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Friktion Closes User Interface, Urges Users to Withdraw Funds Amid Difficult DeFi Market

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• Friktion, a Solana decentralized finance (DeFi) platform, is closing down its user interface and encouraging users to withdraw their money from the protocol.
• The underlying protocol will still be available on-chain.
• The decision to close the user interface is due to the difficult market conditions for DeFi development in recent months.

Friktion, a Solana decentralized finance (DeFi) platform, has announced the closure of its user interface. This comes as a result of the difficult market for DeFi development in recent months. The statement released on January 26th urged users to remove their money from the protocol.

Friktion’s user platform had reached 20,000 user wallets, $3 billion in traded volume and over $160 million in total value locked (TVL). In November 2022, the platform had introduced undercollateralized lending in order to cater to institutional investor demand for DeFi.

The website is now in “withdrawal-only mode”, meaning deposits are no longer possible. Friktion’s Volts are structured products for DeFi investments, providing investors with a share of the profits made by investment pools.

Despite the closure of the user interface, the underlying protocol for Friktion will continue to be available on-chain. This is due to the difficult market conditions for DeFi development in recent months, which led to the difficult decision to sunset the user platform.

In January 2022, Friktion had announced a financing round of $5.5 million, backed by a diverse set of investors, including Jump Capital, Hashed, NGC Ventures, and more. Despite the initial success, the market conditions have made running the user platform untenable.

As a result, Friktion has decided to close its user interface and is encouraging users to remove their money from the protocol. The underlying protocol will still be available on-chain. Friktion’s Volts are still structured products for DeFi investments, providing investors with a share of the profits made by investment pools.

It is a difficult decision to shut down the user platform, but the difficult market conditions have made it necessary. Friktion is encouraging investors to remove their money from the protocol, while the underlying protocol will continue to be available on-chain.

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