ZeroLend announces the cessation of operations! Users withdraw funds quickly🚨
Another DeFi veteran has fallen. After three years of operation, ZeroLend has just announced that it will gradually stop all protocol operations. This is not a drill; if you have funds there, hurry to withdraw! 🏃♂️💨
⚠️ What happened?
Despite the team's efforts, the drawbacks of multi-chain expansion have become apparent.
#ZeroLend Several chains (such as Manta, Zircuit, XLayer) that were supported early on are now severely lacking in liquidity, and even some oracles are no longer providing data support. Coupled with thin profit margins and hackers on the prowl, the team admits they simply can't hold on any longer, facing long-term losses.
🛑 Current operational advice:
1. Withdraw coins immediately: The official has set the LTV for most markets to 0%, which means you can only repay and withdraw, but cannot borrow anymore.
2. What to do if stuck? If your assets are on chains with poor liquidity (such as Manta/XLayer) and cannot be withdrawn, don't panic. The official is working on a smart contract upgrade (Timelock) to redistribute assets and refund everyone; keep an eye on official announcements.
The DeFi world is harsh; once 'hot projects' may come to an end due to changes in the on-chain environment. When rushing for new projects and engaging in DeFi, always remember to periodically check if the chain where your assets are located is still 'alive.'