Pingu Exchange announces it will cease operations, permanently shutting down the platform on July 31

BlockBeats News, June 2nd, according to official sources, on-chain perpetual contract platform Pingu Exchange announced it will cease operations permanently and officially close the platform on July 31, 2026. The team stated that Pingu launched on Arbitrum in January 2024, raising approximately $270k in funding, and has always relied on platform revenue to sustain operations. Over the past 18 months, the platform's total trading volume approached $2.4 billion, distributing about $650k worth of ETH and USDC rewards to stakers, while accumulating a certain amount of reserve funds.

Pingu said that the company subsequently invested resources into the Monad ecosystem, hoping to achieve new growth, but the related strategy did not meet expectations. Six months after migrating the project to the Monad mainnet, the total trading volume was only about $80 million. Due to insufficient business growth, the team has stopped receiving salaries since February this year to avoid further depletion of reserve funds. Ultimately, the team decided to cease operations and return the remaining funds to the community rather than continue to consume funds to sustain the project.

According to the plan, the platform will enter "withdraw-only" mode starting June 3, stopping new positions; all settlements will be completed by July 31, and the application will be closed. The team plans to use 64.46 ETH to provide early Arbitrum users who still hold PINGU tokens with liquidity for exit, while relinquishing rights corresponding to 57% of the tokens held by the treasury to increase the exit value for community users. Pingu stated that it deeply regrets not being able to fulfill the Monad incentive program and thanks traders, liquidity providers, and community members for their support over the past 18 months.