The U.S. SEC previously labeled ALGO as a security in April.
Algofi, the borrowing and lending protocol built on decentralized finance blockchain Algorand, will soon shut down.
According to a July 11 announcement, developers'"belief in the strength of Algorand's technology and novel consensus algorithm has not wavered," however, the Algofi platform will nevertheless wind down soon: "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."
Starting Sept. 1, collateral factors of ALGO, vALGO, STBL, USD Coin , goBTC, and goETH markets on both Algofi V1 and V2 will be reduced from around 80% to 0% by the beginning of December. In addition, the current Liquidity Mining programs will be"halted and no future proposals will be enacted." The Algofi protocol had $25 million in total value locked at the time of publication, down from its $135 million peak in February.with operating an unregistered exchange in the U.S.
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