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Analysis: Due to the bear market, 21 cryptocurrency 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 will close or significantly reduce their 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 providing services 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 activities and intensified competition. ZeroLend and Polynomial Finance, meanwhile, have scaled back services due to insufficient liquidity and sluggish trading volume. NFT platforms Nifty Gateway and Sound.xyz have shut down some operations respectively due to market changes and strategic adjustments.
In addition, gaming projects such as Runiverse and Pixiland Social have paused blockchain-related businesses due to high development costs and regulatory uncertainties. Projects such as Dmail, Yupp AI, and DataHaven, on the other hand, have been forced to exit due to funding issues or market changes.
Analysts believe this industry reshuffle is a necessary reshaping of the market, and Web3 projects that prioritize real-world utility and sustainable economic models in the future will be more competitive.