Why is StandX @ StandX_Official gone? Mainly due to the inability to sustain the scale and continuous losses, they voluntarily chose not to issue coins and gradually shut down. It is a perpetual contract DEX (Perp DEX) founded by former Binance contract core members (CEO Aaron Gong/AG, co-founder Justin Cheng, etc., with a team background in Goldman Sachs and Amber). It will be launched on the main website in November 2025, fully self funded, and has no external VC. Key data Serving over 237000 users, with a peak TVL of over 200 million US dollars and a cumulative transaction volume of approximately 145 billion US dollars. In the past 30 days, it has traded approximately $11 billion, but the open interest (OI) is only about $14 million, and TVL has fallen to around $22 million. The monthly trading volume once soared to a relatively high level, but it was far inferior to Hyperliquid (with monthly trading volume of over 200 billion US dollars during the same period) and Aster. Why did it 'die' 1. The trading volume has not settled, the buying volume has failed, and the high trading volume is mainly driven by points/hairiness. The turnover is extremely high, but the actual position and retention are weak. OI and TVL continue to decline, but the volume has not been retained. 2. The income was basically returned to the users, and the team lost money and most of the transaction fees were returned to the holding users, DUSD income, and market making rewards through SIP-2, SIP-3, SIP-5A, etc. The team has left very little, and the operating costs (manpower, servers, market subsidies, etc.) cannot be suppressed. The team admits to losing money. 3. Unable to make it into the top three due to high opportunity costs. The goal was to enter the top three in the industry, but it was not achieved. CEO AG stated that with the current fundamentals, it is indeed possible to continue issuing coins, but if the long-term value cannot be realized and only short-term speculation is relied upon, the cost will be left to users and the community. The team believes that 'short pain is better than long pain'. 4. With self raised funds and fierce industry competition, and without external capital injection, in the environment of top projects such as Hyperliquid and Aster being crushed, it is very costly for the middle and lower tier Perp DEX to continue subsidizing liquidity. Exit method On October 15th, it was officially announced that platform tokens would not be issued, and DUSD would be airdropped in one go (without lock up, using remaining revenue+additional team contributions), and gradually shut down. Starting from October 15th, revenue will be suspended and new vaults will be closed. On October 20th, we will permanently switch to Reduce Only. Mandatory liquidation on January 15, 2027, with withdrawal and DUSD redemption deadline on January 31. Asset security (DUSD full collateral) is considered a relatively dignified exit, rather than directly running away or issuing coins for harvesting. Previously, the FDV in the pre market (Aspect) was close to $350 million, but after the official announcement, it plummeted by about 98.8%, leaving many point players disappointed. Simply put, the data looks good, but the real cash flow and user retention cannot sustain the competition. The team chooses to cut losses instead of continuing to burn money or issue coins to cut the last wave. This is quite typical in the current Perp DEX track - eating meat on the head and struggling to survive in the mid back.