羊驼金融公司是杠杆收益式农业的早期领导人，将于2025年底关闭

该协议将开始关闭所有产品，包括其原始的产量耕作平台，自动拱顶和分散的永久性

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

该团队周一宣布，BNB连锁店上的一项受欢迎的杠杆收益式农业协议将在2025年底关闭运营。

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.

该协议将在未来几个月内开始关闭所有产品，包括其原始的产量耕作平台，自动拱顶和分散的永久性。前端访问将在2025年12月31日之前可用，以使用户有时间撤回其资产。

"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.

羊驼团队写道：“这种选择不是轻易做出的，但我们认为这是维护我们社区并确保优美而安全的风能的最负责任的行动。”

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.

羊驼在Defi 2021年的繁荣时期推出，由于其独特的杠杆产量耕种策略，BNB连锁店迅速在BNB连锁店中脱颖而出。用户可以通过向农场LP代币借入资本来扩大回报，以最大程度地提高DEFI和加密货币市场的收益。

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.

在其顶峰上，羊驼座在TVL中持有超过10亿美元的资金，并且是该连锁店中使用最多的协议之一。它还推出了分散的永久交易所，旨在为交易者提供高级衍生产品产品。

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

但是，该协议面临着越来越多的困难，在更具竞争力和资本密集型的​​Defi景观中维持其业务模式。

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.

内部数字表明，羊驼已经亏损了两年多，收入直接与协议使用有关。该项目的公平发射结构进一步扩大了这一挑战，该结构没有提供VC支持或预先开采的代币来支持该项目。

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

最后的打击发生在4月下旬，当时Binance将羊驼脱落，使得追求新计划或战略合并变得更加困难。

"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."

该团队说：“我们探索了与几个项目的并购讨论，并有意义地进行了进展。” “但是，随着2025年初市场再次下降，这些交易已经通过。”

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

羊驼目前的交易价格约为0.08美元，其价值的90％以上的价值从2021年的历史最高点上损失了。