{"id":471182,"date":"2022-07-06T19:15:00","date_gmt":"2022-07-06T16:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/defi-protocol-porter-finance-shuts-down-bond-issuance-platform-after-just-one-month\/"},"modified":"2022-07-06T19:15:00","modified_gmt":"2022-07-06T16:15:00","slug":"defi-protocol-porter-finance-shuts-down-bond-issuance-platform-after-just-one-month","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/defi-protocol-porter-finance-shuts-down-bond-issuance-platform-after-just-one-month\/","title":{"rendered":"# DeFi protocol Porter Finance shuts down bond issuance platform after just one month"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a362b36b3658\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a362b36b3658\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/defi-protocol-porter-finance-shuts-down-bond-issuance-platform-after-just-one-month\/#%E2%80%9D_DeFi_protocol_Porter_Finance_shuts_down_bond_issuance_platform_after_just_one_month_%E2%80%9C\" >&#8221; DeFi protocol Porter Finance shuts down bond issuance platform after just one month &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_DeFi_protocol_Porter_Finance_shuts_down_bond_issuance_platform_after_just_one_month_%E2%80%9C\"><\/span>&#8221; DeFi protocol Porter Finance shuts down bond issuance platform after just one month &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvM2NlZTQ0NzQtOGY5ZS00ZTFiLWJhM2YtMDM0N2Q2NTNkYmY1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Porter Finance, a decentralized finance, or DeFi, protocol based on the Ethereum (ETH) blockchain, announced Tuesday that it was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.porter.finance\/porter-finance-is-shutting-down-bond-issuance-platform-bc8cb053f35d\">shutting<\/a> down its bond issuance platform. In explaining the discussion, Porter Finance said:<\/p>\n<blockquote><p>&#8220;Looking forward, we are not confident there will be large inflows of lending demand for fixed income DeFi products like the ones offered through Porter Finance. This is primarily due to the competitiveness of rates offered in traditional finance and the lack of institutional fixed income DeFi adoption over the past year. We are also no longer willing to take on the legal risk associated with bond offerings.&#8221;<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Porter Finance is shutting down its bond issuance platform.<\/p>\n<p>Please see the medium article below:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/4dPNEvqXrr\">https:\/\/t.co\/4dPNEvqXrr<\/a><\/p>\n<p>\u2014 Porter Finance (@porterfinance_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/porterfinance_\/status\/1544090212137111552?ref_src=twsrc%5Etfw\">July 4, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nJust last month, Porter Finance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.porter.finance\/ribbon-mainnet-bond-issuance-ea1119185b99\">unveiled<\/a> the first-of-a-kind service in partnership with Ribbon DAO to issue 3,103,224 convertible bonds redeemable for 1 USDC with a maturity date of Dec. 4, 2022. At the time, each bond was issued at a discounted price of 0.9667 USDC per bond with a yield to maturity of 7% after accounting for interest.\u00a0<\/p>\n<p>In addition, each bond is secured by 16.112 Ribbon Finance tokens ($4.78 at the time of June announcement) and convertible for 1.111 RBN. It <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears significant over-collateralization was required for the issuance of the bond. The instrument also had a significantly higher borrowing cost than money-market securities of the same maturity.<\/p>\n<p>In light of the recent implosion of notable DeFi lenders such as Celsius, investors have taken a risk-averse approach to borrowing and lending on decentralized protocols. The total value locked in such projects tracked by DeFi Llama has plunged nearly 70% since the beginning of the year. The Portal Finance offering, characterized by its underlying smart contract, will remain active until all Ribbon DAO lenders redeem or convert their bonds.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/defi-protocol-porter-finance-shuts-down-bond-issuance-platform-after-just-one-month\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; DeFi protocol Porter Finance shuts down bond issuance platform after just one month &#8220; Porter Finance, a decentralized finance, or DeFi, protocol based on the Ethereum (ETH) blockchain, announced Tuesday that it was shutting down its bond issuance platform. In explaining the discussion, Porter Finance said: &#8220;Looking forward, we are not confident there will&#8230;<\/p>\n","protected":false},"author":1,"featured_media":471183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvM2NlZTQ0NzQtOGY5ZS00ZTFiLWJhM2YtMDM0N2Q2NTNkYmY1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74863,74868,76556,117],"class_list":["post-471182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-cryptocurrencies","tag-defi","tag-fintech","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=471182"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/471183"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=471182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=471182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=471182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}