StandX, a decentralized perpetual futures exchange founded by former Binance Futures head Aaron Gong and other industry veterans, said it will shut down after reviewing its business and market conditions. The platform also scrapped a previously planned token launch and will instead make a one-time DUSD airdrop to eligible users.
The company said it has served more than 237,000 users since its mainnet launch in November 2025, a period during which total value locked at one point rose above $200 million. Its wind-down will happen in stages, beginning immediately with the end of several yield and rewards programs and ending with withdrawal and redemption deadlines in early 2027.
Shutdown begins with rewards ending
In its October 15 announcement, StandX said all yield distributions would stop that day. That includes DUSD yield, Position Yield, Community Maker Yield and referral commissions. The exchange also said it would stop accepting new vault creation and new deposits at that stage.
StandX had introduced yield-bearing trading margin and a rewards program for community market makers during its operating period. Those features were part of the product set built after the platform’s November 2025 mainnet debut.
Perpetual trading moves to reduce-only on October 20
Normal trading is set to continue until October 20, when all perpetual futures products, including Universal Markets, will switch to reduce-only mode. After that point, traders will still be able to reduce or close existing positions, but they will not be able to open new positions or increase exposure.
StandX said new user registrations, DUSD minting, Block Trades and Block Options will also close on October 20. Existing reserved Block Options may still be exercised until they expire. Deposits will remain available only for margin top-ups.
January deadlines for closing positions and withdrawing assets
The exchange said that by January 15, 2027 it will cancel outstanding orders and automatically close any open positions at the prevailing mark price. Vault settlements are also scheduled for that date.
According to the company, shares in the SLP Vault, Community Strategy Vault and Community Shield Vault will be returned to holders’ perpetual futures wallets based on final net asset values. Any unused Community Reward Vault budgets will be sent back to the relevant funders.
Users will then have until January 31, 2027 to withdraw assets from perpetual futures and cash wallets or submit DUSD redemption requests. StandX said its seven-day redemption process means requests filed by the deadline could still be completed by February 7.
Token launch canceled in favor of direct DUSD distribution
StandX said it will no longer proceed with its planned platform token. Instead, it will distribute a one-time DUSD airdrop funded from the project’s remaining revenue and additional contributions from the team.
The company said the airdrop will have no lockup period. An eligibility checker is due to go live on October 26 at 00:00 UTC. Claims are scheduled to open on November 1 at 00:00 UTC and close on December 31 at 08:00 UTC.
Eligible users will be able to claim DUSD through their StandX wallet addresses on BNB Chain or Solana. StandX said allocations will reflect user activity across multiple categories and will include anti-Sybil and wash-trading checks.
What comes next
The next confirmed milestone is October 20, when StandX’s perpetual futures market enters reduce-only mode and several other services are halted. After that, the key dates are October 26 for the eligibility checker, November 1 for airdrop claims, January 15, 2027 for forced position closures and vault settlements, and January 31, 2027 for withdrawals and DUSD redemption requests.
For users still on the platform, the remaining process is now defined by those deadlines rather than any future expansion plans. StandX’s announcement makes clear that the exchange’s previously planned token issuance is no longer part of that roadmap.
Source: crypto.news