Decentralized Finance (DeFi) has been hailed as a game-changer in the world of cryptocurrencies. It promised financial inclusivity, transparency, and innovation like never before. However, the recent closure of two prominent DeFi projects, Mimas Finance and Tranquil Finance, has shed light on the unpredictable nature of this industry. In this article, we will delve into the challenges faced by DeFi projects, the decision-making process behind the closure, the impact on the crypto community, and the prospects for the innovative project, Defira V2. Let’s explore the valuable insights and lessons for both developers and investors in the DeFi space.
Mimas Finance and Tranquil Finance were once shining stars in the DeFi constellation. They achieved remarkable milestones, such as introducing on-chain oracles and becoming the first liquid staking protocol on the Harmony blockchain. However, their journey was not without hurdles, and these hurdles eventually led to their sunset.