Pingu Exchange announced that it will cease operations and permanently close on July 31

According to official news, the decentralized trading platform Pingu Exchange announced that it will permanently close on July 31, 2026, at 13:00 (UTC).

The platform stated that starting from June 3 at 13:00, all markets will switch to a liquidation-only mode, stopping the opening of new positions; after the settlement is completed on July 31, the dApp will go offline.

Pingu stated that its cumulative trading volume on Arbitrum over 18 months is nearly $2.4 billion, allocating approximately $650,000 in ETH and USDC to stakers. In addition, 64.46 ETH will be allocated to the PINGU / ETH liquidity pool in a concentrated liquidity form, open for claims to users who buy and still hold PINGU on Arbitrum in 2024, with the deadline also being July 31.