Dango Founder: The 'Initial Wealth Creation Gateway' in Cryptocurrency Has Closed

The founder of Dango has stated that the 'initial wealth creation gateway' in the cryptocurrency market has closed. The suspension of onboarding new issuers for POAP and the restructuring of Dango's business have led to a debate over the demand for on-chain applications. Larry, an engineer, assessed that it has become difficult for various cryptocurrency narratives such as NFTs, the metaverse, and DePIN to establish themselves over the past five years. POAP is a protocol that issues digital collectibles to verify attendance at events, and new issuances will be suspended starting March 16, 2026. Existing issuers and associated services will continue to operate, but platform development will cease. The POAP team plans to focus on developing an 'open collectible standard.' Dango announced the suspension of trading on July 29, 2026, and warned of the termination of its Layer 1 network on August 13. User funds are safe, and remaining funds will be returned in USD Coin. Dango raised $3.6 million in seed investment in November 2024 and launched its mainnet in April 2026, but entered the liquidation process about three months later. Larry mentioned that speculative businesses such as perpetual futures, meme coins, and prediction markets continue to persist in the cryptocurrency space.

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