Algofi Platform Enters Withdrawal-Only Mode
Algofi, a project built on Algorand’s decentralized finance infrastructure, has announced the sunset of its platform and transition into withdrawal-only mode. The Algofi team expressed their gratitude to the community for their invaluable feedback and unwavering belief in Algorand’s technology and consensus algorithm.
2.) We set out to use Algorand’s strong technology stack to build fast, scalable, and affordable products.
We achieved this goal, building alongside you, the community, who provided invaluable feedback and for that we thank you. We also appreciate all of your support throughout
— Algofi (@algofiorg) July 10, 2023
Transition to Withdrawal-Only Mode
However, a series of events have led to the decision that building and maintaining the Algofi platform to the highest standards is no longer viable for the company. As a result, the team will initiate the sunsetting process and transition the platform to withdrawal-only mode in the near future. The team has provided a timeline for various milestones in this process, aiming to ensure a safe, clearly communicated, and timely transition. They encourage the community to reach out on Discord for any questions related to the plan, as other social media platforms will be sunsetted to maintain unified communication.
The Algofi team acknowledges that this outcome is not what they had hoped for when they embarked on the project. They extend their heartfelt thanks to the Algorand community for their unwavering support throughout the journey and express their anticipation for the future of Algorand.
V1 Lending’s Liquidity Migration Plan
V1 Lending, which includes collateral factors of ALGO, vALGO, STBL, USDC, goBTC, and goETH markets, will experience a gradual reduction over several months to facilitate the migration of liquidity. The reduction will follow a predetermined schedule unless communicated otherwise.
Similarly, V2 Lending collateral factors, encompassing ALGO, vALGO, STBL2, STBL2-USDC-LP, USDC, goBTC, and goETH markets, will undergo a phased reduction to ensure liquidity migration. The team will provide updates on the reduction schedule unless there are alternative communications. In terms of the Governance Protocol, ongoing Liquidity Mining programs will be halted, and no future proposals will be implemented. Further announcements regarding the handling of the voting escrow and locking mechanism are forthcoming.
