Decentralized finance cross-chain cash market aggregator Fuji Finance stated the protocol was unable to search out the marketplace for its product, whereas additionally experiencing restricted funding.
In a current Medium weblog submit, the corporate stated it had didn’t discover a “product-market match,” a scenario made tougher amid the present crypto bear market.
Fuji Finance’s makes an attempt to boost extra funds for additional growth proved futile, and the staff has been making an attempt to draw extra traders since February final 12 months, the weblog submit stated, however the try appeared unsuccessful, prompting the corporate to drag the plug amid his monetary issues. depleting treasury.
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“Since February this 12 months, the Fuji staff has been fundraising to proceed the event of the protocol and construct the way forward for cross-chain DeFi operations. We could not discover product market match. With our money reserves dwindling, we determined we needed to begin closing the enterprise and ceasing operations ad infinitum to fundraising.”
Fuji Finance in a medium weblog submit
Fuji initially launched the primary aggregator service on Ethereum, which was additionally accessible on different chains together with Fantom, Polygon and Arbitrum. The protocol later publicly unveiled its V2 referred to as Himalaya, a cross-chain cash market aggregator that permits customers to borrow, deposit, redeem and withdraw their positions on any chain. Himalaya was deployed on Arbitrum, Ethereum, Optimism and Gnosis Chain.
In the meantime, Fuji suggested customers to shut their positions and withdraw their funds as quickly as doable, stating that the withdrawal window through the protocol’s person interface (UI) will probably be open till December 31. Customers who don’t use this channel on the stated date should work together with the platform’s sensible contract protocol.
Aside from Fuji Finance, different DeFi lending protocols similar to Algofi, Everlend and SpiritSwap have closed their companies in current occasions.
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