Solana-based Friktion is urging users to withdraw funds as it halts client transactions.
Solana-based Friktion is urging users to withdraw funds as it halts client transactions.
Friktion said it has disabled its front end to prevent users from initiating new deposits.
Cover/illustration via Cryptooshala
DeFi platform powered by Solana Friction has urged its users to withdraw their funds from the protocol as it is about to suspend all frontend transactions.
The Friktion team said it has made the difficult decision to suspend operations due to the worsening financial crisis caused by the collapse of FTX and Solana’s repeated outages.
In particular, the operating costs of the platform said be too expensive compared to his profits and cash flow.
As a result of friction announced On January 27, he disabled his front end to prevent users from initiating new deposits.
However, the platform is in “withdrawal only mode” to allow users to withdraw their Volt deposits.
“In the meantime, we strongly encourage users to withdraw funds as the Friktion user platform begins the closing process,” the Friktion team stated.
Prior to the recent insolvency crisis, Friktion reached over $150 million in total value locked (TVL) on Solana and recorded around $3 billion in trading volume, DeFiLarma given shows.
Credit : cryptoslate.com
