Algorand (ALGO), once a popular altcoin project, is currently experiencing significant setbacks. Recent news reveals that Algofi, Algorand‘s largest DeFi protocol, has made the decision to shut down its platform. This development is expected to have a negative impact on Algorand, which is recognized as one of the prominent blockchain solutions.
Algofi, the primary decentralized finance protocol operating on the Algorand network, shared a post on July 11, 2023, announcing the closure of their platform due to certain issues. The team expressed gratitude to their users and stated that assets on the platform will be gradually liquidated over the course of a few months.
The shutdown of this platform, which holds 55 percent of the ALGO assets, is seen as a setback for the future of Algorand. Moreover, Algorand has recently faced securities charges from the SEC. At the time of writing this article, the price of ALGO is trading around $0.10 levels.