Linear Finance announces protocol closure
Decentralized finance (DeFi) protocol Linear Finance has announced its decision to cease operations, citing ongoing financial struggles and an unsustainable business model.
The announcement, made in an official X (formerly Twitter) post on March 27, triggered a sharp sell-off of the project’s native token LINA, which has now lost nearly 70% of its value over the past week, reports CoinGape.
‘Notice of Closure’ Marks End of DeFi Project
In its statement, Linear Finance issued a formal Notice of Closure, revealing that despite early signs of success in 2019 and 2020, the platform failed to maintain profitability over the long term. The team pointed to persistent financial pressures and a breakdown in its operating model, which had relied on personal contributions from the project’s founders and proceeds from token sales.
“Outside of a brief period of profitability during its initial launch, the project has faced burgeoning financial challenges,” the announcement stated, adding that continued operations are no longer feasible.
Binance Delisting Deepens Troubles
The protocol’s decision to wind down came shortly after another significant setback: Binance, the world’s largest crypto exchange, announced plans to delist the LINA token. The delisting wiped out an estimated 65% of LINA’s market capitalization and accelerated the project’s collapse.
The twin blows—the loss of exchange support and an unsustainable funding model—led project stakeholders to reach a collective decision to shut down operations.
LINA Token Collapses in Market Fallout
Following the announcement, the LINA token dropped another 6% on the day, trading at $0.0006215 at press time. The token recorded an intraday high of $0.0009516 and a low of $0.0006091. Weekly and monthly charts reflect declines of 67% and 72%, respectively, as investors rush to exit positions amid the uncertainty.
Linear Finance’s closure marks another chapter in the volatile DeFi landscape, where ambitious projects often struggle to maintain financial sustainability and exchange support. Market participants now await further details from the team regarding the wind-down process and next steps for token holders.
Recently we wrote, that South Korea’s largest crypto exchange, Upbit, secured a critical legal win after the Seoul Administrative Court temporarily suspended a three-month business restriction imposed by the country’s Financial Intelligence Unit (FIU).
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