Liquidity management app DeFi Edge has halted all new deposits to its strategy contracts as of October 14, leaving investors searching for alternatives. The team had previously mentioned the removal of certain strategies but now, the deposit block affects all strategies offered by the platform.
Withdrawals are still working, allowing users to retrieve their funds. DeFi Edge is a decentralized finance (DeFi) platform that helps users provide liquidity to various decentralized crypto exchanges like PancakeSwap, QuickSwap, and others by automating tasks such as rebalancing portfolios and collecting fees.
This follows earlier announcements on September 30 when DeFi Edge stated that some strategies on Camelot, an exchange on the Arbitrum network, would no longer be supported. They warned users to remove funds before October 10. PancakeSwap also posted a similar notice on October 4, alerting users that DeFi Edge would stop maintaining its vaults on the platform by October 10.
Despite these warnings, many users failed to withdraw their funds in time. Data shows that over $3.6 million in cryptocurrency was still locked in DeFi Edge contracts by October 10, suggesting that some users may have missed the announcements. As of October 14, the platform’s user interface now displays a message that users are not whitelisted and advises them to join the DeFi Edge Discord for further assistance.
Summary Review: DeFi Edge, a liquidity management platform, has blocked all new deposits as of October 14, affecting its users. Previously, the app had warned that certain strategies would be discontinued, but the deposit freeze now applies to all strategies. While users can still withdraw funds, many have failed to do so after earlier warnings, leaving millions in locked contracts. The platform advises users to seek help via its Discord community.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
