Solana-based DeFi borrowing and lending platform, Everlend, is closing down due to a lack of liquidity and shrinking of the borrowing and lending market.

The project highlighted these factors as the reasons for its shuttering. Everlend has switched its app to withdrawal-only mode and is encouraging users to remove their deposited funds.

The codebase for the protocol will become open-source so that others may continue its work.

The liquidity squeeze faced by Everlend comes as the DeFi ecosystem on Solana moves away from its main liquidity provider, Serum, following the collapse of FTX in November.