Dango's Perp DEX Halts Trading on Wednesday, Shuts Network by Aug. 13 After 4 Months

According to Dango's Friday X announcement, the Layer-1 blockchain will wind down operations by halting trading on its perpetual DEX on Wednesday and shutting down its network on Aug. 13. "Despite our best effort, various reasons have led us to conclude there is no viable path to a lasting commercial success," Dango said. Founder Larry Liu cited cash shortages, legal challenges, team member losses, and adverse market conditions.

Dango launched its mainnet in January after raising $3.6 million in a 2024 seed round led by Hack VC and Lemniscap. The perp DEX launched in April but suffered a $410,000 exploit days later, with the attacker eventually returning funds for a bug bounty. According to DefiLlama, Dango's total value locked fell from roughly $4.5 million in early May to about $1.6 million before the announcement, with open interest of just under $391,000.