Solana yield protocol Paystream announces closure and liquidation
The Solana-based protocol focused on on-chain yield, Paystream, announced its closure and liquidation on August 15. Founder Maushish stated that the project underwent multiple transformations, from a P2P lending protocol born out of a hackathon, to an LP management terminal, and finally to a funding rate arbitrage tool (Funding Rate Farmer), which gained some real usage, with users opening a total of 185 positions and deploying $232,000 in margin.The project was financed through MetaDAO, and a proposal in May significantly reduced the remaining funds. The team shrank from 6 members to 1, and subsequent attempts to build automated treasury and payroll compliance products were unsuccessful. The team decided to cease operations and will open-source the funding rate arbitrage filter code, with details of the liquidation proposal to be announced later through MetaDAO.
