Cascade has shut down after five years, urging users to withdraw any remaining funds from its trading platform.
The former Perennial announced the closure on X 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.
Over the last 5 years, Cascade (formerly Perennial) set out to build the next generation of the modern brokerage experience: a unified platform for global markets, built around 24/7 access and limitless accessibility.
Today, were disappointed to announce that Cascade is…
— Cascade (@cascade_xyz) September 12, 2026
Cascade Ends Brokerage Operations
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 Cascades CLS vault, draining about $1.3 million in USDC.
Yesterday afternoon, Cascade detected a security exploit affecting our CLS vault, resulting in the loss of $1.3M in user funds. All trading and withdrawals were paused accordingly.
This is what we know:
1. On thin liquidity markets, most of the orderbook orders were created by…
— Cascade (@cascade_xyz) July 16, 2026
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.
Shutdown Follows Prolonged Challenges
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 Cascades official announcements before making a claim. The company has warned users to follow only the claim instructions it provided.
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