Sense Finance, a DeFi protocol, has recently declared its decision to cease the operation of the Sense Protocol, which had been active for 18 months. Additionally, the company has chosen to make its user interface (UI) open source for the benefit of the community.
Sense Finance has advised its users to withdraw any remaining funds through the existing Portal UI by December 1, 2023. Beyond this date, the platform will no longer maintain its interface, opting instead to open-source the code for external and community utilization.
The Sense Core team explained that they will no longer contribute to the ongoing and future iterations of the Sense Protocol. This decision comes as a result of their belief in the fixed income system, but a perception that the current DeFi market lacks the consistent demand for fixed rates necessary for robust market development.
Sense Finance has stated that its developers have already begun work on a new protocol, applying the knowledge and experience gained from their time with Sense.
During its peak, the platform had a total value locked (TVL) of around $1 million and secured investments of $5 million from various investors, including Dragonfly. However, following this announcement, a majority of users withdrew their funds, leading to a significant reduction in the platform's total locked value, which now stands at $56,000.
