Yield Protocol winds up operations, cites deteriorated demand & regulatory woes

Yield Protocol winds up operations, cites deteriorated demand & regulatory woes
фото показано с : invezz.com

2023-10-5 13:54

Fixed-rate lending platform Yield Protocol has confirmed the decision to end its operations by December 2023, citing faded demand and stiffer regulations. That comes as the decentralized finance (DeFi) sector faces challenges following an extended winter.

Yield Protocol ceases operations

Fixed-rate lending protocol Yield Protocol has announced that it will cease operations, primarily due to a lack of demand for fixed-rate borrowing and increasing regulatory requirements in the United States, Europe and the UK. All lending activity on Yield Protocol will end on…

— Wu Blockchain (@WuBlockchain) October 4, 2023

DeFi platform Yield Protocol has declared that it will suspend its offerings. According to its official announcement, the network will not launch fixed-rate series in March next year. It has limited borrowing & lending to the end-year series.

The firm stated that deteriorated fixed-rate borrowing demand and intensified regulations in the United States, the United Kingdom, and Europe make it puzzling to sustain the Yield Protocol.

Full support until December 2023

Yield Protocol users will enjoy support until the December 2023 series before the platform addresses withdrawals (for a restricted timeframe). The firm will provide support via its @yield account, Discord, and X (formerly Twitter).

“We will continue to provide updates on X (Twitter) at our @yield account. We will also continue to be available to answer questions and provide support on our Discord.”

Regulatory scrutiny weakens DeFi demand

Yield Protocol’s decision to end its operations comes as the DeFi market faces increased scrutiny from lawmakers. Besides battling with Coinbase and Binance, the United States SEC has actively cracked down on cryptocurrency-lending businesses.

The commission accused Gemini and Genesis Global of violating securities regulations early this year.

BREAKING: SEC sues Gemini Trust and Genesis Global over unregistered security sales.

— Whale (@WhaleChart) January 12, 2023

Moreover, the agency promised a rocky patch for crypto businesses side-stepping regulation. SEC’s head, David Hirsch, added that using the term decentralization doesn’t make DeFi projects immune to regulatory scrutiny.

The amplified regulatory scrutiny has pressured the DeFi industry while weakening demand.

Source – DeFiLlama

DeFiLlama shows a substantial dip in TVL among decentralized finance protocols. The current $38B in total value locked is a massive dip from November 2021’s $178B.

The post Yield Protocol winds up operations, cites deteriorated demand & regulatory woes appeared first on Invezz.

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yield demand operations protocol comes stiffer faded

Источник: invezz.com

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