Avalanche ecological lending protocol Yeti Finance: decides to shut down the protocol, YETI holders can redeem about 90% of the funds in the treasury

2023-12-28 11:36:26

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ChainCatcher news, according to official sources, the Avalanche ecosystem lending protocol Yeti Finance has announced that, for the safety of user funds, the team has decided to shut down the protocol after discussions. Reasons include a significant decline in TVL and revenue, the majority of YUSD being held by a small number of users, and risks of hacking attacks.

Currently, YETI holders can redeem about 90% of the funds in the current treasury, with the remaining funds to be used for necessary gradual cost reductions. The liquidity held by the protocol in the Trader Joe LP pool has been withdrawn, and the AVAX portion of this currency pair has been contributed to the community redemption pool. Tokens held or allocated to current team members will not be redeemed to ensure that all assets flow into the community.

In addition, the interest rates on outstanding loans in the protocol will be raised within 3 months to encourage owners to close positions and withdraw funds.

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