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Dango shuts perpetual DEX, to wind down network on Aug. 13
Dango cited cash shortages, legal challenges, and weakened market conditions, after its perp DEX suffered an exploit about $410,000 worth shortly after launch.
Dango will close its perpetual decentralized exchange and wind down its blockchain network, halting perp trading on Wednesday and shutting down the network on Aug. 13, according to Cointelegraph.
In a Friday X announcement, Dango said there is no viable path to lasting commercial success, with founder Larry Liu pointing to cash shortages, legal challenges that slowed momentum, the loss of team members, and broader market conditions.
Dango launched its mainnet in January after raising $3.6 million in a 2024 seed round led by Hack VC and Lemniscap. It later rolled out its perpetual DEX in April and experienced an exploit roughly $410,000 after launch, though the attacker later returned funds in exchange for a bug bounty.
Cointelegraph reported that Dango’s total value locked fell from about $4.5 million in early May to roughly $1.6 million before the shutdown announcement, and that its open interest was just under $391,000. The Dango shutdown adds to other crypto platform closures in July, including BitMEX, as competition and compliance pressures concentrate activity among the largest players, according to Roshan Dharia, a restructuring adviser interviewed by Cointelegraph.