Hi Algofi Community–

When we launched the project we had a vision of improving existing decentralized finance infrastructure. We set out to use Algorand’s strong technology stack to build fast, scalable, and affordable products where the status quo was expensive and slow. We achieved this goal, building alongside you, the community, who provided invaluable feedback and for that we thank you 🤝. To this day, our belief in the strength of Algorand’s technology and novel consensus algorithm has not wavered.

That said, a confluence of events has taken place that no longer makes building and maintaining the Algofi platform to the highest standards a viable path for our company. Due to this, we will begin sunsetting the platform and put the platform in withdrawal-only mode shortly. Attached to this message is a timeline for various milestones in that process. Our primary objective going forward is ensuring these steps are carried out in a safe, clearly communicated and timely fashion. We encourage you to reach out in the Discord, where we will be active, if you have any questions related to the plan. We’ll sunset other social media platforms to ensure seamless, unified communication.

This is obviously not the outcome any of us on the team or in the community hoped for at the outset of this project. We can’t thank the Algorand community enough for their support throughout this journey and can’t wait to see what comes next for Algorand.

–Algofi Team

V1 Lending

• Collateral factors of the ALGO, vALGO, STBL, USDC, goBTC, and goETH markets will be reduced over several months to ensure liquidity migrates off
• The reduction will follow the below schedule unless otherwise communicated

V2 Lending

• Collateral factors of the ALGO, vALGO, STBL2, STBL2-USDC-LP, USDC, goBTC, and goETH markets will be reduced over several months to ensure liquidity migrates off
• The reduction will follow the below schedule unless otherwise communicated

Governance Protocol

• The current Liquidity Mining programs will be halted and no future proposals will be enacted
• Further announcements on handling of the voting escrow / locking mechanism are forthcoming

Additional milestones and updates will be communicated here and shared on Discord.

Source - Algofi