Solana ecosystem DEX Lifinity decides to gradually shut down, $43.4 million in assets will be distributed to token holders

PANews, December 19 — According to SolanaFloor, Solana ecosystem DEX Lifinity has decided to gradually cease operations, with the related proposal passing with near-unanimous approval, and the protocol will enter the shutdown process. On December 10, facing increasingly fierce competition from prop AMMs, Lifinity submitted a governance proposal to its community regarding the protocol’s continuation. According to the proposal, Lifinity DAO’s treasury assets, valued at approximately $42 million, will be consolidated into USDC and distributed proportionally to LFNTY token holders. In addition, the remaining $1.4 million in development funds held by the team will also be distributed.

According to community estimates, based on the treasury’s book value, holders are expected to receive between $0.90 and $1.10 per token. LFNTY and veLFNTY holders are advised to convert their tokens to xLNFTY before redemption. The claim function for exchanging xLNFTY for USDC is expected to go live in about 9 days, provided it passes Sec3’s security audit. Since its launch in February 2022, Lifinity has processed over $149 billion in trading volume, making it the fifth largest DEX in Solana’s history.