Since day 1, testnet to mainnet, the only trading app that is truly transparent and fair. Maybe the Monad Foundation didn’t support you guys ,they’ve lost a big one. full respect to the Pingu team. definitely support you guys on your next project the future.Take care, Gpingu!
This is a hard one to write.
Pingu will shut down permanently.
After 18 months on Arbitrum and a Monad mainnet we truly believed in, we're winding down Pingu Exchange.
The platform closes for good on July 31st, 2026.
We launched on Arbitrum in January 2024 with around $270K raised. From day one, Pingu ran on its own revenue: we wanted to build for the community. Over 18 months Pingu did close to $2.4B in volume and distributed roughly $650K in ETH and USDC back to stakers while building up its treasury.
That runway let us bet on Monad, but the bet didn't transform. 6 months in, volume sits around $80M, and the team hasn't paid itself since February to avoid draining the treasury.
Today, we have neither the treasury nor the energy to keep pushing. Dragging it out would only mean spending money on hope. We'd rather give it back.
So that's what we're doing.
64.46 ETH goes to the people who bought PINGU on Arbitrum in 2024 and still hold, placed as concentrated liquidity in the PINGU/ETH pool (CA: 0x83E60B9F7f4DB5cDb0877659b1740E73c662c55B). Same exit price for everyone, no race, no first mover game. The window is open now and closes July 31st.
The 57% of supply held by the treasury won't claim any ETH, which means a better exit price for everyone who does.
Timeline (UTC):
- Now, the platform runs normally.
- June 3rd, 1pm, markets switch to reduce only, no new positions.
- July 31st, 1pm, everything settles and the dApp goes offline.
Please don't wait for the last day. Close your positions and withdraw LP early.
The part we feel worst about is the Monad points campaign.
Many of you put in real enthusiasm for over a year. Yet we cannot honor the campaign. The treasury was earned almost entirely on Arbitrum, and there's no honest way to redistribute it as if both sides had contributed the same way. Money spent buying the token carries more weight than points earned using the platform. You deserved a better outcome than the one we can give, and we're sorry.
To the traders who enjoyed using Pingu for what it provided, the LPs who held through volatility, the bot runners, the bug reporters, the people who argued with us in Discord and pushed us further than we had any right to expect: thank you.
We made a bet on a thesis that didn't transform. We're closing it the way we tried to run it, with our cards on the table.
Discord stays open until the end. Bring your questions, your frustration, all of it, we'll be here to answer: https://t.co/ZZ7HUA2qKS
The Pingu Team
@PinguExchange So sad for this. Honestly pingu is one of the best apps in monad.the team effort from testnet to mainet. I learned a lot on pingu. With fair and honest team. Hope we meet again on your next project guys.😭😭
Today, we’re announcing our $250,000 Pre Seed round to build the first livestream prediction market.
Huge thank you to our investors and the incredible Monad community for believing in us early.
Big things ahead! 🚀
https://t.co/ayUBCCSJ8w