Algofi, the supposed decentralized finance project on Algorand, has shut down. The first lending and borrowing platform on the Algorand blockchain was never fully decentralized. I know, shocker! They had created a supposed DAO last year with a governance token called $BANK. The governance token holders were supposed to be able to run the platform even if the developer's stopped working on it. But now that the developer's have stopped working on the platform, the governance token went to $0 and retail that bought in, are broke now. 

The problem with the collapse of this bank of Algorand is that it was never open source. So there wasn't any way for someone to build a new Algofi clone or to improve the old bank. The DAO was also, obviously a sham as it didn't do it's job at all. Apparently the original team had said they were going to make it completely decentralized, but decided to shut down the project before they did so.

Oh well, at least there's Folks Finance.