{"id":54319,"date":"2023-07-11T17:49:54","date_gmt":"2023-07-11T21:49:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=54319"},"modified":"2023-07-11T17:53:33","modified_gmt":"2023-07-11T21:53:33","slug":"algorands-largest-defi-protocol-algofi-to-shut-operations","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/algorands-largest-defi-protocol-algofi-to-shut-operations\/","title":{"rendered":"Algorand\u2019s Largest DeFi Protocol Algofi to Shut Operations"},"content":{"rendered":"\n

The borrowing and lending protocol Algofi, which was developed on the Algorand decentralized finance blockchain<\/a>, will shortly be shut down.<\/p>\n\n\n\n

\"Algorand\u2019s
Algorand\u2019s Largest DeFi Protocol Algofi to Shut Operations<\/figcaption><\/figure>\n\n\n\n

The Algofi platform will soon be shut down, despite the fact that developers' “belief in the strength of Algorand's technology\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and novel consensus algorithm has not wavered,” according to a July 11 announcement:<\/p>\n\n\n\n

\n

“A confluence of events has taken place that no longer makes building and maintaining the Algofi platform to the highest standards viable for our company. Due to this, we will begin sunsetting the platform and put the platform in withdrawal-only mode shortly.”<\/p>\n<\/blockquote>\n\n\n\n

Beginning on September 1, the collateral factors for the ALGO, vALGO, STBL, USD Coin ($USDC $1.00), goBTC, and goETH markets on Algofi V1 and V2 will be decreased from roughly 80% to 0% by the start of December. <\/p>\n\n\n\n

Liquidity Mining programs will also be “halted, and no future proposals will be enacted.” At the time of publication, the Algofi protocol had $25 million in total value locked, down from its peak of $135 million in February.<\/p>\n\n\n\n

The U.S. Securities and Exchange Commission<\/a> accused Bittrex, a cryptocurrency exchange, of running an unregistered exchange in the country in April. Algorand was one of six tokens that the SEC considered to be securities. <\/p>\n\n\n\n

The SEC said the token's security-like attributes were partially related to Algorand's 2019 ICO. Trading in ALGO, MANA, MATIC, and DASH was suspended for U.S. users on June 13 by cryptocurrency exchange eToro due to a “rapidly evolving regulatory landscape.” The SEC presently considers 68 cryptocurrencies to be securities.<\/p>\n","protected":false},"excerpt":{"rendered":"

The borrowing and lending protocol Algofi, which was developed on the Algorand decentralized finance blockchain, will shortly be shut down. The Algofi platform will soon be shut down, despite the fact that developers’ “belief in the strength of Algorand’s technology and novel consensus algorithm has not wavered,” according to a July 11 announcement: “A confluence […]<\/p>\n","protected":false},"author":43,"featured_media":54321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[15228,488,11230],"class_list":["post-54319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-algofi","tag-algorand","tag-defi-protocol"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/croc_1689106591334.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=54319"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/54321"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=54319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=54319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=54319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}