Friktion has made the difficult decision to sunset its user platform, a process beginning with moving all Volts into Withdrawal-Only mode on Friktion’s User Interface starting 25 Jan 2023.
This decision was not made lightly, as Friktion has successfully navigated a number of challenges in the past, including Luna, FTX, and network outages. The company remains a strong believer in the future of Solana DeFi and will continue to support the ecosystem where it can. Solana enabled Friktion to build an application that reached nearly 20k wallets, passed $3 billion in traded volume, and achieved $150 million in TVL.
It has been a tough market for DeFi growth in recent months. Costs have outpaced revenue which is making us re-evaluate strategy going forward, starting with sunsetting the user platform. The decision, while challenging, was made to provide optimal value for all stakeholders including users and community members (notably our Genesis Wielders).
Moving forward, the User Interface hosted at https://friktion.fi is in withdrawal-only mode for all Volts accessible through the interface, with no fees incurred from the Friktion platform going forward. Deposits are no longer possible on the UI. Please note the protocol continues to function as designed during this period, users can reference https://friktion.fi/analytics to verify on-chain.
We understand that this may be a difficult time for all and we want to make the transition as smooth as possible. Our team and community managers will be available via Discord to answer any questions you have and provide assistance.
We thank all who have been on this journey with us, it’s a marvelous thing we have built!
Please stay tuned for more information during our next communication — in the meantime we strongly encourage users to withdraw funds as the Friktion user platform begins the process of sunsetting.
-The Friktion Team
