- The DeFi protocol Cega Finance, which provides exotic options strategies and structured investments, declared that it has been purchased by a “leading protocol” and will shut down its site before the end of the year.
- According to Cega’s team, the purchaser has decided to keep things quiet.
The well-known on-chain protocol for structured investment products and exotic options, Cega, has said that it is being purchased by a “leading platform” and would cease operations by the end of the year.
With its inaugural Solana launch in June 2022, Cega, which runs across Ethereum, Solana, and Ethereum Layer 2 network Arbitrum, asserts that it was the first to introduce novel alternatives to DeFi. Exotic options are more specialized and usually come with extra requirements, whereas conventional options let customers buy or sell an underlying asset at a given price and period.
Building the next step in DeFi derivatives was Cega’s initial goal. We are thrilled to report today that a top platform has purchased us in order to carry out our ambition. Being the first to introduce exotic alternatives to DeFi, processing half a billion dollars in volume, and securely safeguarding user cash for three years are all accomplishments that our team is incredibly proud of.
Deposits are no longer being accepted on Cega’s platform, and the protocol advised customers to start taking withdrawals because its products will expire at the end of the year.
The leading platform that is purchasing the DeFi protocol and the price were not disclosed by Cega’s team. The buyer decides to keep this information confidential.
Cega was valued at about $60 million when it raised $5 million in new capital in March 2023. Arisa Toyosaki, the CEO and co-founder of Cega, declined to comment on the precise valuation, though.
Although cega as you know it is coming to an end, our mission to push the limits of defi continues, and you could see us reappearing in other places.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
