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Babylon Finance, a decentralized finance (DeFi) management protocol built on Ethereum, will shut down on November 15, after the team failed to reach an agreement on reimbursement with Fei Protocol.
Ramon Recuero, Babylon Finance Founder, wrote in a blog post that at the end of June, Fei Protocol and Rari Capital canceled the reimbursement and forced Babylon to "reprice the Rari assets to zero."
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Recuero added that the Babylon team will consolidate all remaining treasury holdings and distribute them amongst BABL and hBABL holders. The process will start on September 6. He added:
"Utterly disappointing to see teams like FEI cashing out when their project has failed."
Update: Edited headline and third paragraph with corrected name of the project.
