Solana's ecosystem DEX, Lifinity, has decided to shut down gradually, and $43.4 million in assets will be distributed to token holders.
PANews reported on December 19th that, according to SolanaFloor, the Solana ecosystem DEX Lifinity has decided to gradually cease operations. The related proposal passed with near unanimous approval, and the protocol will enter the shutdown process. On December 10th, facing increasingly fierce competition from prop AMMs, Lifinity submitted a governance proposal to its community regarding the protocol's continued existence. According to the proposal, approximately $42 million worth of treasury assets from the Lifinity DAO will be consolidated into USDC and distributed proportionally to LFNTY token holders. In addition, the team's remaining $1.4 million in development funds will also be allocated accordingly.
Community estimates suggest that holders can expect to receive between $0.90 and $1.10 per token, based on the treasury's book value. LNFTY and veLFNTY holders are advised to convert their tokens to xLNFTY before redemption. The xLNFTY to USDC redemption feature is expected to launch in approximately nine days, provided it passes a Sec3 security audit. Since its launch in February 2022, Lifinity has processed over $149 billion in trading volume, becoming the fifth largest DEX in Solana's history.
You May Also Like
Born Again’ Season 3 Way Before Season 2
South Korea’s biggest securities firm snaps up crypto exchange as stock market soars
