In the last week, Bitcoin layer-2 network Botanix announced it would close its doors amid declining demand
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Those join crypto company shutdowns from earlier this year, impacting firms across the crypto ecosystem like infrastructure firm Syndicate Labs, NFT marketplace Nifty Gateway, and DeFi lender ZeroLend.
Key facts
- The firm, which raised $10 million from investors in 2022, supported perps trading on Ethereum, BNB Chain, and prominent layer-2 networks like Base and Arbitrum, among other crypto networks
- When it ceases operations after July 16 at 7:59 p.m
- Satori boasted more than 3 million customers and nearly $99 billion in total trade volumes lifetime, according to its website
- The perp DEX’s shutdown continues a trend fueled by the significant drawdown in crypto prices, highlighted by Bitcoin’s 48% dip from its all-time high of $126,080
Summary
The firm raised $10 million from Coinbase Ventures, Jump Capital, and others in 2022. Satori said the extended market downturn had a significant impact on its financial situation. Satori Finance, a decentralized perpetual futures exchange backed by Coinbase Ventures and Jump Capital, is sunsetting its platform due to financial stress amid a declining crypto market. The firm, which raised $10 million from investors in 2022, supported perps trading on Ethereum, BNB Chain, and prominent layer-2 networks like Base and Arbitrum, among other crypto networks. “Unfortunately, due to prolonged unfavorable market conditions, our revenue has not been sufficient to sustain operations, and continuing to run the platform is no longer financially viable,” it posted on X.