PANews October 19 news: Bitcoin infrastructure protocol Echo Protocol announced that after nearly two years of operation, the team has decided to gradually shut down the protocol and end the related business. Currently, the lending business has stopped accepting new deposits and borrowings and has stopped accruing interest; Strategy has stopped accepting new deposits; LSD has stopped accepting new staking. Repayments, withdrawals, and necessary asset liquidations can still proceed normally. After November 14, Echo will officially cease operations.
Users can withdraw, repay, and unstake starting from 08:00 on October 19, with a deadline of 07:59 on November 20. Loans not repaid by the deadline will have their collateral liquidated, and the proceeds will be used to repay lenders. After the deadline, remaining positions will enter liquidation or settlement procedures, with the specific timing to be determined. After the protocol is shut down, the cross-chain bridge redemption service from Aptos to B² Network will still be retained. The team reminds users to ignore any requests asking them to transfer funds or privately sign to a specific wallet address.