Derivatives exchange PINGU will close on July 31

Foresight News reports that the decentralized derivatives exchange PINGU has announced it will permanently shut down its platform on July 31, 2026. The team stated that after operating on Arbitrum for 18 months and launching on Monad mainnet, it decided to cease operations due to insufficient financial reserves and the operations team having stopped receiving salaries since February. Starting June 3 at 21:00 (UTC+8), the platform will switch to allowing only position reduction operations, with no new positions opened, and after completing final settlements on July 31, the dApp will officially go offline.

Before shutdown, the platform will inject 64.46 ETH as concentrated liquidity into the PINGU/ETH liquidity pool, allowing users who purchased and held PINGU tokens on Arbitrum in 2024 to exit at a unified price, with the window period ending on July 31. The team also apologized for being unable to fulfill the promised Monad points activity.