Alpaca Finance (ALPACA), one of the leading projects in the DeFi ecosystem, announced that it has decided to gradually discontinue all of its products.
The company stated that this decision was made after extensive internal evaluations in order to protect its community and conduct the process in an orderly manner.
The announcement was made on Alpaca Finance’s social media platform X (formerly Twitter). The post reads, “After extensive internal evaluations and meticulous analysis of potential paths forward, we have made the extremely difficult decision to discontinue Alpaca Finance and all of its products. This decision was not made lightly, but we believe it is the most responsible step to take to protect our community and complete the process safely.”
The decision comes after Binance recently delisted the ALPACA token. Alpaca Finance also recalled its past achievements, expressing pride in its success on BNB Chain and its role in shaping leveraged yield farming in the early days of DeFi.
Following the development, there was a sudden drop in the price of the ALPACA token. The token, which currently has a market value of $20 million, has lost 33% of its value in the last week.
*This is not investment advice.
