Ah, the sweet sound of a promising venture meeting its untimely demise. Alpaca Finance, once the toast of the BNB Chain, has announced its grand exit from the stage, leaving behind a trail of disappointed hopes and empty wallets. On Monday, the protocol, which had once ridden high on the waves of success, declared that it was “sunsetting” its operations. A fancy term for calling it quits, really. A melancholy post, filled with the sorrow of a lost opportunity, told the tale of its fall from grace.
But let’s rewind, shall we? A mere few years ago, Alpaca was the hotshot of the DeFi world. No venture capital to back it, yet it soared to the top, amassing a Total Value Locked (TVL) exceeding a jaw-dropping $900 million in early 2022. That was the peak, the zenith, the moment everyone thought this was the start of something legendary. Yet, as May 2025 unfolded, the reality hit. The TVL plummeted, crashing to a meager $54.6 million. A catastrophic 94% drop. That’s right, you heard it correctly – 94%. If only someone had passed them a mirror to see how far they’d fallen.
Why, you ask? Well, one could say that the writing was on the wall from as early as April 25. That’s when Binance, the crypto kingpin, decided to delist Alpaca’s token, $ALPACA, from its exchange. A subtle hint, perhaps, that the world of DeFi was moving on, and Alpaca was being left behind. As if that wasn’t enough, the world watched as the protocol spiraled into the abyss of irrelevance. It was inevitable, like watching a slow-motion car crash, with no one able to look away.
But don’t take my word for it. The full tragic tale of how Alpaca went from DeFi darling to dustbin dweller can be read here. Spoiler alert: It’s not pretty. 😉
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2025-05-27 13:39