Introduction
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.
The teams behind Mimas Finance and Tranquil Finance made the tough decision to sunset their projects after extensive evaluation. The unexpected direction change of the Harmony blockchain following the Horizon Bridge hack was a significant factor. Instead of persisting in a saturated DeFi space, they chose to pivot towards a new and ambitious venture, Defira V2.
