Dango to Shut Down, Halting Trading on July 29

Dango, a perpetuals exchange on its own Layer-1 blockchain, will cease operations, halting trading on July 29 and shutting down its chain on Aug. 13. The team announced on July 24 that despite efforts, there is no viable path to commercial success, assuring users that funds are safe. Withdrawal limits will be lifted soon, and users are urged to close positions and withdraw due to potential slippage from thin liquidity. At 12 pm UTC on July 29, trading will stop, remaining positions will be closed at oracle prices, and funds in the DLP liquidity vault will be returned as USDC to users' accounts. The Dango chain will stop running on Aug. 13, with any remaining deposits refunded to Ethereum addresses. Dango, developed by Left Curve Software, raised 3.6 million dollars in a November 2024 seed round. The exchange's mainnet launched in early April, but faced issues shortly after, including a USDC collateral drain by an attacker, which was fully returned. At the time of the announcement, Dango had 1.77 million dollars in total value locked, down 33% over 30 days, with about 500,000 dollars in open interest against 239 million dollars in 30-day perps volume. The wind-down coincides with the Dango Grand Royale 2 trading competition.

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