Dango to halt trading July 29 and shut down network Aug 13

The decentralized exchange Dango will permanently cease operations, halting all trading on July 29 and shutting down its underlying blockchain network on August 13. The platform's team announced the decision after concluding there was no viable path to lasting commercial success.

Trading on the perpetuals-focused DEX will stop at 12 p.m. UTC on July 29, at which point all remaining open positions will be liquidated using oracle prices. The platform's Layer 1 blockchain will be shut down at 12 p.m. UTC on August 13. User funds are reported to be safe, and all assets will be returned to users' spot accounts in USDC. Any deposits not withdrawn by the August 13 deadline will be automatically refunded to the Ethereum addresses originally used to make the deposits.

In a statement, the team cited a combination of operational and external challenges that led to the decision. Founder Larry Liu pointed to cash shortages, legal issues that slowed progress, the loss of team members, and broader market conditions. The platform launched its mainnet in January after raising $3.6 million in a 2024 seed round led by Hack VC and Lemniscap. Its perpetual DEX went live in April but faced a...