Dango’s perp DEX taps out nearly 4 months after launch

Layer-1 blockchain Dango will wind down operations by halting trading on its perpetual decentralized exchange (DEX) on Wednesday and shutting down its network on Aug. 13.“Despite our best effort, various reasons have led us to conclude there is no viable path to a lasting commercial success,” Dango said in a Friday X announcement.Dango founder Larry Liu added that the team faced cash shortages, legal challenges that slowed momentum, the loss of team members, and broader market conditions.Dango launched its mainnet in January after raising $3.6 million in a 2024 seed round led by Hack VC and Lemniscap. It rolled out its perpetual DEX in April, only to suffer a roughly $410,000 exploit days after launch. The attacker later returned the funds in exchange for a bug bounty.Related: BitMEX hit with 623 BTC lawsuit on day it announces shutdownDango’s open interest dwarfed by Hyperliquid, AsterAccording to DefiLlama, Dango’s total value locked fell from a peak of roughly $4.5 million in early May to about $1.6 million before the announcement. The perp DEX market is increasingly competitive and dominated by a handful of platforms. Hyperliquid held more than $11 billion in open interest on S...