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Analysis: Affected by the bear market, 21 cryptocurrency projects announced closures or service reductions
According to statistics from DeFi analysts, affected by the bear market, 21 cryptocurrency projects have recently announced closures or significant reductions in services, covering the fields of DeFi, NFT, wallets, and gaming.
Among them, Leap Wallet will completely shut down all products on May 28, and users need to migrate their assets to Keplr or MetaMask as soon as possible. Magic Eden has decided to close ME Wallet and focus on the NFT market and infrastructure on Solana, with the wallet ceasing operations on May 1. Fantasy Top plans to take non-core functions offline in mid-June to concentrate resources on prediction market games.
In the DeFi sector, Angle Protocol has stopped its stablecoin business due to reduced activity and increased competition, while ZeroLend and Polynomial Finance have scaled back services due to insufficient liquidity and low trading volume. The NFT platforms Nifty Gateway and Sound.xyz have closed some operations due to market changes and strategic adjustments.
In addition, gaming projects like Runiverse and Pixiland Social have paused blockchain-related operations due to high development costs and regulatory uncertainties, while projects like Dmail, Yupp AI, and DataHaven have been forced to exit due to funding issues or market changes.
Analysts believe that this industry reshuffle is a necessary reconfiguration of the market, and Web3 projects that prioritize actual utility and sustainable economic models will be more competitive in the future.
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