Yield Protocol, a decentralised finance lending protocol, has announced that it will be discontinuing its operations by the end of the year.

The decision comes as a result of both a lack of demand and regulatory pressures in the United States, Europe, and the United Kingdom.

The protocol has stated that one of the contributing factors to this decision is the insufficient sustainable demand for fixed-rate borrowing on its platform.

As a result, the planned launch of its fixed rate series in March 2024 will not proceed, and all borrowing and lending activities will come to a halt by the end of 2023.

In addition to Yield Protocol, other platforms that will be shutting down in 2023 include a lending platform with $29 million total value locked (TVL) and a Discord crypto trading bot with $16.5 million. These platforms have cited external attacks as their primary reason for closure.