Algorand decentralized lending protocol Algofi to shut down by end of year
Developers say building the borrowing and lending protocol is "no longer a viable path" for Algorand. Algofi, the borrowing and lending protocol built on decentralized finance blockchain Algorand, will soon shut down. According to a July 11 announcement, developers' "belief in the strength of Algorand's technology and novel consensus algorithm has not wavered," however, the Algofi platform will nevertheless wind down soon: "A confluence of events has taken place that no longer makes building and maintaining the Algofi platform to the highest standards a viable path for our company. Due to this, we will begin sunsetting the platform and put the platform in withdrawal-only mode shortly." Starting Sept. 1, collateral factors of ALGO, vALGO, STBL, USD Coin (USDC), goBTC, and goETH markets on both Algofi V1 and V2 will be reduced from around 80% to 0% by the beginning of December. In addition, the current Liquidity Mining programs will be "hal...