Porter Finance is shutting down its bond issuance platform

Today, I am announcing Porter Finance will be shutting down its bond issuance platform.

Looking forward, we are not confident there will be large inflows of lending demand for fixed income DeFi products like the ones offered through Porter Finance. This is primarily due to the competitiveness of rates offered in traditional finance and the lack of institutional fixed income DeFi adoption over the past year. We are also no longer willing to take on the legal risk associated with bond offerings. For these reasons, we are pivoting away from the bond issuance platform and exploring better opportunities.

The closing of the platform is independent of and does not affect Ribbon DAO’s obligation to its lenders. Ribbon DAO is still bound by its promise to repay.

The app located at https://app.porter.finance will remain live until all Ribbon DAO lenders redeem or convert their bonds. However, the app is not needed to interact with the bonds. The smart contract used for the Ribbon DAO bond issuance (found here) is immutable and does not require any intervention from the Porter Finance team for repayment, conversion, or redemption of the Ribbon DAO bonds. If you plan on interacting with the smart contract directly, please reach out to support@porter.finance first.

I believe the future is bright and am proud of all we have accomplished. Thank you for all your understanding and support.

– Jordan