Analysis: Due to the bear market, 21 crypto projects have announced closures or service reductions.

ChainCatcher message: According to DeFi analysts, affected by the bear market, 21 crypto projects have recently announced that they are shutting down or significantly reducing services, covering the DeFi, NFT, wallet, and gaming sectors.

Among them, Leap Wallet will fully shut down all products on May 28. Users need to migrate their assets to Keplr or MetaMask as soon as possible. Magic Eden has decided to close ME Wallet, focusing on the NFT marketplace and infrastructure on Solana; the wallet will stop service on May 1. Fantasy Top plans to roll out non-core features in mid-June, concentrating resources on prediction market games.

In the DeFi space, Angle Protocol has stopped its stablecoin business due to reduced activity and intensified competition. ZeroLend and Polynomial Finance, meanwhile, have cut back services due to insufficient liquidity and sluggish trading volume. NFT platforms Nifty Gateway and Sound.xyz have shut down parts of their business due to market changes and strategic adjustments, respectively.

In addition, game projects such as Runiverse and Pixiland Social have paused blockchain-related businesses due to high development costs and regulatory uncertainty. Projects such as Dmail, Yupp AI, and DataHaven have been forced to exit due to funding issues or market changes.

Analysts believe this industry shakeout is a necessary reshaping of the market. In the future, Web3 projects that prioritize real-world utility and sustainable economic models will be more competitive.