Pika Protocol, the Optimism ecological decentralized perpetual contract protocol, announced that it has decided to deactivate the PIKA token based on community feedback and will continue to operate and develop the protocol without native tokens. PIKA holders can exchange PIKA for all remaining TGE funds (3,538 ETH).
PIKA holders have the right to redeem PIKA at a fixed exchange rate of approximately 0.0001632 ETH (equivalent to $0.34 USD) per PIKA. Currently, Pika Protocol has deployed all 3,538 ETH to Uniswap v3. PIKA redemptions are valid for the next six months. After the redemption period ends, any remaining liquidity will be redirected towards protocol development.
According to previous news, Pika Protocol raised 4,696 ETH through TGE in May 2023 and issued the token PIKA.