Satori Finance joins growing list of crypto projects shutting down
Satori Finance has announced plans to shut down its decentralized exchange operations after determining that revenue no longer supports the business, despite processing more than $134 billion in cumulative perpetual futures volume since launch.
- Satori Finance will shut down operations on July 16 after citing insufficient revenue and prolonged unfavorable market conditions.
- Users have until July 16, 23:59 UTC, to close positions and withdraw assets before the platform goes offline.
- The closure comes despite Satori processing $134 billion in cumulative perpetual trading volume and raising $10 million from major crypto investors.
Satori said in a June 16 statement that it would begin winding down the platform and keep withdrawals available until July 16, 2026, at 23:59 UTC. The team attributed the decision to prolonged unfavorable market conditions and said continued operation was no longer financially viable.
The company urged users to close open positions and withdraw assets during the transition period. Satori warned that the platform will cease operating after the deadline and that users may no longer be able to access assets left on the platform beyond that date.
“We have made the difficult decision to wind down Satori Finance operations,” the team wrote, adding that user assets remain under users’ control throughout the shutdown process.
“We want to reassure you that your assets remain fully safe and under your control throughout this transition period. There is no need for concern — this notice is simply to help you plan ahead and ensure a smooth, orderly withdrawal process.”
Users given one month to withdraw funds
The closure affects a protocol that once claimed to serve more than 600,000 traders across multiple blockchain networks. Satori offered leveraged perpetual futures trading with up to 25x leverage and expanded to networks including Polygon zkEVM, Zircuit, BNB Chain, Arbitrum, Scroll and Optimism.
Some users on X reported difficulties withdrawing assets from networks other than Ethereum after the announcement. Satori has not publicly addressed those individual claims.
Data from DeFiLlama shows Satori currently holds about $1.2 million in total value locked. The protocol held as much as $6.7 million during 2024. DeFiLlama data also shows Satori generated roughly $3 million in annualized fees before announcing the shutdown.
Source:
The protocol gained traction during the points farming period that many crypto projects used to attract users ahead of potential token airdrops.
Satori later reported more than $134 billion in cumulative perpetual trading volume, although activity had slowed considerably in recent months. The platform recorded about $3.2 billion in trading volume over the last 30 days and held roughly $559,000 in open interest.
Satori ended its announcement by thanking users for supporting the project throughout its lifespan.
“Whether you joined us early on or discovered us along the way, your trust meant everything to our team. While we wish circumstances allowed us to continue this journey together, we are grateful for every moment of it.”
Industry closures continue despite institutional interest
Satori secured $10 million in seed funding in May 2022 from investors led by Polychain Capital. Coinbase Ventures, Jump Crypto, and several other firms also participated in the round.
The shutdown adds to a growing list of crypto companies and protocols that have ceased operations this year.
Earlier this month, Bitcoin scaling project Botanix announced plans to discontinue its network after concluding that demand had not reached levels needed to support long-term operations. Crypto payments platform Pyra also revealed plans to close after months of attempting to recover from losses linked to the Drift exploit.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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