Solana-based DeFi protocol Everlend has announced the shutting down of its activity and advised its users to pull out their funds from its platform.
On the 1st of February 2023, Everlend Finance took to Twitter to announce its decision to shut down. The company stated that, although it reportedly has enough runway to keep its business afloat, the current market conditions don’t allow it to continue operating, calling this a ‘gamble’.
The team behind Everland declared that, at the moment, the company doesn’t have enough liquidity and this issue goes beyond the B/L market shrinking and Solana. They declared that Everlend is completely dependent on the two. The team blames the current conditions for its inability to keep Everlend operating.
The company also stated that its reserves tied to underlying protocols are currently in vaults and, until the funds are withdrawn by all its users, the app has been switched to allow only withdrawals. Everlend users have been urged to clear the funds as soon as possible.
All remaining funds and contractor debts will be repaid during the following couple of weeks, in an effort to reassure relevant parties. The protocol’s codebase will be made open source to enable other developers to keep working on solutions based on Everlend code.