MilkyWay Protocol announces gradual cessation of operations and permanent closure

On January 15, MilkyWay Protocol announced a gradual cessation of operations and permanent shutdown. MilkyWay stated that the demand and adoption for decentralized finance did not meet expectations, and the launch of WayCard was too late to alleviate financial pressure. The protocol’s revenue mainly came from liquid staking fees, of which 10% was retained. During the shutdown process, USDC will be distributed proportionally to eligible snapshot holders, and the protocol fees already earned will be returned to MILK token holders.