Dango will shut down its trading platform and blockchain technology after concluding that the project has no path to lasting commercial success. The team asked users to close positions and withdraw funds.
The liquidation comes just months after Dango opened for permanent futures trading in April. Similar closures have repeatedly hit the sector until 2026.
Dango sets two deadlines for users to checkout
Dango operates a layer-one (L1) blockchain and a decentralized exchange (DEX). Both are now on the countdown.
Trading will cease on Wednesday, July 29, at 12 noon UTC. The remaining positions will be closed at the oracle price, and deposits will be opened in their liquidity provider’s vaults. The team said that all balances will be returned to USDC for spot accounts.
L1 then stops working on Wednesday, August 13 at 12 noon UTC. The deposits she left at that point go back to her money Native Ethereum (ETH) addresses.
“Funds are safe. Withdrawal limits will be lifted soon. We encourage you to close positions and withdraw funds. Be careful of slippage, as liquidity is expected to be thin,” Dango books.
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Founder Larry pointed to a combination of pressures rather than a single failure.
“Since launching in April, our team has faced strong headwinds: running out of cash, legal/compliance challenges that led to significant delays in our ability to ship new features, resulting loss of growth momentum, loss of talent from the team, and overall very negative market conditions.” He explained.
Dango is not alone. Cryptorank counting 17 major cryptocurrency closures and bankruptcies as of July 23, including Loopring DEX, Movement laboratoriesand Bitcoin Depository.
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this post Another crypto project goes dark as Dango ends appeared first on BeInCrypto.
