StandX has canceled its planned token generation event (TGE) and announced a wind-down plan for its perpetuals DEX.
Despite reaching a peak TVL of $200 million without external VC funding, StandX fell short of its goal of becoming a top-three perpetuals DEX. The team said launching a token without sustainable long-term value would be irresponsible to its community.
📅 Key Dates
Oct 20: Perps switch to reduce-only mode
Nov 1 – Dec 31:
$DUSD
airdrop claims (no lockup)
Jan 15: Positions must be closed
Jan 31: Withdrawals and redemptions end
StandX plans to fund the airdrop using its remaining treasury and a personal contribution from the founder. The team says user funds are safe and
$
DUSD is fully collateralized.
Overall, the decision highlights the challenges of sustaining growth in the competitive perps DEX market. The execution of the airdrop and fund withdrawals will be key to maintaining user trust. 👀
Despite reaching a peak TVL of $200 million without external VC funding, StandX fell short of its goal of becoming a top-three perpetuals DEX. The team said launching a token without sustainable long-term value would be irresponsible to its community.
📅 Key Dates
Oct 20: Perps switch to reduce-only mode
Nov 1 – Dec 31:
$DUSD
airdrop claims (no lockup)
Jan 15: Positions must be closed
Jan 31: Withdrawals and redemptions end
StandX plans to fund the airdrop using its remaining treasury and a personal contribution from the founder. The team says user funds are safe and
$
DUSD is fully collateralized.
Overall, the decision highlights the challenges of sustaining growth in the competitive perps DEX market. The execution of the airdrop and fund withdrawals will be key to maintaining user trust. 👀