DeFi protocol Porter Finance shuts down bond issuance platform after just one month - BitcoinEthereumNews.com
TeknolohiyaIsinasara ng DeFi protocol Porter Finance ang platform ng pagbibigay ng bono pagkatapos lamang ng isang buwan07 / 06 / 2022Balita ng Ethereum ng Bitcoin Porter Finance, a decentralized finance, or DeFi, protocol based on the Ethereum (ETH) blockchain, anounced Tuesday that it was shutting down its bond issuance platform. In explaining the discussion, Porter Finance said: “Looking forward, we are not confident there will be large inflows of lending demand for fixed income DeFi products like the ones offered through Porter Finance. This is primarily due to the competitiveness of rates offered in traditional finance and the lack of institutional fixed income DeFi adoption over the past year. We are also no longer willing to take on the legal risk associated with bond offerings.” Porter Finance is shutting down its bond issuance platform. — Porter Finance (@porterfinance_) Hulyo 4, 2022 Just last month, Porter Finance unveiled the first-of-a-kind service in partnership with Ribbon DAO to issue 3,103,224 convertible bonds redeemable for 1 USDC with a maturity date of Dec. 4, 2022. At the time, each bond was issued at a discounted price of 0.9667 USDC per bond with a yield to maturity of 7% after accounting for interest. In addition, each bond is secured by