Everlend
It shut down with runway left, saying carrying on would be a gamble
A Kyiv-based lending and borrowing aggregator on Solana that moved users' deposits and loans between money markets to chase the best rates.
- Capital raised (announced)
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
- Peak deposits (June 2022)
Total value locked at its June 2022 peak, per DeFiLlama data cited by CryptoSlate. Deposits are user assets, not money raised by the company.
- Deposits at the shutdown
- Estimated
DefiLlama dollar-valued deposits cited by CryptoSlate on 2 February 2023; not raised money or a measured loss.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| Strategic round | 2022 | ||
| October 2021 bootstrap seed round | Unknown | Not disclosed |
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
Timeline
May 2022
By August 2022 it supported 10 assets across 3 money markets.
July 2022
18 August 2022
The project planned a Safety Fund to compensate users if an underlying money market defaulted or was compromised. Allocation does not establish that the fund was filled or used.
1 February 2023
How it ended
On 1 February 2023 the team said it would close the app and stop development, switching it to withdrawal-only mode and urging users to withdraw. It cited shrinking liquidity and a shrinking lending market, said it still had enough runway, and said it would return raised and unused funds and open-source its code.
Still alive
Open spot
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Sources
5 sources behind this page.
- 1Solana-based DeFi platform Everlend Finance shuts down · crypto.news · Feb 2023
- 2Solana-based Everlend shutters operations amid shrinking lending market · CryptoSlate · Feb 2023
- 3Solana's (SOL) DeFi Protocols Raise $40 Million In Q3 · DailyCoin · Oct 2022
- 4Solana-Based DeFi Protocol Everlend Announces Shut Down · Decrypt · Feb 2023
- 5Ukraine's Everlend secures EUR 2.5M to provide 'highest yield on deposits and lowest interest rate on loans' · Silicon Canals · Aug 2022
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.