Satori Finance, a multi-chain decentralized exchange backed by Polychain Capital, Coinbase Ventures and other investors, has announced that it will cease operations and begin its shutdown process. According to the announcement, the decision was made because of “prolonged adverse market conditions,” with the platform stating that its revenue was not sufficient to support continued operations.
Shutdown process and withdrawal deadline
Users of Satori Finance must withdraw their assets before 23:59 UTC on July 16. After that deadline, the platform will no longer be available. The notice places asset withdrawal at the center of the shutdown process, meaning users who still have funds on the platform need to complete the relevant actions before the time specified by Satori Finance.
The announcement describes a gradual wind-down of the business rather than a limited adjustment to a single product feature. Satori Finance’s operating model had been built around a multi-chain decentralized exchange, and the shutdown decision applies to the platform as a whole. Once the stated deadline passes, the service will no longer remain accessible to users.
Funding history and multi-chain deployment
Satori Finance completed a $10 million seed round in 2022. That financing was led by Polychain Capital, with participation from Coinbase Ventures, Jump Crypto and other investors. Polychain Capital, Coinbase Ventures and Jump Crypto were among the key institutional names associated with the project’s early funding history.
On the product side, Satori Finance had deployed across several networks, including Arbitrum, Optimism and BNB Chain. The exchange at one stage promoted 25x leverage and an incentive model described as “points mining.” With the shutdown now announced, the project’s previous path across financing, network deployment and user incentives is moving into a final wind-down phase. The report was published by Odaily, citing The Block.