DeFi protocol Sense Finance announced its decision to discontinue the Sense Protocol after 18 months of operation and open source its user interface (UI) for community use.
The company has urged users to withdraw all remaining funds via the existing Portal UI by December 1, 2023.
After this date, Sense Finance will no longer host its interface and will 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 shutting down the protocol is that the developers, despite their abiding belief in the fixed income system, feel that the current DeFi market environment lacks the consistent demand for fixed rates necessary for robust market development.
According to Sense Finance, developers have begun developing a new protocol using everything they learned at Sense.
At its peak, the platform had a total value locked (TVL) of approximately $1 million. They received an investment of $5 million from some investors, including Dragonfly. Following the announcement, most users withdrew their funds, dropping the total locked value on the platform to $56,000.
*This is not investment advice.
