Hyperwave announces it will shut down its protocol on December 16, with all vaults switched to withdrawal-only mode.

BlockBeats news, November 11 - Yield vault protocol Hyperwave announced in a post that due to rising operational costs and regulatory uncertainty, the project has decided to gradually cease operations. The protocol will officially shut down on December 16, and users are advised to withdraw funds before then to facilitate faster withdrawals.

After closure, any remaining net asset value (NAV) will be returned to wallets holding vault tokens. Currently, all vaults have been switched to withdrawal-only mode, including GWAVE, and users can unstake at any time. The vaults will continue to generate yield while converting funds to underlying assets in preparation for user withdrawals.

Additionally, all revenue (100%) generated before the protocol closure will be used to buy back and burn HWAVE. The project team reminds users to stay secure and beware of phishing links during the closure period. If there are any questions about the closure arrangements, users can contact the official support team via Discord or in-app.