Dango Winds Down: Official Timeline and User Action Steps
The development team behind the DeFi project Dango has released an official statement confirming the platform's impending shutdown. After extensive efforts to establish a sustainable business model, the team concluded that continuing operations was no longer viable, leading to this decision.
Fund Safety and Withdrawal Instructions
User asset security is a top priority in the winding-down process. All funds are safe, and withdrawal restrictions will be lifted shortly. The team advises users to close any open positions and withdraw their assets to self-custody wallets as soon as possible.
A critical note for users: liquidity on the platform is expected to diminish significantly during the shutdown phase, which may lead to increased slippage on transactions.
Detailed Shutdown Schedule
The decommissioning will occur in two distinct phases, with all times listed in Coordinated Universal Time (UTC):
- Phase 1: Trading Halt and Settlement (July 29, 12:00 UTC)
All trading activity on the platform will cease. Any remaining user positions will be automatically settled at the oracle price. Concurrently, all deposits in the DLP Vault will be unlocked. The proceeds from settlements and vault funds will be returned to users' spot accounts in USDC. - Phase 2: Network Termination (August 13, 12:00 UTC)
The Dango Layer-1 blockchain will be permanently shut down. After this deadline, any USDC remaining in user spot accounts will be automatically returned to the original Ethereum deposit address associated with each account.
For Dango users, adhering to this timeline and completing asset withdrawals before these dates is the most crucial action at this time.