Pingu Exchange and 0xPPL are winding down operations as weaker market conditions and declining activity add pressure across the crypto sector, according to the report.
Pingu Exchange said it will permanently close on July 31, 2026 after a failed move from Arbitrum to Monad mainnet. The platform launched in January 2024 with about $270,000 in capital, generated roughly $2.4 billion in trading volume over 18 months, and distributed around $650,000 in ETH and USDC to stakers, but recorded only about $80 million in trading volume in six months after the migration. According to DefiLlama, funds on the platform fell to $59,781 and daily fees to $71. The team said its remaining 64.46 ETH treasury will be distributed to users who bought and held the PINGU token on Arbitrum in 2024, while the team will not use its token allocation to claim ETH. The report also said 0xPPL ended trading operations on June 6 and plans to take its app offline on June 30, 2026, despite backing from Alliance DAO, Anagram, Peak XV Partners, Anatoly Yakovenko, and Balaji Srinivasan.