Due to limited interest, the DeFi platform Sense Finance has decided to end its operations. After running the Sense Protocol for 18 months, the company will open-source its user interface (UI) for the community to use.
Users are encouraged to withdraw their remaining funds using the existing Portal UI by December 1, 2023. Following this date, Sense Finance will no longer maintain its interface, making the code available for external and community use.
Sense Finance Closes DeFi Protocol
The Sense Core team has decided to stop working on the Sense Protocol, both the current version and any future ones. They believe that the DeFi market lacks the consistent demand for fixed interest rates needed for robust development, despite their strong belief in the fixed income system.
Developers are now working on a new protocol, applying the knowledge they gained at Sense. At its peak, the platform had around $1 million in total value locked (TVL) and received a $5 million investment from investors like Dragonfly. However, after the announcement, most users withdrew their funds, reducing the total locked value on the platform to $56,000.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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