Ethereum-based liquidity protocol Vader announced that the team is sunsetting the protocol, and the protocol-owned funds and team treasury will be returned to $VADER and $USDV holders.
The team said that, after $UST's depeg, it paused the burn-to-mint function on VADER-USDV as a precautionary measure, because its native algorithmic stablecoin $USDV utilized the same burn-to-mint mechanism. Afterwards, the team has been researching novel ways to re-architecture the algorithmic stablecoin. However, upon rigorous research and discussions, it found no notable breakthrough in the algorithmic stablecoin design that is capital efficient. As a result, the team decided to sunset the protocol.
Vader has taken a snapshot of all existing $VADER, $xVADER and $USDV holders' Ethereum addresses, and will conduct a Merkledrop for these users. Eligible users need to claim the Merkledrop on Vader's web app before June 2023.
DeFi
AMM
Stablecoins
Ethereum
