Satori Finance Shuts Down July 16 After Funding Shortfall

Satori Finance, a decentralized exchange backed by prominent venture capital firms, announced it is shutting down after failing to generate sufficient revenue to sustain operations. The platform, which offered leveraged perpetual futures trading, will cease operations on July 16, giving users a one-month window to close positions and withdraw their assets.

The decision was announced by the Satori team on June 16, citing prolonged unfavorable market conditions. The team stated that continuing to run the platform was no longer financially viable. Users have until 23:59 UTC on July 16 to withdraw funds. After that deadline, the platform will be taken offline and assets left on it may become inaccessible.

Satori Finance had raised $10 million in a seed funding round in May 2022. The round was led by Polychain Capital with participation from Coinbase Ventures, Jump Crypto, and other investors. The protocol launched its mainnet in 2023 and at one point claimed to serve over 600,000 traders across multiple blockchain networks, including Ethereum, Arbitrum, Polygon zkEVM, and Optimism. It offered leverage of up to 25 times on various assets.

Despite processing a cumulative $134 billion...