Pingu Exchange announced that it will cease operations and permanently shut down the platform on July 31st BlockBeats News: On June 2nd, according to official sources, Pingu Exchange, an on chain perpetual contract platform, announced that it will permanently cease operations and officially shut down the platform on July 31, 2026. The team stated that Pingu was launched on Arbitrum in January 2024, with a total financing of approximately $270000, and has always relied on platform revenue to maintain operations. In the past 18 months, the platform has accumulated nearly $2.4 billion in trading volume, distributed approximately $650000 in ETH and USDC rewards to staking users, and accumulated a certain amount of capital reserves. Pingu stated that the company subsequently invested resources into the Monad ecosystem in hopes of achieving new growth, but the related strategies did not meet expectations. After migrating to the Monad mainnet for six months, the cumulative transaction 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 financial reserves. In the end, the team decided to cease operations and return the remaining funds to the community, rather than continuing to consume funds to sustain the project. According to the arrangement, the platform will enter the "reduction only" mode from June 3rd and stop adding new positions; Complete all settlements and close the application on July 31st. The team plans to use 64.46 ETH to provide exit liquidity to early Arbitrarum users who still hold PINGU tokens, while giving up the corresponding equity of 57% tokens held by the treasury to increase the exit value for community users. Pingu expressed deep regret for not being able to fulfill the Monad points incentive plan and thanked traders, liquidity providers, and community members for their support over the past 18 months. [Original link]