The DeFi lending protocol Radiant has officially announced that it will gradually enter a "sunsetting" phase following a hack in October 2024. After 18 months of sustained effort, the DAO has been unable to find a viable path forward. With no progress in fund recovery, no new capital infusion, and no funds or room to sustain normal operations, responsible long-term operation is no longer possible.
18 Months After the Hack, the DAO Cannot Recover
Since the hack, Radiant has explored multiple recovery avenues, but over the lengthy 18 months, neither fund recovery nor new investment materialized. The team confirmed that current finances and resources can no longer support day-to-day operations or further development.
Full Maintenance Mode with Lending Caps Set to Zero
According to the announced plan, Radiant will transition to maintenance mode. The front-end interface will remain operational, on-chain smart contracts will stay accessible, and users can still withdraw, repay, and manage positions. However, all new feature development, upgrades, and expansions will cease entirely. Lending caps will be set to zero, ending new borrowing; RDNT token issuance incentives will stop simultaneously, and the treasury will only be used for basic operational expenses.
Focus on Recovery and Orderly Exit; Users Must Manage Risk
Going forward, Radiant will concentrate fully on user asset security, fund recovery, and orderly liquidation. Recovery efforts will continue, the related recovery portal will remain open, and any subsequently recovered funds will be returned to affected users. The project, however, acknowledged that recovery outcomes are uncertain and may take a long time.
While operations wind down, on-chain contracts remain accessible, meaning users need to manage their own risks and exit positions gradually. Radiant stressed that this shutdown aims to end the project responsibly and protect user interests as much as possible.