Radiant Capital has announced a phased wind-down of its operations, with the protocol entering maintenance mode.
BlockBeats News, June 1st, Cross-chain lending protocol Radiant Capital (RDNT) announced the initiation of a Project Sunset procedure. The team stated that since suffering a security breach in October 2024, the DAO has been working diligently for 18 months. However, due to the inability to achieve meaningful fund recovery, lack of additional funding, and depletion of operational funds, the project no longer has a viable path for further development.
Radiant stated that the protocol will not shut down immediately but will enter a maintenance mode. The frontend interface will remain operational, on-chain smart contracts will remain accessible, and users can continue to perform operations such as asset withdrawal, loan repayment, and position management.
Meanwhile, all development work will cease immediately, Borrow Caps will be adjusted to zero, RDNT token incentives will be halted, and treasury funds will only be used for essential operational expenses. The focus of future work will be on user security, fund recovery, and an orderly exit process.
The team emphasized that ceasing operations does not mean abandoning fund recovery efforts. The claims portal will remain open, and if stolen funds are recovered in the future, the related assets will be returned to affected users. Currently, on-chain tracking, evidence collection, and asset recovery efforts are still ongoing.
Radiant mentioned that although the protocol's development has formally reached its conclusion, the on-chain infrastructure will continue to exist, allowing users to safely exit the protocol and manage associated risks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum’s $2,540 Retest Becomes Key Test for the Rally
Canton Network breaks 2 month range! – CC’s run to $0.15 depends on THIS zone
Analysis: Wall Street Is Not Yet Ready to Short AI in Large Numbers
Overseas capital is aggressively buying US stocks! Net inflows reached $942 billions over the past 12 months, marking a record since 1985.
According to data from the US Department of the Treasury, in the 12 months ending July this year, overseas investors made net purchases of US stocks totaling $942 billion, marking the highest rolling 12-month total since records began in 1985. The net purchases in the second quarter alone reached $426 billion, setting a new single-quarter record. Meanwhile, overseas demand for US Treasuries has noticeably cooled, with purchase volumes falling significantly. As a result, the US is facing higher costs in government debt financing.
Crypto prices
More
