FlashTrade, a Solana-based perpetual DEX, is shutting down. Founder Anas announced the closure on Aug 9 and said the project would sell its existing technology stack, with the proceeds used to compensate FAF holders. He attributed the shutdown to severe internal disagreements within the team, a contracting market, and sustained lack of profitability. Anas also leveled criticism at the Solana Foundation, saying the organization showed indifference toward his project and only extends full support to a single team it believes will help Solana succeed. He stressed, however, that he is not blaming the foundation for FlashTrade's failure and acknowledged he has been overly emotional about the matter. Solana co-founder Anatoly Yakovenko responded that the foundation cannot determine whether a product succeeds. In his view, its primary role is to help with go-to-market strategy and expand exposure when a product launches; converting that attention into users ultimately depends on the product itself.
Anas, founder of Solana perpetuals protocol FlashTrade, has shut the project down. Announcing the move on Aug 9, he said the team is now looking to sell its existing tech stack, with proceeds going to compensate FAF token holders.
The decision came down to three factors, in his telling: serious rifts inside the team, a shrinking market, and a prolonged stretch without profits. He reserved his sharpest words for the Solana Foundation. "What hurt me most personally was the foundation's indifference toward us," Anas said, claiming the foundation pours full support into just one team because it believes that is what helps Solana succeed.
He was quick to add he does not blame the foundation for the project's failure — and conceded he may have been too emotional on this point. Solana co-founder Anatoly Yakovenko pushed back. The foundation, he argued, cannot decide whether a product succeeds. Its main role at launch is to assist with go-to-market and boost exposure; whether that attention turns into actual users is up to the product itself.
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