This has got to be the most ridiculous soft rug team I've ever seen: Same team, same project, two shells, each shell completed one round of funding. The old shell raised $12M, the new shell raised $15M. Before the old shell stopped operating, it funneled traffic to the new shell. Now both have collapsed, and neither issued tokens. 2022.12: @perenniallabs announced the completion of a $12M seed round; 2024: Launched the Petals rewards program, TVL once exceeded $18M before crashing hard; 2025.12: @cascade_xyz announced the completion of a $15M seed round (almost the same batch of investors as Perennial); 2026.01: Cascade launched a pre-deposit rewards program, over-subscribed by more than 3x, with a total of $26M USDC deposited; 2026.05-06: Perennial officially announced it was ceasing operations; Cascade hasn’t updated its posts for over a month, suspected to have rug-pulled. At this point, I feel the worst for those who deeply participated in the rewards and pre-deposit programs.