According to ChainCatcher, multi-chain DeFi lending protocol Radiant has decided to enter a sunsetting process, confirming that its DAO no longer has a viable path forward after 18 months of continuous recovery efforts following the hack in October 2024. This marks the gradual termination of the protocol, as community and developer attempts to salvage the project have ultimately failed.
Currently, there has been no progress in fund recovery, and no new capital injection has been secured. Lacking the necessary funds and operational space to maintain day-to-day activities, Radiant deems it impossible to continue responsible long-term operations. The shutdown will be carried out in an orderly manner, though no specific timeline has been disclosed by the project.
Previously, Radiant had offered cross-chain lending services on networks like Arbitrum and BNB Chain, once accumulating considerable TVL. This hack and subsequent funding dry-up make it yet another DeFi project forced to shut down due to a security breach.