MilkyWay Protocol Announces Gradual Shutdown and Permanent Closure

BlockBeats news, January 15, MilkyWay Protocol announced that it is gradually ceasing operations and will permanently close. MilkyWay stated that the demand and adoption of decentralized finance fell short of expectations, and the launch of WayCard was too late to alleviate financial pressure in time. MilkyWay's revenue primarily came from liquidity staking fees, with the protocol retaining a 10% share. As part of the closure process, the earned protocol fees will be returned to MILK token holders by proportionally distributing USDC to eligible snapshot holders.