Solana yield protocol Paystream announces closure and liquidation

According to Twitter, Paystream, a protocol focused on on-chain earnings on Solana, announced the closure and liquidation on August 15. Founder Maushish said that the project has gone through many transformations, from the P2P loan agreement born at the hackathon, to the LP management terminal, to the perpetual contract funding rate arbitrage tool (Funding Rate Farmer). The latter was actually used. Users opened 185 positions and deployed a security deposit of 232,000 US dollars.

The project was funded through MetaDAO, and a proposed restructuring in May drastically cut the remaining capital. The team was reduced from 6 to 1, and subsequent attempts to build automated treasury and payroll compliance products were unsuccessful. The team decided to stop operations, open source the capital rate arbitrage filter code, and announce the details of the liquidation proposal through MetaDAO.