the future of Solana DeFi. They promised to continue to support and contribute to its development.
All deposits in all the protocols have been moved to Everlend vaults. The app, which is now in withdrawal-only mode, will run until all funds have been completely withdrawn.
According to a statement by Everlend Finance,
“As market conditions change, Everlend uses automatic rebalancing and refinancing mechanisms to continually optimize the user’s opinion.“
Everlend Finance also stated that all raised and unused funds, together with the incurred payments to third-party contractors, will be sorted out within the next two weeks.
The shutdown notice only concerns the Everlend app front end. Everlend codebase will still be open-sourced for anyone to continue building on what has been already established.
Finally, the lender extended its gratitude to its users and stakeholders, who have continually shown massive support.
