BTC yield protocol Structured has announced the closure of its platform and is now allowing users to redeem their assets.

According to ME News, on February 21st (UTC+8), the BTC yield protocol Structured announced the closure of its platform and opened redemption for users. The project originally planned to provide a sustainable BTC yield strategy with recyclable leverage, achieving a TVL of approximately 84 BTC and a historical annualized return of approximately 5%–7%. Since its public beta launch last October, users had averaged a 1% increase in holdings. The team stated that in the bear market environment, high entry and exit fees for JLP and decreased market liquidity made it difficult for the strategy's fees and drawdowns to be covered by returns, rendering the current risk-reward ratio unsustainable. All funds are now held in custody in WBTC, and users can redeem them on the Ethereum mainnet at a rate of 1 maxBTC = 1.009240684 WBTC. (Source: ME)