Solana ecosystem DEX Lifinity decided to gradually shut down, and $43.4 million in assets will be distributed to token holders

Comparative news, according to market news, the Solana ecosystem DEX Lifinity has decided to gradually stop operations. The relevant proposals are close to being passed by a full vote, and the agreement will enter the shutdown process.

Faced with increasing competition from prop AMMs, Lifinity presented a governance proposal for the survival of the agreement to its community. According to the proposal, Lifinity DAO's treasury assets worth approximately $42 million will be consolidated into USDC and distributed pro rata to LFNTY token holders. Additionally, the team's remaining $1.4 million in development capital will also be distributed. According to community estimates, holders can expect to earn between $0.9 and $1.1 per token, based on treasury book value. LFNTY and velFNTY holders are advised to convert their tokens to xlNFTY before redemption. It is expected that the claim function for exchanging xlNFTY to USDC will go live in about 9 days, provided that the security audit is passed by Sec3. Since its launch in February 2022, Lifinity has accumulated over $149 billion in transaction volume, making it the fifth largest DEX in Solana's history.