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Solana-based DeFi Project Friktion Will Stop Serving Users

ByLouis Adams

Jan 30, 2023
Reading time: < 1 minute

The team of DeFi project Friktion from the Solana ecosystem has announced the closure of the platform for users.

The platform has switched its profitable cryptocurrency products under the Volt brand to the “withdrawal only” mode. According to the project’s site, the startup’s investment decisions promised investors between 2% and 27% per annum.

Friktion has said the decision was “difficult” and has noted they made it after dealing with the aftermath of the Terra and FTX crashes last year, as well as overcoming difficulties with several network outages.

According to the statement:

“We continue to believe in the future of the DeFi ecosystem on Solana and will support it wherever we can.”