PANews reported on April 7 that, according to DeFi analysts, 21 crypto projects have recently announced the closure or significant reduction of their services due to the bear market, covering DeFi, NFT, wallets, and gaming sectors.
Leap Wallet will shut down all products on May 28th, and users need to migrate their assets to Keplr or MetaMask as soon as possible. Magic Eden has decided to close ME Wallet to focus on the NFT marketplace and infrastructure on Solana; the wallet will cease service on May 1st. Fantasy Top plans to discontinue non-core functions in mid-June to concentrate resources on prediction market games.
In the DeFi sector, Angle Protocol ceased its stablecoin business due to reduced activity and increased competition, while ZeroLend and Polynomial Finance scaled back their services due to insufficient liquidity and low trading volume. NFT platforms Nifty Gateway and Sound.xyz closed parts of their operations due to market changes and strategic adjustments, respectively.
In addition, game projects such as Runeverse and Pixiland Social have suspended their blockchain-related businesses due to high development costs and regulatory uncertainties, while projects such as Dmail, Yupp AI, and DataHaven have been forced to withdraw due to funding problems or market changes.
Analysts believe this industry reshuffle is a necessary market restructuring, and Web3 projects that prioritize practical utility and sustainable economic models will be more competitive in the future. Investors should carefully examine their wallets and assets to avoid the risks associated with service shutdowns.
