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Sandeep Kumar Mishra
Feb 2, 2023
by Sandeep Kumar Mishra

Everlend Finance Shuts Down Its App Owing to Liquidity Issues

Everlend Finance App

Table of contents

  1. Everlend Finance App Facing A Liquidity Crunch
  2. Multiple Solana-Based DeFi Lenders Have Shut Down Lately
Solana-based DeFi lending protocol Everlend Finance has shut down its app platform, despite having sufficient runway to continue operating in the current business environment.

Everlend Finance App Facing A Liquidity Crunch

Everlend attributed the decision to shut down to the liquidity crunch facing DeFi lending participants. The team stated that continuing to operate in these conditions would be a gamble. The shutdown notice only concerns the Everland app front end. The Everlend team says it will open-source its codebase so others can continue to build solutions using its technology stack.

Multiple Solana-Based DeFi Lenders Have Shut Down Lately

Everlend becomes the latest Solana-based DeFi lender to shutter in recent times. Friktion, another Solana-based DeFi yield platform shut down its front-end app in January citing numerous challenges facing the crypto ecosystem as a whole.

Everlend controlled almost $400,000 in total value locked at the peak of its powers, according to DeFiLlama. This figure declined significantly in November amid the fallout of the FTX collapse when funds exited protocols in the Solana ecosystem.

Founded in 2021, Everlend previously raised funds from backers such as Serum, Everstake Capital, and GSR. The Ukrainian lending platform had plans to transition into a community-controlled DAO in Q1 2023.

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Everlend Finance Shuts Down Its App Owing to Liquidity Issues
Sandeep Kumar Mishra
Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.