The Solana ecosystem DEX Lifinity has decided to gradually shut down, and $43.4 million in assets will be distributed to token holders

According to market news, the Solana ecosystem DEX Lifinity has decided to gradually cease operations, with the relevant proposal passing with near unanimous votes, and the protocol will enter the shutdown process.

In the face of increasing competition from prop AMMs, Lifinity proposed a governance proposal regarding the continuation of the protocol to its community. According to the proposal, the Lifinity DAO's treasury assets, valued at approximately $42 million, will be consolidated into USDC and distributed proportionally to LFNTY token holders. Additionally, the remaining $1.4 million in development funds from the team will also be allocated. According to community estimates, based on the treasury's book value, holders are expected to receive between $0.9 and $1.1 per token. It is recommended that LFNTY and veLFNTY holders convert their tokens to xLNFTY before redemption. The claim function for exchanging xLNFTY for USDC is expected to go live in about 9 days, pending a security audit by Sec3. Since its launch in February 2022, Lifinity has processed over $149 billion in transaction volume, becoming the fifth largest DEX in Solana's history.