StandX Shuts Down and Cancels Token Launch

The decentralized perpetual futures exchange StandX, founded by former Binance Futures head Aaron Gong and other industry representatives, announced its closure and the cancellation of the planned token launch. Since its operation began in November 2025, the platform has been used by over 237,000 users, with a total value locked (TVL) exceeding $200 million. The decision was made following a business and market conditions analysis, according to the announcement on October 15.

The closure will be phased. On October 15, all yield and referral commission payments will cease, as well as the creation of new vaults and the acceptance of deposits into them. Regular trading will continue until October 20. On that day, perpetual futures trading will switch to reduce-only mode: traders will be able to decrease or close existing positions but will not be able to open new ones or increase current ones. Registration of new users, issuance of DUSD, Block Trades, and Block Options will also close. Deposits will remain available only for margin top-ups.

On January 15, 2027, StandX will cancel all open orders and automatically close remaining positions at the current mark price. On the same day, settlements on vaults will occur. Until January 31, 2027, users can withdraw assets or submit redemption requests for DUSD. According to the existing seven-day request process, requests submitted by the deadline will be fulfilled by February 7. Any remaining funds after this will still belong to wallet owners, but a support request will be required for their return.

Instead of the planned token, StandX will distribute DUSD to eligible users in a one-time allocation without a lock-up period. Remaining project revenues and additional team contributions will be used for this. The total distribution amount is not disclosed. Users can check their share from October 26 (00:00 UTC) and claim tokens from November 1 (00:00 UTC) to December 31 (08:00 UTC). Unclaimed tokens will be annulled. DUSD can be claimed through existing StandX addresses on BNB Chain or Solana networks. "We know this will not meet all expectations," the team stated.

StandX reported that DUSD remains fully backed, and assets can be withdrawn in full. According to the platform, there have been no security incidents with funds throughout its operation.

This is not the first closure of a decentralized platform in 2026. In June, Satori Finance announced the closure of its perpetual futures exchange due to insufficient revenue: the platform processed over $134 billion in total trading volume, with operations planned to end on July 16. In June, the decentralized exchange Loopring also closed, citing limited product adoption and competition from new networks as reasons for the decision.