GMTrade, a perpetual futures trading platform on Solana, has publicly proposed a soft acquisition of Flash Trade, a protocol that had previously said it could wind down operations if no suitable buyer emerged. Under the proposal, GMTrade plans to distribute GT points to FAF token holders and liquidity providers, though the snapshot date has not been set.
GMTrade said the deal was not the ideal exit route its team had originally hoped for, but described it as a relatively safer outcome for the community and a clearer path forward under current conditions. The proposal comes after Flash Trade indicated that it would gradually cease operations if it failed to secure an appropriate acquirer.
According to earlier information cited by Foresight News, Flash Trade has been seeking to sell its tech stack, brand, and intellectual property. Proceeds from any sale would be distributed to FAF holders based on their holdings. The latest proposal puts GMTrade forward as a potential destination for that process, though no final snapshot timing has been disclosed.
GMTrade, a Solana perpetual futures trading platform, said on X that it has publicly proposed a soft acquisition of Flash Trade, which had earlier said it might shut down if it could not find a suitable buyer.
Under the proposal, GMTrade plans to airdrop GT points to FAF token holders and liquidity providers. The snapshot timing has not been disclosed.
GMTrade said the acquisition was not the ideal exit path its team had originally hoped for, but called it a relatively safer home for the community and a clearer route forward under current conditions.
Foresight News had previously reported that Flash Trade said the protocol would gradually stop operating if it failed to find an appropriate acquirer. After that, Flash Trade began seeking buyers for its tech stack, brand, and intellectual property, with sale proceeds to be distributed to FAF holders based on their holdings.
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