Polychain and Coinbase-backed Satori Finance Announces Shutdown

Odaily Planet Daily News: Satori Finance, a multi-chain decentralized exchange backed by investors including Polychain Capital and Coinbase Ventures, has announced it will cease operations and begin its closure process. The platform stated that due to "long-term adverse market conditions," its revenue is insufficient to support continued operations, leading to the decision to gradually wind down the business. Users must withdraw their assets before 23:59 UTC on July 16, after which the platform will no longer be accessible.

Satori Finance completed a $10 million seed funding round in 2022 led by Polychain Capital, with participation from Coinbase Ventures and Jump Crypto. The platform was deployed across multiple networks including Arbitrum, Optimism, and BNB Chain, and notably promoted a 25x leverage model along with a "points farming" incentive mechanism. (The Block)