2023-07-12
Algofi is Algorand’s largest
decentralized finance platform. It provides decentralized exchange and cryptocurrency
lending called AlgoFi Swap and AlgoFi Lend.
Algofi on Twitter: We have some unfortunate news to share regarding the Algofi protocol.
On July 11, Algofi made an announcement
to shutdown the platform. Users can
withdraw their assets from AlgoFi. AlgoFi had a TVL of about $53 million before
the announcement.
On July 12, users have been withdrawn
their assets from AlgoFi that made TVL reduce to $12.96 million. Now overall
TVL in the Algorand chain has been reduced to $42.08 million.
