Crypto
Home›Crypto›Market Structure›Perp DEX Dango to halt trading July 29 and shut chain…
Perp DEX Dango to halt trading July 29 and shut chain Aug. 13
The team said trading will stop July 29 at 12:00 UTC, with remaining positions closed at oracle prices and funds returned as USDC, while deposits still on the chain will be refunded on Aug. 13 to Ethereum deposit addresses.
Perp DEX Dango said it will wind down its perpetuals exchange, halting trading on July 29 and shutting off its Layer-1 blockchain on Aug. 13. The project, which built its trading system on its own chain, attributed the decision to a lack of a viable path to lasting commercial success, adding that user funds are safe.
According to The Defiant, on July 29 at 12:00 UTC the exchange will stop trading, close remaining positions at oracle prices, unlock deposits held in the protocol's DLP liquidity vault, and return all funds as USDC to users' spot accounts. On Aug. 13 at 12:00 UTC, the Dango chain will stop running, and any remaining deposits will be refunded to their deposit addresses on Ethereum.
The Defiant reported that Dango marketed itself as a CeFi-grade onchain trading experience and that its perps mainnet launched in early April. It noted that issues began days later when an attacker exploited donation logic tied to the insurance fund, draining USDC collateral from the perps contract before the team contained the impact with rate limits and later restored operations without user losses.
The wind-down timing lands mid-way through Dango Grand Royale 2, a trading competition scheduled through July 29 at 12:00 UTC, the hour trading is set to end. The project also reported holding $1.77 million in total value locked at the time of the announcement, with the article citing DefiLlama figures showing TVL down 33% over 30 days and open interest of about $500,000 against $239 million in 30-day perps volume.
Latest closeEthereum $1,857.93 ▼1.0%