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Cavern Protocol @CavernProtocol
Joined November 2022
  • Tweets 504
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  • Followers 1,540
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Cavern Protocol@CavernProtocol
9 Jun 2024
📢Service Announcement📢 Cavern Protocol will stop all borrowing operations starting June 25th, 2024. You won't be able to borrow or repay funds on the protocol after this date. Keep reading to learn more.
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Prices are going down slowly to 80% of their actual value. Tommorow will be 60%. There are still some people borrowing, please be careful with your collaterals !
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Following the plan to clode the protocol, we will soon make the collateral value 80% of their actual values.
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Following our previous announcement, new borrows are not possible on Cavern Protocol anymore. x.com/CavernProtocol/status/…
Cavern Protocol@CavernProtocol
9 Jun 2024
Replying to @CavernProtocol
The protocol will slowly disappear but it leaves a powerful legacy behind : - A fully audited protocol with all the components open-sourced - Projects that already appropriated this code base and that are running successfully on other chains (@ginkou_io on Migaloo for instance)
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All borrowers should stop borrowing. If they don't, they risk loosing all their funds from Juon the 20th because prices will artificially be lowered
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The protocol will slowly disappear but it leaves a powerful legacy behind : - A fully audited protocol with all the components open-sourced - Projects that already appropriated this code base and that are running successfully on other chains (@ginkou_io on Migaloo for instance)
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Here's a more detailed timeline for the next 3 weeks: - 15. June: Interrupting new borrows on the web app - 20. June: Gradually decreasing asset prices to stop all current borrow positions. - 25. June: Interruption of all borrowing and repayment activities
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📢Service Announcement📢 Cavern Protocol will stop all borrowing operations starting June 25th, 2024. You won't be able to borrow or repay funds on the protocol after this date. Keep reading to learn more.
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Because this has been a wonderful adventure, I want to thank all the people who helped make Cavern Protocol a reality, those who participated in the protocol governance behind the scenes, and finally Terra's governance that helped fully audit the protocol.
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This decision comes from multiple factors mostly due to my availability as the founder : - I don't have the energy/capacity to continue maintaining/innovating on the protocol - It has seen little-to-no adoption - I will take time off for personal reasons
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After 1.5 years of operations, the Protocol will stop its borrowing operations. All borrowing activities will be stopped, while users will still be allowed to deposit funds until the reserves are fully drained.
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Less and less borrows nowadays, do you want to deposit your $USDC now anon? There is plenty of yield, just come and grab it!
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You can now deposit funds on Osmosis directly inside Cavern Protocol, how do you like it, tell us about your experience Osmosis users!
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Cavern Protocol goes Cross-Chain🚀🚀🚀 Go to cavernprotocol.com to deposit your $USDC from @axelarnetwork directly from @osmosis. Osmosis is a first, more chains to come. What chains would you like to see? Comment Below 👇👇
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You can now withdraw and deposit from @osmosis without having to touch Terra! 🛤️ Stay home and enjoy a stable yield!
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Depositing from @osmosis is now almost ready! The flow is the same as with @terra_money, you just need to wait a little more because the funds have an intense journey through @IBCProtocol. What do you think? Will you use Cavern to save from Osmosis?
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Wonderful! We have just executed the first cross-chain deposit from Osmosis into Cavern Protocol. This operation is ground-breaking for the protocol. It is now ready to go cross-chain. Let's review the details of how that worked. Analysts and IBC-enjoyers read further 👇
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5/6 Well, the receipt is forwarded back to the initial caller on @osmosis through a direct Terra-Osmosis channel. This allows them to withdraw their funds, send the receipt to another wallet, or trade it... Analysts: chainsco.pe/terra2/tx/C0B94B…

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6/6 Voila! This beautiful flow will very soon be abstracted away from the user and integrated in our front end. Stay in touch for the withdrawal procedure. We need to finalize the details on this one to be able to bring it to you!
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