Pika Protocol will deactivate PIKA tokens and PIKA is open for redemption

Pika Protocol, a decentralized perpetual contract protocol on the Optimism ecosystem, announced that it will stop using the PIKA token based on community feedback and will continue to operate and develop the protocol without a native token. PIKA holders can exchange all remaining TGE funds (3,538 ETH) for PIKA.

PIKA token holders have the right to redeem PIKA at a fixed exchange rate of about 0.0001632 ETH (equivalent to $0.34) per PIKA. Pika Protocol has deployed all 3,538 ETH to Uniswap v3. The PIKA redemption period is six months. After the redemption period, any remaining liquidity will be redirected for protocol development.