The DeFi protocol Radiant published an official announcement on June 1, stating that after the devastating hack in October 2024 and an 18-month recovery struggle, its decentralized autonomous organization (DAO) has determined there is no feasible path to continue operations. The project will formally enter a "sunsetting" phase, drawing a close to the prolonged attempt to revive the protocol.
According to Radiant, following the massive asset loss from the hack, the DAO quickly mobilized community efforts and launched multiple recovery initiatives. These included collaborating with blockchain security firms to trace stolen funds, pursuing new capital injections from venture capital and strategic partners, and attempting to restructure the protocol for self-sustainability. However, despite sustained efforts from the community and stakeholders, no stolen funds have been recovered and no external financing has materialized. The project's own reserves gradually depleted, leaving daily operations and development space increasingly constrained.
After thoroughly evaluating all possible avenues, the Radiant DAO concluded that the conditions for responsible, ongoing operations no longer exist. On one hand, the lack of funds and resources makes it unsustainable to maintain technical upkeep, community operations, and compliance work; on the other, the project lacks the development capacity to iterate its products, thereby forfeiting its long-term viability. Consequently, the DAO made the difficult decision to progressively shut down the protocol.
With the sunsetting process initiated, Radiant will gradually terminate its services. The team reminds community members to closely follow official notices for updates on the shutdown timeline and asset-related instructions. Radiant's closure becomes yet another instance in the DeFi space where a security breach leads to a project's termination, underscoring the existential challenges decentralized protocols face after severe attacks.