Cascade has shut down after five years, urging users to withdraw any remaining funds from its trading platform.
The former Perennial announced the closure and directed users to Equilibria’s claim portal for outstanding balances. The move ends Cascade’s 24/7 trading service for crypto, commodities and tokenized assets.
Cascade built its platform around 24/7 trading in crypto, commodities and tokenized assets. The company raised $15 million in 2025 from investors including Polychain, Variant and Coinbase Ventures.
The platform also faced a security incident before the shutdown. In July, attackers manipulated prices in thinly traded markets linked to Cascade’s CLS vault, draining about $1.3 million in USDC.
Cascade halted trading and withdrawals after the exploit. The team worked with security responders to recover most of the stolen funds, while users were compensated based on a snapshot taken July 15.
Cascade had also faced delays in meeting its milestones and limited communication with its community. The shutdown follows those challenges and the July security incident.
Users with funds on the platform should check Cascade’s official announcements before making a claim. The company has warned users to follow only the claim instructions it provided.
