Popular DeFi trading platform Porter Finance announces that it is shutting down its bond issuance platform.
The founder of Porter Finance, Jordan Meyer, stated that the team is not confident in big inflows of lending demand for fixed-income DeFi products like those supplied by the platform.
This is partly due to the competitiveness of traditional finance rates and the lack of institutional fixed income DeFi adoption in the last year. For these reasons, the team is shifting its focus away from the bond issuance platform and to more promising alternatives.
Meyer also added that the platform is no longer ready to take on the legal risk associated with bond offers.
It is noted that the platform’s closure is unrelated to and has no bearing on Ribbon DAO’s obligations to its lenders. Last month, Porter began offering convertible bonds for a DAO, with Ribbon Finance’s DAO as its launch partner.
The designated app for this service will be available at porter.finance until all Ribbon DAO lenders redeem or convert their bonds.
The smart contract utilized for the Ribbon DAO bond issuance does not require any intervention from the Porter Finance team for “repayment, conversion, or redemption.”
Jordan Meyer concluded the post by saying that “I believe the future is bright and am proud of all we have accomplished. Thank you for all your understanding and support.”
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