Altitude is winding down.
First, the part we're proud of. In over two years of Altitude being live, Altitude was never hacked and never exploited. We never lost a cent of user funds. We never had a drawdown.
We generated around $245,000 in yield for our users, and we grew to $30 million in total deposits. Every position stayed safe, the whole way through.
The reason we're stopping is simpler and harder. We had very loyal users who genuinely loved the product. Just not enough of them. Without more deposits, the protocol didn't earn enough in fees to sustain itself. We tried a lot of ways to close that gap. In the end the numbers didn't work, and running a protocol that holds people's money on thin margins is not something we were willing to do.
As we’re winding down, we ask you to please close your positions and move your funds out.
Now the thank yous, and I mean every one of them.
To the team who built Altitude: you built something that worked, safely, for years, in a space where that is rare. I could not have asked for more from you.
To our investors: thank you for backing us and for trusting us with your capital and your belief. It didn't end the way any of us wanted, and I'm grateful all the same.
And most of all, to the hundreds of you who used Altitude and trusted the protocol with your funds: thank you. You are the reason we built it, and the reason our safety record mattered as much to us as it did. We never took that trust lightly, not for a single day.
I’m proud of what we built together, and sad to close it.
Thank you, all of you.
@tobiasvanamstel, Co-founder & CEO, Altitude