DeFi protocol Sense Finance has announced its decision to decommission the Sense protocol after 18 months and open source its user interface (UI) for community use.
The company has urged users to withdraw all remaining funds through the existing Portal UI by December 1, 2023.
After this date, Sense Finance will no longer host the interface and open source the code for external and community use.
In its statement, the Sense Core team stated that it will stop contributing to current and future versions of Sense Protocol. The reason for the termination of the protocol is that, despite their continued belief in the fixed income system, the developers believe that the current DeFi market environment lacks the consistent demand for fixed rates necessary for robust market development.
According to Sense Finance, developers have started developing a new protocol using everything they learned at Sense.
At its peak, the platform had a total value (TVL) of approximately $1 million. They received a $5 million investment from some investors, including Dragonfly. Following the announcement, most users withdrew their funds, bringing the total locked value on the platform down to $56,000.
*This is not investment advice.