ChainCatcher report: The Cardano ecosystem’s decentralized trading and yield protocol, Genius Yield, is gradually shutting down. On October 22, co-founder Lars Brünjes stated that, to address users’ inability to withdraw their assets, an open-source tool called Genius Zero has been independently developed. Genius Zero enables users to bypass Genius Yield’s original backend servers and directly interact with Cardano smart contracts to unstake assets, cancel DEX orders, and withdraw funds. Original DEX trading fees continue to be sent to addresses controlled by Genius Yield; changing fee rates requires signatures from at least three of the four original founders, which has not yet been obtained.
Cardano DeFi Protocol Genius Yield to Cease Operations
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Summary
Cardano’s DeFi protocol Genius Yield is shutting down, with co-founder Lars Brünjes unveiling an open-source tool called Genius Zero to enable users to bypass the protocol update and directly interact with smart contracts. The tool facilitates unstaking, order cancellation, and asset withdrawal. DEX fees continue to be sent to Genius Yield addresses, and any rate changes require signatures from at least three of the four founders—none of which have been obtained. This decision follows a DeFi exploit that prevented users from withdrawing their funds.
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