CDP Stablecoin Protocol Ebisu Announces Shutdown, No EBISU Token Issuance
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The CDP stablecoin protocol Ebisu has announced its shutdown. Users are required to close any remaining Troves, withdraw deposits from the stable pool, and remove liquidity from the ebUSD DEX. The minting of ebUSD has been suspended, and the Ebisu frontend will go offline in three months (on October 30). The team had attempted to replace the stable pool with instant liquidation, support multi-chain issuance of ebUSD, implement a circular treasury and one-click leverage abstraction protocol, and explore acquisition opportunities for the protocol, but failed to address the core bottleneck of CDP-type protocols. This has hindered the establishment of sufficient liquidity and sustained demand for the stablecoin to support a larger credit market. Ebisu also announced that it will not launch the EBISU token and will not airdrop to xEBISU or BOLD holders who participated in the Liquity v2 fork mining program. xEBISU has no monetary value and cannot be exchanged for cash, equity, tokens, or any other form of rights. The team stated that only tokens capable of sustainably accumulating real economic value should exist, and there is no responsible path to launch a token after the shutdown of Ebisu. Ebisu had previously received $1.2 million in investment, based on the Liquity V2 fork, supporting new collateral assets and adjustable risk parameters, serving the stablecoin credit market for Ethereum and the Plasma ecosystem.
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