Hey everyone, we have some bittersweet news to share with you.
After careful consideration, our team has decided to sunset our beloved Sodium and focus our efforts in a new direction. This decision was not taken lightly, but unfortunately became an inevitable course of action given market circumstances.
We started building Sodium more than 1.5 years ago, eventually delivering an awesome product, despite incredibly tough market conditions and very limited resources. Although our passion and excitement around NFT finance hasn’t changed, we’ve encountered unforeseen challenges along the way. The NFT market has presented us with obstacles that have heavily impacted our protocol’s growth, hindering us from raising venture capital, which is ultimately required in order to compete in this market.
It’s definitely a sad moment for all of us, but hey, no one can say we didn’t give it our all. We’ve been able to bring to fruition the most innovative and unique mechanics the NFT lending market has seen to date (which was then adopted by multiple actors — leaving our mark on the industry), including:
⇢The first Hybrid Lending mechanism (p2peer+p2pool)
⇢ The first NFT Lending AMM
⇢ Cross-Collection Lending Pools
⇢ The ability to retain collateral access during loans
The last 1.5 years have been the journey of a lifetime, and we want to express our deepest appreciation for the great support and encouragement we received from our Angel investors, UX testers, early users, Zero-pass holders, and partners who provided invaluable input along the way — it was truly our privilege to work with and learn from all of you.
Furthermore, we want to thank our whole team for their hard work, dedication, and unwavering belief in our mission — it’s what has kept us pushing this whole time.
While this decision marks the end of one chapter, the book is still being written… We still firmly believe in our original aim, where we set out to positively impact the NFT lending market by creating innovative NFT-fi solutions. We will remain open-minded; if the market ever needs us again down the line, we would be more than happy to reconnect with you and explore new possibilities.
Thank you for being a part of our story. We eagerly look forward to writing future chapters with you.
The Sodium team
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Assets on Sodium:
If you have used Sodium as a borrower/lender before we suggest you double-check and withdraw these assets within the next 10 days.
