ZeroLend founder "Ryker" announced the protocol would wind down after three years, citing inactive or illiquid supported chains, oracles discontinuing service, and recurring operating losses. LTVs were reduced to 0% (withdrawal-only mode), pushing the platform toward shutdown. This followed a peak of roughly $359M in TVL in November 2024.
On Feb. 23, 2025, ZeroLend's Lombard Staked Bitcoin (LBTC) lending market on Base was exploited; the attacker used forged LBTC as collateral to drain liquidity from lending pools, affecting suppliers of that product. Affected users were later promised partial compensation via an airdrop allocation.
ZeroLend carried out the ZERO token generation event on May 6, 2024, distributing roughly 15–18% of the ZERO supply to the community via airdrop (including a portion to PYTH stakers and Zero Gravity points participants). Tokens not claimed within 30 days were slated to be returned to the treasury.
ZeroLend announced the closure of its $3M seed round (investors incl. Momentum 6, Morningstar Ventures, Blockchain Founders Fund, GBV Capital), at the time already the largest protocol on zkSync and third-largest on Manta by TVL, ahead of its planned ZERO token launch.
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