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Yield Protocol, a DeFi Venture, to Conclude Operations by Year's End

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Oct 6, 2023 at 07:46 am

By April 2022, the DeFi lending venture had amassed a total locked value of over $22 million, yet this number has dwindled considerably, resting at approximately $2 million at present.

Yield Protocol, a decentralized finance (DeFi) lending initiative, has opted to conclude its operations by the close of this year, citing diminishing demand and an increasingly challenging regulatory landscape as determining factors.

As per an announcement made on Wednesday, the final series of the project, slated for December 2023, is scheduled to mature on December 29. This event marks the cessation of all borrowing and lending activities facilitated by the protocol.

Yield articulated their rationale, stating:

 "We deemed this decision imperative due to the existing insufficient demand for fixed-rate borrowing on Yield Protocol. Moreover, the present regulatory climate in the U.S., coupled with escalating regulatory prerequisites in Europe and the U.K., presents formidable obstacles for us to continue extending support to the Yield Protocol."

At its zenith in April 2022, the Yield Protocol had commanded a total value locked surpassing $22 million. However, this figure has since undergone a substantial reduction, now hovering around the $2 million mark.

Read more: Crypto Insights: Global Perspectives

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