羊駝金融公司是槓桿收益式農業的早期領導人，將於2025年底關閉

該協議將開始關閉所有產品，包括其原始的產量耕作平台，自動拱頂和分散的永久性

Alpaca Finance, a popular leveraged yield farming protocol on BNB Chain, will shut down operations by the end of 2025, the team announced Monday.

該團隊週一宣布，BNB連鎖店上的一項受歡迎的槓桿收益式農業協議將在2025年底關閉運營。

The protocol will begin winding down all products, including its original yield farming platform, automated vaults, and decentralized perpetuals, over the next few months. Front-end access will remain available through December 31, 2025, to give users time to withdraw their assets.

該協議將在未來幾個月內開始關閉所有產品，包括其原始的產量耕作平台，自動拱頂和分散的永久性。前端訪問將在2025年12月31日之前可用，以使用戶有時間撤回其資產。

"This choice wasn’t made lightly, but we believe it is the most responsible course of action to safeguard our community and ensure a graceful and secure wind-down," the Alpaca team wrote.

羊駝團隊寫道：“這種選擇不是輕易做出的，但我們認為這是維護我們社區並確保優美而安全的風能的最負責任的行動。”

Launched during DeFi's 2021 boom, Alpaca quickly rose to prominence on BNB Chain for its unique leveraged yield farming strategies. Users could amplify returns by borrowing capital to farm LP tokens, aiming to maximize gains in both DeFi and cryptocurrency markets.

羊駝在Defi 2021年的繁榮時期推出，由於其獨特的槓桿產量耕種策略，BNB連鎖店迅速在BNB連鎖店中脫穎而出。用戶可以通過向農場LP代幣借入資本來擴大回報，以最大程度地提高DEFI和加密貨幣市場的收益。

At its peak, Alpaca held over $1 billion in TVL and was one of the most-used protocols on the chain. It also launched a decentralized perpetuals exchange, aiming to provide traders with advanced derivatives products.

在其頂峰上，羊駝座在TVL中持有超過10億美元的資金，並且是該連鎖店中使用最多的協議之一。它還推出了分散的永久交易所，旨在為交易者提供高級衍生產品產品。

However, the protocol faced increasing difficulties sustaining its business model in a more competitive and capital-intensive DeFi landscape.

但是，該協議面臨著越來越多的困難，在更具競爭力和資本密集型的​​Defi景觀中維持其業務模式。

Internal numbers showed that Alpaca had been operating at a loss for over two years, with revenue tied directly to protocol usage. This challenge was further amplified by the project’s fair launch structure, which saw no VC backing or pre-mined tokens to support the project.

內部數字表明，羊駝已經虧損了兩年多，收入直接與協議使用有關。該項目的公平發射結構進一步擴大了這一挑戰，該結構沒有提供VC支持或預先開采的代幣來支持該項目。

The final blow came in late April, when Binance delisted ALPACA, rendering it harder to pursue new initiatives or strategic mergers.

最後的打擊發生在4月下旬，當時Binance將羊駝脫落，使得追求新計劃或戰略合併變得更加困難。

"We explored M&A discussions with several projects, and some progressed meaningfully," the team said. "But as the market turned downward again in early 2025, those deals fell through."

該團隊說：“我們探索了與幾個項目的併購討論，並有意義地進行了進展。” “但是，隨著2025年初市場再次下降，這些交易已經通過。”

ALPACA is currently trading at around $0.08, having lost over 90% of its value from its all-time high in 2021.

羊駝目前的交易價格約為0.08美元，其價值的90％以上的價值從2021年的歷史最高點上損失了。