Dango’s perp DEX taps out nearly 4 months after launch — SkimNews
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- Dango shut down its perpetual DEX nearly four months after launch, holding just under $391,000 in open interest according to DefiLlama
- Only Aster and Variational also hold more than $1 billion in open interest among perp DEXs, per DefiLlama's ranking
- Hyperliquid became the second-largest perpetual exchange by open interest on July 1, behind only Binance, according to CoinGecko's second-quarter industry report
- BitMEX, an 11-year-old perpetual futures pioneer, also shut down in July, adding to the wave of crypto platform closures
- Restructuring adviser Roshan Dharia told Cointelegraph that the top five platforms now control an estimated 80% of global spot volume, leaving mid-tier and regional exchanges with shrinking margins and no viable path to scale
- Other recent July closures include DEX aggregator Odos Protocol and perp DEX Satori Finance
Why it matters: Liquidity concentration is now quantified — the top five platforms control an estimated 80% of global spot volume, per Dharia — and the gap shows in the open-interest rankings: Aster and Variational cleared $1 billion while Dango wound down with $391,000, a roughly 2,500-fold gap that explains why mid-tier venues are folding.
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