Decentralized finance cross-chain money market aggregator Fuji Finance said the protocol failed to find the market for its product, while also experiencing limited funding.
In a recent Medium blog post, the company said it had failed to find a “product-market fit,” a situation made more difficult amid the current crypto bear market.
Fuji Finance’s attempts to raise additional funds for further development proved futile, and the team has been trying to attract more investors since last February, the blog post said, but the effort seemed unsuccessful, prompting the company to pull the plug amid his financial problems. depleting treasury.
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“Since February this year, the Fuji team has been fundraising to continue the development of the protocol and build the future of cross-chain DeFi operations. We couldn’t find product market fit. With our cash reserves dwindling, we decided we had to start closing the business and ceasing operations with no end in sight to fundraising.”
Fuji Finance in a medium blog post
Fuji initially launched the first aggregator service on Ethereum, which was also available on other chains including Fantom, Polygon and Arbitrum. The protocol later publicly unveiled its V2 called Himalaya, a cross-chain money market aggregator, allowing users to borrow, deposit, redeem and withdraw their positions on any chain. Himalaya was deployed on Arbitrum, Ethereum, Optimism and Gnosis Chain.
Meanwhile, Fuji advised users to close their positions and withdraw their funds as soon as possible, stating that the withdrawal window via the protocol’s user interface (UI) will be open until December 31. Users who do not use this channel on the said date will have to interact with the platform’s smart contract protocol.
Apart from Fuji Finance, other DeFi lending protocols such as Algofi, Everlend and SpiritSwap have closed their services in recent times.
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