Shutdown Announcement and Reasons
Oxium, a decentralized perpetual contract exchange utilizing an on-chain order book on the Sei network, has announced a phased shutdown. The team cited prolonged adverse market conditions as the primary reason, stating that platform revenue could no longer sustain operational costs. This marks the end of a project that aimed to provide a fully on-chain trading experience for perpetual futures.
Timeline and User Action Required
The Oxium frontend interface will be officially taken offline on August 1, 2026. Users are strongly advised to cancel all pending orders, close any open positions, and withdraw their assets before this date. Failure to do so will result in the inability to manage positions through the frontend after the deadline. The team has set no specific deadline for smart contract withdrawal, but encourages users to act promptly.
Asset Safety Assurance
In a crucial clarification, the team stressed that user assets have always been self-custodied and were never held by the platform. Even after the frontend is disabled, users can still access and retrieve their funds by directly interacting with the smart contracts on the Sei blockchain. Detailed contract addresses and interaction instructions are available in Oxium's documentation. Users should back up this information now to avoid any future access issues.