Paystream, a Solana-based protocol focused on on-chain yield, said on Aug. 15 that it is shutting down and entering liquidation, according to ChainCatcher. Founder Maushish said the project went through several pivots during its life cycle, starting as a hackathon-born P2P lending protocol, then moving into an LP management terminal, and later becoming a perpetuals funding rate arbitrage tool called Funding Rate Farmer. That product saw some real usage, with users opening 185 positions and deploying $232,000 in margin. Paystream was funded through MetaDAO, but a restructuring proposal in May sharply reduced its remaining capital. The team also shrank from six people to one. Maushish said later attempts to build an automated vault product and a payroll compliance product did not work out. The team has decided to cease operations, plans to open-source the code for its funding rate arbitrage screener, and will publish the details of the liquidation proposal through MetaDAO once finalized.
Paystream, a Solana-based protocol focused on on-chain yield, announced on Aug. 15 that it is shutting down and entering liquidation, according to ChainCatcher.
Founder Maushish said the project went through several pivots. It started as a P2P lending protocol born out of a hackathon, later shifted into an LP management terminal, and then became a perpetuals funding rate arbitrage product called Funding Rate Farmer.
Maushish said Funding Rate Farmer saw some real user activity. In total, users opened 185 positions and deployed $232,000 in margin.
Paystream raised funding through MetaDAO. A restructuring proposal in May sharply reduced the project’s remaining funds. The team was also cut from six people to one. After that, the team tried to build an automated vault product and a payroll compliance product, but neither effort succeeded.
The team has decided to stop operations and will open-source the code for its funding rate arbitrage screener. Details of the liquidation proposal will be disclosed through MetaDAO after they are finalized.
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