According to Foresight News, Pika Protocol, a decentralized perpetual contract protocol in the Optimism ecosystem, has announced the discontinuation of its PIKA token based on community feedback. The protocol will continue to operate and develop without a native token. PIKA holders can exchange their tokens for the remaining TGE (Token Generation Event) funds, which amount to 3,538 ETH.

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

Pika Protocol was launched in 2021 and raised 4,696 ETH through a TGE in May 2023.