Dango to Shut Down Perpetuals Exchange After Less Than Four Months

Dango, a Layer-1 blockchain and perpetuals exchange, is shutting down. Trading will halt on July 29, and the chain will stop running on August 13.

The team behind Dango cited 'various reasons' for the decision to close down, stating there was no viable path to commercial success.

In a statement, the team said: 'To our users: thank you for the support, and we're deeply sorry for not being able to make it work.'

The exchange was launched in early April after raising $3.6 million in a seed round led by Hack VC and Lemniscap.

Within days of launch, Dango suffered an exploit that drained USDC collateral from the perps contract, but no user funds were lost due to a bridge rate limit that contained the damage.