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

PANews December 19 News, according to SolanaFloor, the Solana ecosystem DEX Lifinity has decided to gradually cease operations. The related proposal was nearly unanimously approved, 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, the Lifinity DAO treasury assets worth approximately $42 million will be consolidated into USDC and proportionally distributed to LFNTY token holders. Additionally, the remaining $1.4 million in development funds will also be allocated.

According to community estimates, based on the treasury’s book value, holders are expected to receive between $0.90 and $1.10 per token. It is recommended that LFNTY and veLFNTY holders convert their tokens to xLNFTY before redemption. The xLNFTY redemption 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 history.