Decentralized finance cross-chain cash market aggregator Fuji Finance mentioned the protocol was unable to seek out the marketplace for its product, whereas additionally experiencing restricted finance.
In a latest Medium weblog publish, the corporate mentioned that it failed to seek out “product-market match,” a scenario which was made harder amid the present crypto bear market.
Fuji Finance’s makes an attempt to boost further funds for additional growth proved futile, and its workforce has been making an attempt to draw extra buyers since final February, in accordance with the weblog publish, however the effort appeared unsuccessful, inflicting the agency to determine to drag the plug amid its depleting treasury.
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“Since February of this yr, the Fuji workforce has been fundraising to proceed growth on the protocol and construct out the way forward for cross-chain DeFi operations. We had been unable to seek out product market match. With our treasury dwindling, we determined that we wanted to start to shut down the corporate and finish operations ad infinitum for the fundraise.”
Fuji Finance in a Medium weblog publish
Fuji initially launched the primary aggregator service on Ethereum, which was additionally out there 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, permitting customers to borrow, deposit, repay, and withdraw their positions throughout 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 potential, stating that the withdrawal window by way of the protocol’s consumer interface (UI) will likely be open till Dec. 31. Customers who don’t make the most of this channel by the mentioned date should work together with the platform’s sensible contract protocol.
Aside from Fuji Finance, different DeFi lending protocols akin to Algofi, Everlend, and SpiritSwap have shuttered their companies in latest instances.
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