MilkyWay Protocol has announced a phased shutdown and permanent closure.

BlockBeats News, January 15th, MilkyWay Protocol announced that it is gradually winding down its operations and will be shut down permanently. MilkyWay stated that the demand for decentralized finance did not meet expectations, the WayCard was launched too late, and did not alleviate the funding pressure in time.

MilkyWay's revenue mainly came from the liquidity staking fee, with the protocol holding a 10% share. As part of the shutdown process, USDC will be proportionally distributed to eligible snapshot holders to refund the earned protocol fees back to MILK token holders.