Friktion Labs, a crypto startup that builds high-yielding structured products for decentralized finance (DeFi) traders on the Solana blockchain, said late Thursday that it was shutting down its user platform, citing the challenging “economics” of the current market climate.

Behind the scenes, according to people familiar with the matter, there were also disagreements – friction, ahem – among the project’s founders.

The team announced the shutdown in a blog post: “Costs have outpaced revenue,” Friktion said.

At their height last April and May, Friktion’s so-called “volts” – deposit vaults for customer assets –held $150 million.

According to the blog post, the volts are 96% off their highs, and have now been put into withdrawal-only mode.