ZeroLend Announces Official Shutdown
In a recently released official statement, decentralized lending protocol ZeroLend announced its upcoming service termination. This decision comes as a result of multiple critical factors, including significantly reduced activity on several early-supported blockchains, liquidity depletion, and withdrawal of oracle service providers.
Escalating Operational Challenges
In recent years, rising cyberattacks and fraudulent activities have left ZeroLend in a prolonged state of financial loss. To mitigate further risk, loan-to-value (LTV) ratios have now been set to 0% across most markets.
User Recommendations
- Withdraw remaining funds from the platform as soon as possible
- Stay tuned for future updates regarding solution developments
- Remain vigilant and prepared regarding affected on-chain assets
For assets severely impacted by liquidity issues, the ZeroLend team is working on potential solutions, planning to implement timelock upgrades to redistribute affected assets.