Winding Down Pony Finance

Over the past several months, headwinds to DeFi projects have continued to grow stronger. Specifically, changes in the macro regulatory environment have forced many projects to take a hard look at their long-term sustainability. With that in mind, the team at Pony Finance have made the difficult decision to end the project. The difficult reality is that regulatory uncertainty at this time is simply too great for us to continue forward.

Our entire team has worked incredibly hard to bring a world-class yield bearing ERC-20 token to market and we are incredibly proud of the work that has gone in so far. As the first multi-chain stable coin to bring yields from a vast number of different ecosystems to Ethereum layer-1, we provided a hint at the incredible potential of a truly multi-chain future.

Administrative details:

1. The Pony Index will continue to exist as an ERC-20 token and the underlying vault assets will remain in place. However, the methodology will no longer be updated and the product will no longer be rebalanced. This means that the yield could gradually decrease over the next several months.
2. The $PONY index will continue to be redeemable for the underlying assets
3. Pony Finance governance contract will also remain in place for any final governance decisions that the DAO needs to make
4. The DAO will be able to vote on how to spend the total accumulated fees (roughly $1,655 as of August 30)
5. The team suggests donating those fees to an Ethereum public goods foundation
6. The core Pony Finance team will begin to wind-down the Discord, Twitter, Website, and related pages.

While this is not the outcome we wanted to see at launch, this is the unfortunate reality of the present moment. Thank you everyone for your support over the last several months.

Yee-haw!