Pingu Exchange has announced that it will cease its operations and permanently shut down the platform on July 31st.

BlockBeats News, June 2nd - According to official sources, the on-chain perpetual contract platform Pingu Exchange announced that it will permanently cease operations and officially close the platform on July 31, 2026. The team stated that Pingu was launched on Arbitrum in January 2024, raising a total of approximately $270,000 in funding and has always relied on platform revenue to sustain its operations. Over the past 18 months, the platform's total trading volume has approached $2.4 billion, distributing around $650,000 in ETH and USDC rewards to staking users and accumulating a certain level of fund reserves.

Pingu mentioned that the company would subsequently allocate resources to the Monad ecosystem in hopes of achieving new growth, but the related strategy did not meet expectations. Six months after the project migrated to the Monad mainnet, the total trading volume was only about $80 million. Due to insufficient business growth, the team stopped receiving salaries since February this year to avoid further depleting the fund reserves. Ultimately, the team decided to cease operations and return the remaining funds to the community instead of continuing to deplete the funds to maintain the project.

According to the arrangement, the platform will enter a "liquidation only" mode starting from June 3rd, halting new positions; all settlements will be completed by July 31st, and the application will be closed. The team plans to use 64.46 ETH to provide exit liquidity to early Arbitrum users who still hold PINGU tokens, while forgoing the 57% token governance rights held by the treasury to enhance the exit value for community users. Pingu expressed deep regret for not fulfilling the Monad point incentive plan and thanked traders, liquidity providers, and community members for their support over the past 18 months.