From Arb highlights to Monad's silence, Pingu's exit is quite respectable—64 ETH to cover early users, the team went half a year without pay, at least they didn't run away.

Jiêjiè/CoinJiexian news reports that the on-chain perpetual contract platform pingu exchange announced it will permanently close on July 31, 2026. Pingu launched on Arbitrum in January 2024, raised approximately $270,000 in total funding, and recorded a trading volume of $2.4 billion. It also distributed about $650,000 in rewards to staked users. After migrating to the Monad mainnet, its trading volume for the following 6 months was only about $80 million, and the team stopped receiving salaries starting from February. The platform will enter a “reduce-only” mode starting June 3, complete settlement on July 31, and shut down the app. The team plans to use 64.46 ETH to provide exit liquidity for early Arbitrum users and will give up 57% of the treasury token rights to increase the community’s exit value.