DeFi lending protocol ZeroLend to shut down after 3 years

Decentralized lending protocol ZeroLend is shutting down its services after three years of operation, CoinDesk reported. The team explained that the protocol had been operating at a loss for a long time due to an increase in inactive chains, thin profit margins, and constant hacking threats. They added that despite continuous efforts, they could not overcome issues such as the discontinuation of support from a price data provider and decreased liquidity on networks like Manta Network (MANTA), Zircuit (ZRC), and X Layer (XLAYER). ZeroLend is now prioritizing the safe withdrawal of user assets and has set the loan-to-value (LTV) ratio to 0% for most markets to halt further borrowing. The team also announced that victims of the LBTC exploit on the Base chain last year will receive a partial refund using the team's allocation of Linea (LINEA) tokens.