Pingu Exchange, a decentralized contract trading platform, will permanently shut down on July 31, 2026. Launched on Arbitrum in January 2024, Pingu achieved a cumulative trading volume of $2.4 billion. However, after migrating to the Monad mainnet, trading volume dropped to $80 million over six months. The team ceased salary payments in February to conserve funds.
The project will return 64.46 ETH to users who purchased tokens on Arbitrum in 2024 and still hold them. This will be done through a centralized order in the PINGU/ETH pool on Arbitrum, with a verification window open until July 31. Users are advised to close contract positions and withdraw LP funds promptly, as the vault primarily sourced from Arbitrum cannot redeem Monad points fairly.
Pingu Exchange to Permanently Close on July 31
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