Pingu Exchange announced it will permanently shut down on July 31.

CoinFeed reported on June 2nd that the decentralized contract trading platform Pingu Exchange has announced its permanent closure, with the platform scheduled to shut down on July 31, 2026. Pingu launched on Arbitrum in January 2024, achieving a cumulative trading volume of approximately $2.4 billion with an initial investment of about $270,000, and distributing approximately $650,000 worth of ETH and USDC to stakers. The team subsequently bet on the Monad mainnet, but after migrating, the platform's trading volume only reached about $80 million in approximately six months. The team stopped paying salaries in February to avoid depleting the treasury.