{"id":546922,"date":"2023-02-02T19:30:00","date_gmt":"2023-02-02T16:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/solana-defi-protocol-everlend-shuts-down-over-liquidity-issues\/"},"modified":"2023-02-02T19:30:00","modified_gmt":"2023-02-02T16:30:00","slug":"solana-defi-protocol-everlend-shuts-down-over-liquidity-issues","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/solana-defi-protocol-everlend-shuts-down-over-liquidity-issues\/","title":{"rendered":"# Solana DeFi protocol Everlend shuts down over liquidity issues"},"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-6a2ef6b8c59e8\" 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-6a2ef6b8c59e8\" 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-protocol-everlend-shuts-down-over-liquidity-issues\/#%E2%80%9D_Solana_DeFi_protocol_Everlend_shuts_down_over_liquidity_issues_%E2%80%9C\" >&#8221; Solana DeFi protocol Everlend shuts down over liquidity issues &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Solana_DeFi_protocol_Everlend_shuts_down_over_liquidity_issues_%E2%80%9C\"><\/span>&#8221; Solana DeFi protocol Everlend shuts down over liquidity issues &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNDJlY2I2NWQtNjFiNi00YTE3LTg5YzItMjNiMWRkMzFlZWJjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Solana decentralized finance (DeFi) protocol Everlend Finance is closing down its operations and urging clients to withdraw funds from the platform.<\/p>\n<p>The company <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/EverlendFinance\/status\/1620787239520464897\">announced<\/a> the decision on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> on Feb. 1, stating that despite having &#8220;enough runway&#8221; to continue operating, it would be a gamble under current market conditions. In particular, Everland&#8217;s team noted:<\/p>\n<blockquote><p>&#8220;Unfortunately, rn liquidity is just not there and this is so not just about Solana and the B\/L market (on which Everlend is 100% dependent) keeps shrinking. In these conditions pressing forward is a gamble. And even though we had enough runway, we decided to stop now.&#8221;<\/p><\/blockquote>\n<p>Everlend also noted that deposits from underlying protocols are now in vaults, and the <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> will be in withdrawal-only mode until the funds are cleared. &#8220;[W]e suggest our users withdraw their funds asap.&#8221;<\/p>\n<p>The team announced that all raised and unused funds, along with third-party contractor payments, will be &#8220;covered&#8221; in the next two weeks, indicating that relevant parties will be made whole. The protocol will also open-source its codebase, allowing others to continue building solutions on it. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are deeply saddened to announce that as of today our team has decided to close down <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/UiTuuSdyrB\">https:\/\/t.co\/UiTuuSdyrB<\/a> and won\u2019t continue its development<\/p>\n<p>\u2014 Everlend (@EverlendFinance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/EverlendFinance\/status\/1620787239520464897?ref_src=twsrc%5Etfw\">February 1, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Founded in 2021, Everlend&#8217;s roadmap for the coming months included the launch of its governance platform and money market. Investors in the protocol included GSR, Serum and Everstake Capital. <\/p>\n<p>According to DeFi Llama, Everlend held almost $400,000 in total value locked (TVL) during its peak. However, the protocol suffered a significant decline in the wake of FTX&#8217;s collapse, which had a negative impact on market liquidity.\u00a0<\/p>\n<p>Everlend is the second Solana-based DeFi protocol to shut down within a few days due to crypto winter. On Jan. 27, Friktion platform announced it would be closing down its user interface, citing a &#8220;tough market for DeFi growth&#8221; for its decision. <\/p>\n<p>The move came nearly a year after Everlend announced it had raised $5.5 million in a funding round. In November, the company even launched undercollateralized lending targeting institutional investors\u2019 demand for DeFi, shortly before FTX contagious struck.<\/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-protocol-everlend-shuts-down-over-liquidity-issues\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Solana DeFi protocol Everlend shuts down over liquidity issues &#8220; Solana decentralized finance (DeFi) protocol Everlend Finance is closing down its operations and urging clients to withdraw funds from the platform. The company announced the decision on Twitter on Feb. 1, stating that despite having &#8220;enough runway&#8221; to continue operating, it would be a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":546923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/42ecb65d-61b6-4a17-89c2-23b1dd31eebc.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74868,135234,77595,92498],"class_list":["post-546922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-defi","tag-ftx","tag-lending","tag-solana"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/546922","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=546922"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/546922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/546923"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=546922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=546922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=546922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}