Another Solana DeFi Lender Sends Users Packing with Their Funds

• EverlendFinance has asked users to take their funds elsewhere as it shuts down.
• The protocol controlled $400,000 at the peak of its operation.
• Last month, two Solana NFTs announced their departure to other rival chains.

In a seven-part tweet yesterday, Everlend Finance, a Solana-based DeFi lending protocol, announced that it was shutting down its app platform, asking users to take their funds elsewhere.

Everlend Finance said it resolved to shut down after trying to explore other positive options in the past months to no avail, given the absence of liquidity. The project noted its closure has nothing to do with the Solana blockchain itself and that it has enough resources to remain afloat. However, it has decided to halt, as pressing forwards with its current condition would be equivalent to gambling.

Everlend Finance also expressed its confidence in the Solana DeFi market, noting that it will continue to contribute and innovate to its development wherever possible.

Notably, the lending protocol has switched the site to withdrawal-only mode. The team promised to cover all the raised and unused funds and the incurred payments to third part contractions in the next two weeks.

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

In late December 2022, Y00topia and DeGods, two of the leading projects in the Solana (SOL) blockchain, announced their departures from the SOL network to other rival chains.

Y00topia, a project comprising 15,000 NFT collections, said it would bridge to the Polygon blockchain in the first quarter of 2023. On the other hand, DeGods, featuring a digital art collection of 10,000 colorful virtual gods, would be moving to the Ethereum ecosystem.