April 23, 2020 DeFi liquidity provider, Paradigm Labs has decided to wind down its operations.

Paradigm Labs, a liquidity infrastructure provider for decentralized finance (DeFi) protocols announced on Tuesday that it is shutting down operations. Liam Kovatch, Paradigm’s CEO explained that the lack of a meaningful product-market fit, combined with limited resources were the principal reasons for the decision. Kovatch elaborated that the company struggled to evolve with a fast-moving DeFi sector and was unable to establish itself as a valuable service provider for decentralized exchanges (DEXs) since other services, namely 0x and Uniswap rendered Paradigm’s orderbook service obsolete. Paradigm had previously raised $1 million from investors, including Polychain Capital, Dragonfly Capital and Chapter One.