{"id":544597,"date":"2023-01-27T21:30:00","date_gmt":"2023-01-27T18:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/solana-defi-project-friktion-shuts-down-its-user-platform\/"},"modified":"2023-01-27T21:30:00","modified_gmt":"2023-01-27T18:30:00","slug":"solana-defi-project-friktion-shuts-down-its-user-platform","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/solana-defi-project-friktion-shuts-down-its-user-platform\/","title":{"rendered":"# Solana DeFi project Friktion shuts down its user platform"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a25839b5386f\" 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-6a25839b5386f\" 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\/solana-defi-project-friktion-shuts-down-its-user-platform\/#%E2%80%9D_Solana_DeFi_project_Friktion_shuts_down_its_user_platform_%E2%80%9C\" >&#8221; Solana DeFi project Friktion shuts down its user platform &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Solana_DeFi_project_Friktion_shuts_down_its_user_platform_%E2%80%9C\"><\/span>&#8221; Solana DeFi project Friktion shuts down its user platform &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvMTczY2I5NjItOGI2NS00ZmY4LWJjZDMtNjUzOWQ4MDgwNWNkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Solana decentralized finance (DeFi) platform Friktion is shutting down its user interface and urging customers to withdraw their assets from the protocol, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/friktionlabs.medium.com\/friktion-sunset-part-1-8c60691cb657\">according<\/a> to a statement on Jan. 26.\u00a0<\/p>\n<p>The project\u2019s website will no longer deliver the same services, operating in a withdrawal-only mode for all Volts and making deposits unavailable. Friktion\u2019s Volts are structured products for DeFi investments that allow investors to earn a share of the revenue of investment pools, according to the company\u2019s page.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Friktion has made the difficult decision to sunset its user platform, a process beginning with moving all Volts into Withdrawal-Only mode on Friktion\u2019s User Interface <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/zrRbHgr6FV\">https:\/\/t.co\/zrRbHgr6FV<\/a> starting 25 Jan 2023.<\/p>\n<p>(1\/)<\/p>\n<p>\u2014 Friktion\u26a1 (@friktion_labs) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/friktion_labs\/status\/1618836250068393990?ref_src=twsrc%5Etfw\">January 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The underlying protocol, however, will remain accessible on-chain. As cited by the company, the \u201ctough market for DeFi growth in recent months\u201d was the driving force behind the stakeholders\u2019 decision:<\/p>\n<blockquote><p>\u201cThis decision was not made lightly, as Friktion has successfully navigated a number of challenges in the past, including Luna, FTX, and network outages. The company remains a strong believer in the future of Solana DeFi and will continue to support the ecosystem where it can.\u201d\u00a0<\/p><\/blockquote>\n<p>Friktion\u2019s <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>lication reached nearly 20,000 user wallets, passing $3 billion in traded volume and achieving over $160 million in total value locked (TVL) in the first half of 2022 before being impacted by the crypto winter. In November 2022, the company even launched undercollateralized lending targeting institutional investors\u2019 demand for DeFi.\u00a0<\/p>\n<p>The decision to shut down its user interface comes nearly a year after the company announced it had raised $5.5 million in a funding round in January 2022. Investors in the round included Jump Crypto, DeFiance Capital, Delphi Ventures, Solana Ventures and Tribe Capital among others. <\/p>\n<p>Among the names on the platform\u2019s board was Alameda Research, FTX\u2019s sister company that played a crucial role in the exchange\u2019s collapse in November 2022. Other board members included Genesis Trading, LedgerPrime, CMS Holdings and Orthogonal Trading. <\/p>\n<p>Friktion did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely respond to Cointelegraph\u2019s requests for comments.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/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\/solana-defi-project-friktion-shuts-down-its-user-platform\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Solana DeFi project Friktion shuts down its user platform &#8220; Solana decentralized finance (DeFi) platform Friktion is shutting down its user interface and urging customers to withdraw their assets from the protocol, according to a statement on Jan. 26.\u00a0 The project\u2019s website will no longer deliver the same services, operating in a withdrawal-only mode&#8230;<\/p>\n","protected":false},"author":1,"featured_media":544598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/173cb962-8b65-4ff8-bcd3-6539d80805cd.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74868,77595,92498,117],"class_list":["post-544597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-defi","tag-lending","tag-solana","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/544597","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=544597"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/544597\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/544598"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=544597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=544597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=544597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}