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YOP Protocol

YOP Protocol

The YOP Protocol has been sunsetted. Despite efforts to succeed, the project was hit by a series of market crises, including the crypto winter, the Terra/Luna crash, and the Celsius bankruptcy. The final event was the FTX collapse, which led to a massive withdrawal of funds, with the protocol's vaults losing nearly 80% of their value from their all-time high, forcing the shutdown.
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Description

YOP Finance (YOP) was a protocol that aimed for success in the DeFi space. It was acquired by Pluto Digital and launched during a strong crypto market. However, it faced a series of significant challenges, including the Russian invasion of Ukraine, the Terra/Luna crash, and the Celsius bankruptcy. The team continued to develop the Dapp and run campaigns, with the goal of creating a community-governed DAO funded by fees from a strong Total Value Locked (TVL). The final blow came from the FTX explosion, which caused a massive loss of TVL (down nearly 80% from its peak). This made maintaining liquidity and risk exposure nearly impossible, leading to the decision to sunset the protocol.