Algorand protocol terminates service by 55 percent of TVL

For unexplained reasons, Algorand Protocol is closing Algofi. About 55 percent of the entire ALGO TVL, the platform reports.

The largest decentralized financial protocol on the Layer 1 blockchain Algorand, Algofi, is ending its service. They let us know this in a blog post. The reason is a "confluence of events" that no longer ensures the construction and maintenance of the platform. Algofi did not disclose what the specific events were. "We will soon begin the process of discontinuing the platform and putting it into payout mode," it added.

Already more than 10 percent flown

At the time of writing, the Total Value Locked (TVL) on Algorand is $59 million, down significantly since February 2023, according to data from DefiLlama. Algofi accounts for just under 55 percent of this - about US$32 million. More than 10 percent has already been floated since the announcement.

Over the past seven days, ALGO's share price has fallen nearly 14 percent. Since its high of US$3.28, Algorand has lost 96 percent and is currently trading at US$0.11.