Yield protocol discontinuation
The team behind Yield Protocol has done just that announced the discontinuation of their service follows a collective dialogue with relevant stakeholders. The March 2024 fixed interest rate series will not be launched as stated 17 hours ago on their official channel. Currently, the platform has limited loans and borrowings until the December 2023 range, with no more provisions left for liquidity providers dealing with the March-September (MS) strategies. The final series will end on December 29, 2023 and will mark the end of all lending and borrowing activities based on the Yield Protocol.
The protocol team is committed to ensuring full support until the culmination of the December series. After this period, support for recordings will be extended for a certain duration. Continuous updates will be shared on their official Twitter account @yield, alongside a promise of long-term engagement on their Discord channel for questions and support.
Despite promising prospects for the decentralized finance (DeFi) sector and the fixed rate markets within it, the team at Yield Protocol felt the need for this move due to the insubstantial demand for fixed rate loans on their platform. The existing regulatory framework in the United States, coupled with escalating regulatory requirements in Europe and Britain, further hinders their ability to enforce the Protocol.
The Yield Protocol team expressed gratitude for the community’s support over the years and was proud of the lasting contributions made to other fixed rate protocols and the broader Ethereum ecosystem.
Closure of Utopia Labs
Similarly, Utopia Labs has also done so announced the phasing out of the product with effect from November 6, 2023, as announced by CEO Kaito Cunningham on October 2, 2023. The provision for gasless transactions has been withdrawn with immediate effect.
While the team promises to answer support questions through Intercom to the best of their ability, they have stopped short of bug fixes by their engineering team. The product will remain available for use until the end of the month, after which all services will terminate on the above date. Provisions have been made for users to export their payment and accounting details.
This development does not mean a complete closure of Utopia Labs; rather, it indicates a shift away from the existing product and current directional focus. Despite the setback, CEO Kaito remains optimistic about the cryptocurrency space and anticipates sharing Utopia’s new direction in the coming months.
According to Crunchbase, Utopia Labs has raised $23 million in a Series A funding round, with investments from Circle Ventures and seven other investors. Utopia Labs has raised $23 million in a Series A funding round, with investments from Circle Ventures and seven other investors.
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