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 finance.
In a latest Medium weblog publish, the corporate stated that it failed to search out “product-market match,” a scenario which was made harder amid the present crypto bear market.
Fuji Finance’s makes an attempt to lift further funds for additional growth proved futile, and its staff has been attempting to draw extra traders since final February, in accordance with the weblog publish, however the effort appeared unsuccessful, inflicting the agency to resolve to tug the plug amid its depleting treasury.
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“Since February of this 12 months, the Fuji staff 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 search 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 accessible on different chains together with Fantom, Polygon, and Arbitrum. The protocol later publicly unveiled its V2 known 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 attainable, stating that the withdrawal window through the protocol’s consumer interface (UI) might be open till Dec. 31. Customers who don’t make the most of this channel by the stated date must work together with the platform’s good contract protocol.
Aside from Fuji Finance, different DeFi lending protocols similar to Algofi, Everlend, and SpiritSwap have shuttered their companies in latest instances.
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