Felix Protocol announces the closure of HIP-3 DEX, focusing on its core lending business after losing the competition

Felix protocol co-founder Charlie disclosed on the X platform that Felix's HIP-3 DEX and all spot markets will begin closing on June 19 and will be completed by June 20. All traders must close their active positions before this date.

The Felix team reviewed and pointed out that competitor TradeXYZ successfully established a growth flywheel and dominated the market due to its earlier launch, pricing in USDC (instead of Felix's USDH), rapid market expansion, and the brand effect of airdrops. Although Felix was the first to launch in markets like OIL, GOLD, and SILVER and recorded approximately $3 billion in trading volume, it was ultimately surpassed by TradeXYZ.

Felix stated that closing the DEX will not affect the lending and spot stock business, and the team will continue to focus on upgrading and iterating on the aforementioned core products.