Flash Trade to Wind Down Unless It Finds Buyer for Solana Perp DEX

Flash Trade, a Solana perpetuals exchange, announced on Friday that it will wind down operations unless it finds a buyer. The decision was not driven by financial reasons, according to the team.

'This decision is not calculated based on monetary reasons,' the team wrote on X, citing 'direction, shrinking market participants, and our own honest read on the crypto market as a whole and where it is heading.'

The exchange has put its tech stack, brand, and intellectual property up for sale. The proceeds will be distributed to FAF token holders pro rata, with no share going to the team.

The team explored freezing its automated market maker (AMM) with MetaDAO to return funds to holders, but this was not possible.