DeFi lending initiative Yield Protocol announced on Wednesday its plans to cease operations by year's end, citing diminished interest and regulatory hurdles.
The final series of the project, scheduled for December 2023, will conclude on Dec. 29, marking the termination of all lending and borrowing activities.
Yield Protocol stated, "We felt this decision was necessary because there is currently not sustainable demand for fixed-rate borrowing on Yield Protocol."
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The company further highlighted the regulatory pressures from the U.S., Europe and the U.K. as additional challenges.
Notably, while the protocol boasted a peak total value locked of over $22 million in April 2022, this number has since shrunk to approximately $2 million.
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