Algofi, Once a DeFi Powerhouse on Algorand, Faces Closure: What Led to the Demise?

In a surprising turn of events, Algofi, the largest decentralized finance (DeFi) protocol on the Algorand blockchain, has announced its decision to shut down in the coming months. The protocol, launched in December 2021, has been a popular hub for users seeking to earn interest, borrow, and swap various crypto assets on the Algorand network.