Analysis: 21 Crypto Projects Announce Closure or Service Reduction Due to Bear Market

On April 7, according to statistics from DeFi analysts, 21 crypto projects have recently announced closures or significant service reductions due to the bear market, covering areas such as DeFi, NFTs, wallets, and gaming. Among them, Leap Wallet will completely shut down all products by May 28, and users are advised 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 market and infrastructure on Solana, with the wallet ceasing operations on May 1. Fantasy Top plans to take down non-core features by mid-June, concentrating resources on prediction market games. In the DeFi sector, Angle Protocol has halted its stablecoin operations due to decreased activity and increased competition, while Zero Lend and Polynomial Finance have reduced services due to insufficient liquidity and low trading volumes. NFT platforms Nifty Gateway and Sound.xyz have closed some operations due to market changes and strategic adjustments. Additionally, gaming projects like Runiverse and Pixiland Social have paused their blockchain-related operations due to high development costs and regulatory uncertainties, while projects such as Dmail, Yupp AI, and Data Haven 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 in the future, Web3 projects that prioritize actual utility and sustainable economic models will be more competitive.