CoinDesk - DeFi Protocol Holding 55% of Algorand Value to Shut Down
Algofi, the largest DeFi protocol on Algorand, is shutting down due to a confluence of events, including the decline of the crypto market and the SEC's labeling of algorand as a security.
Algofi's TVL has slumped by more than 10% since the announcement, but it still accounts for more than half of the value on the Algorand blockchain.
The shutdown of Algofi is a sign of the challenges facing DeFi projects on Algorand, which has seen its TVL decline sharply since the start of 2022.
Are you using Algofi too?
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