Algorand's Largest Defi Protocol to Shut Down
Algofi, the largest Defi protocol on the Algorand (ALGO) blockchain, has announced its termination. According to an official blog, the platform will soon enter into withdrawal-only mode. The blog stated that a “confluence of events” led to the platform not being able to maintain its high standards. Algofi was a Defi protocol that offered crypto lending, borrowing, and trading. It debuted on the Algorand (ALGO) blockchain during the peak of the previous bull run in 2021. However, the platform witnessed a sharp decline in activity in 2023. Also Read: Web3 Gaming Continues to Dominate Defi Despite 8% Plunge According to DefiLlama, Algorand ’s TVL (total value locked) fell from $200 million in February, to around $59 million at press time. On the other hand, Algofi’s TVL fell from around $130 million in February, to around $32 million. Source: DefiLlama Source: DefiLlama ALGO token has faced a series of bad events in 2023. The token was lab...