Satori Finance, a decentralized perpetual futures exchange backed by Coinbase Ventures and Jump Capital, is ceasing operations next month. The firm cited prolonged unfavorable market conditions and insufficient revenue as the primary drivers for this decision.
Despite raising $10 million in 2022 and facilitating nearly $99 billion in lifetime trade volume, the platform can no longer sustain its business model. Satori supported trading across Ethereum, BNB Chain, and Layer-2 networks including Base and Arbitrum.
The platform will remain operational until July 16 at 7:59 p.m. ET. Management urges all users to close open trades and withdraw assets before this deadline, warning that funds may become inaccessible afterward. The team assures that assets remain safe and under user control during this transition period.
This shutdown reflects a broader contraction in the digital asset sector. Bitcoin has declined significantly from its all-time high, triggering a wave of closures across the ecosystem. Recent casualties include Bitcoin Layer-2 network Botanix, NFT marketplace Nifty Gateway, and DeFi lender ZeroLend.
Major industry players are also retrenching. Firms such as Coinbase, Robinhood, Block, and Crypto.com have conducted sizable layoffs this year. Cardano founder Charles Hoskinson recently warned the community to expect further failures as financial constraints tighten across the crypto landscape.