VC-backed DeFi project Satori Finance to shut down

Decentralized perpetual futures exchange Satori Finance has announced it is shutting down its service. The platform's Total Value Locked (TVL) has plummeted from a 2024 peak of $6.7 million to its current level of $1.2 million. The project had previously attracted attention after raising $10 million in May 2022 from investors including Polychain, Coinbase, and Jump Crypto. Users have until 11:59 p.m. UTC on July 16 to withdraw their assets.