Dango, a perpetuals exchange built on its own Layer-1 blockchain, said it will shut down, halting trading on July 29 and switching off its chain on Aug. 13.
"Despite our best effort, various reasons have led us to conclude there is no viable path to a lasting commercial success," the team posted on X on July 24. "Funds are safe."
Withdrawal limits will be lifted shortly, and the team urged users to close positions and withdraw, warning that thin liquidity could mean heavy slippage. On July 29 at 12 pm UTC, trading halts: remaining positions will be closed at oracle prices, deposits in the protocol's DLP liquidity vault will be unlocked, and all funds will be returned as USDC to users' spot accounts. On Aug. 13 at 12 pm UTC, the Dango chain stops running, and any deposits still on it will be refunded to their deposit addresses on Ethereum.
Dango, which marketed itself as "The Endgame Exchange," was developed by Left Curve Software, the startup founded by the pseudonymous developer known as Larry Engineer. The company raised $3.6 million in a November 2024 seed round led by Hack VC and Lemniscap, with participation from Delphi Ventures, among others. The exchange's pitch was a CeFi-grade trading experience rebuilt onchain: a unified margin account, an onchain order book, and its DLP vault supplying liquidity across markets.
