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Solana DeFi Lender Everlend Finance Shuts Down Its App Citing Liquidity Crunch

Solana-based DeFi lending protocol Everlend Finance has shut down its app platform, despite having sufficient runway to continue operating in the current business environment, the team said on Feb. 1.

The Everlend team has moved the platform to withdraw-only mode. Users have been urged to remove their assets. The app will continue to operate until all withdrawals have been processed, the announcement stated. The team also outlined plans to cover all raised and unused funds within the next two weeks.

Everlend attributed the decision to shut down to the liquidity crunch facing DeFi lending participants. The team stated that continuing to operate in these conditions would be a gamble.

(By Osato Avan-Nomayo)

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