The DeFi community is losing yet another platform as they bid farewell to Mushrooms Finance. The DeFi aggregator announced that it is shutting down after operating for almost two years.
“This final decision is made out of careful consideration of the current project status and macro market conditions,” the blogpost reads.
Mushrooms Finance’s team notes that it is slowly dawning on them that their chances of achieving the goals they set out to attain when the platform launched have diminished.
It will no longer support the MM token or any current vaults/farming/MushMon smart contracts, and the website will be shut down once users have withdrawn their funds.
Their final note says that the remaining funds at the treasury address would be converted to $USDC and distributed to token holders proportionally.
Mushrooms Finance users are urged to withdraw their funds as soon as possible, as the existing website will be unavailable in June.
The past few weeks have already been really stressful for the DeFi sector with the whole Terra situation and the coin plummeting over 90% after the de-pegging issue prompted in UST. It was further reported that the Terraform Labs’ legal team left the company amid the crisis.
