Pingu Exchange to Permanently Close by July 2026

Decentralized contract trading platform Pingu Exchange has announced its permanent closure, with operations ceasing on July 31, 2026. According to Odaily, Pingu launched on Arbitrum in January 2024, initially achieving a trading volume of approximately $2.4 billion with a starting capital of around $270,000. The platform distributed about $650,000 in ETH and USDC to stakers. The team later transitioned to the Monad mainnet, but the trading volume dropped to about $80 million over six months. Since February, the team has not taken salaries to conserve the treasury.