The Solana-based lending protocol Everlend has shut down its application due to liquidity tightening

ChainCatcher news, according to The Block, Solana ecosystem DeFi lending protocol Everlend Finance has announced the closure of its application, transitioning the platform to a withdrawal-only mode and urging users to withdraw their assets as soon as possible. In the official announcement, Everlend attributed the closure to the liquidity crunch faced by DeFi lending and believes that continuing operations under these conditions would be a gamble.

The Everlend team stated that they will announce plans for all raised and unused funds within the next two weeks and will open source their codebase so that others can continue to build solutions using their tech stack. (Source link)