Flash Trade, a Solana-based perpetuals exchange, announced on Friday that it will wind down operations unless it finds a buyer, citing misalignment in direction, shrinking market participants, and a bearish outlook on the crypto market. The team clarified that the decision was not financially motivated and that it would not take any percentage of the sale proceeds, which would be fully distributed to FAF token holders. The platform also removed the three-month delay on token unstaking to enable immediate withdrawals. Founded without external capital, Flash Trade has distributed approximately $520,000 in USDC in revenue share to date. Other perpetual venues have also shut down recently, including Dango on July 29.
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