Major Defi Protocol Algofi Announces Cessation of Operations in Algorand Ecosystem

Algofi, the largest DeFi protocol in the Algorand (ALGO) ecosystem, recently announced that it would cease its operations. The DeFi protocol will be redesigned only in withdrawal mode and will close all its social media accounts except for Discord. The End of the Algofi Era in DeFi Algofi, the largest DeFi protocol built on the Algorand ecosystem, announced that it has decided to halt its operations in a surprising move. In the announcement made from Algofi’s official Twitter account, it was stated that the protocol would switch to withdrawal mode only and close all social media accounts except for Discord. In 2021, the DeFi protocol received a $2.8 million investment with the participation of major crypto companies such as the US-based giant crypto exchange Coinbase, Y Combinator, Jump Crypto. According to data provided by the DeFi data platform DefiLIama, the total value of locked assets (TVL) in the protocol fell […] The post Major Defi Protocol Algofi Announces Cessation of Operations in Algorand Ecosystem appeared first on COINTURK NEWS.