Svmuu News: DeFi platform Dango has announced it will cease operations. The team stated that, due to a variety of factors, it was unable to identify a viable path to long-term commercial success. Dango confirmed that user funds are secure and that withdrawal restrictions will be lifted shortly. The platform advises users to close their positions and withdraw funds as soon as possible, while also cautioning them about the risk of slippage, as liquidity is expected to decline.
The specific arrangements are as follows: At 12:00 UTC on July 29, the platform will halt trading; remaining positions will be settled based on oracle prices; DLP Vault deposits will be unlocked; and all funds will be returned to users’ spot accounts in USDC.On August 13 at 12:00 UTC, the Dango L1 blockchain will cease operations, and any funds not yet withdrawn will be returned to users’ deposit addresses on Ethereum.