DEFI Platform Stops Operation and Urges Users To Withdraw
Sense Finance is ending its Sense Protocol after 18 months, urging users to withdraw money and planning to share its program code for everyone.
After 18 months, Sense Finance is stopping its Sense Protocol. They will now open source the program's look (User interface) for everyone to use.
People should take out their money from Sense's online platform (Portal UI) before December 1, 2023. After that, Sense won't host their program anymore but will open source their code for everyone.
The Sense Core team said they will no longer work on the Sense Protocol. Even though they believe in a set income system, they feel there's not enough demand for fixed rates in the current DeFi market for it to grow strongly.
Sense developers are already building a new protocol using what they learned at Sense.
Once, their platform held about $1 million. They also got $5 million from investors like Dragonfly. But after the announcement, many people took out their money, leaving only $56,000.
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