StandX Co-founder: In addition to airdrops, he will use personal funds to give back to the community.
1 hours ago
StandX co-founder AG announced in a post that the protocol has decided to scrap its planned Token Generation Event (TGE). He noted that despite hitting a peak Total Value Locked (TVL) of $200 million without external VC funding, the team ultimately failed to achieve its goal of becoming one of the top three perpetual contract decentralized exchanges (DEXs). AG added that while the project’s current fundamentals would still support a token launch, relying primarily on short-term speculation to drive the token’s listing without delivering sustainable long-term value would ultimately shift costs to users and the community—something he called both irresponsible and against his personal values. Most of the protocol’s prior revenue has already been returned to users via SIP-2 and SIP-3 subsidies; for this airdrop, in addition to using remaining project treasury funds, he will also contribute personally to give back to the community as much as possible. AG also emphasized that all user funds are safe, and DUSD is fully collateralized. StandX will wind down operations in an orderly manner and will release specific arrangements for fund withdrawals, the airdrop, and service termination.
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