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Pingu Exchange announces permanent shutdown at the end of July

WuSaidBlockchainW
Pingu Exchange announces permanent closure, the platform will enter a sell-only mode starting from 21:00 UTC+8 on June 3, no longer opening new positions, and the dApp will be taken offline after settlement on July 31 at 21:00 UTC+8. Pingu launched on Arbitrum in January 2024, initially raising about $270k, with a total trading volume approaching $2.4 billion within 18 months, and distributing approximately $650k worth of ETH and USDC to stakers. The team stated that they bet on Monad but failed to turn things around; six months after mainnet launch, the trading volume was about $80 million, and since February, the team has not received salaries, currently lacking sufficient funds and energy to continue operations. Pingu will allocate 64.46 ETH as concentrated liquidity for PINGU/ETH, providing an exit for users who bought and still hold PINGU on Arbitrum in 2024; the project's treasury, holding 57% of the supply, will not participate in claims. The team also stated that they are unable to fulfill the Monad points activity and apologized to the community.
ETH-4.92%
MON-2.3%
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PlayfulAndCheerfulSunflower
· 2h ago
Web3 entrepreneurship is truly a life-and-death struggle, with limited funding, long cycles, and high migration costs
View OriginalReply0
LeverageLatte
· 18h ago
Wishing the team good luck on the next project, at least they didn't do Rug, and exited with dignity.
View OriginalReply0
GateUser-eb706989
· 18h ago
Staking has distributed 650k, and there are still 64 ETH left. This ledger is quite transparent.
View OriginalReply0
PickingUpAirdropsInTheFog
· 18h ago
Starting with a $270k launch to reach $2.4 billion—actually, the team’s capabilities aren’t bad; they just chose the wrong chain.
View OriginalReply0
0xCaffeine
· 18h ago
64.46 ETH returned to the users—at least they didn’t just run away.
View OriginalReply0
MetalFrameBookPageCross
· 18h ago
18 months, 2.4 billion in transaction volume—yet it turned out the team was already doing the hard work for free as early as February; this industry is just too brutal.
View OriginalReply0
YieldYogi
· 18h ago
Another one gone, the Monad ecosystem is really addictive.
View OriginalReply0

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