Solana-based Friktion urges users to withdraw funds as it halts front-end operations

Solana-based DeFi platform Friktion has urged its users to withdraw their funds from the protocol, as it moves to suspend all frontend operations.

The Friktion team said it made the tough decision to suspend its operations due to the worsening financial crisis resulting from the FTX collapse and Solana’s repeated outages.

You might also like

$200 Million Euler Hacker Returns Stolen Crypto, With Apology

March 28, 2023

Arbitrum network activity booms ahead of airdrop

March 23, 2023

Specifically, the platform’s operating cost is said to be too expensive when compared to its profit and cash flow.

As a result, Friktion announced on Jan. 27 that it has disabled its frontend interface 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 process of sunsetting,” the Friktion team said.

Before the recent insolvency crisis, Friktion reached over $150 million in total-value-locked (TVL) on Solana and recorded about $3 billion in trading volume, DeFiLarma data shows.

The post Solana-based Friktion urges users to withdraw funds as it halts front-end operations appeared first on CryptoSlate.

Credit: Source link