Crypto Projects Worth Millions Collapse Amid Financial Struggles
In recent months, several high-profile cryptocurrency projects have shut down due to financial difficulties. One such project is ZapperZapper, which was founded in 2019 and was once one of the most well-known asset management and portfolio tracking tools in DeFi. At its peak, it had over 20 million active users per month and processed over $130 billion in transactions. However, despite accumulating around $16.5 million in funding, including a $15 million Series A round led by Framework Ventures and Sound Ventures in 2021, the project failed to achieve sustainable revenue.
Everclear is another example of a project that shut down due to financial difficulties. Founded in 2017 as a cross-chain protocol called Connext, it was later rebranded into a cross-chain clearing and payment network. The project accumulated around $26.7 million in funding from investors including Polychain Capital and Coinbase Ventures. However, the team ultimately decided to shut down the protocol due to lack of revenue.
Other projects that have shut down include NFTfi, which was one of the first NFT collateral lending protocols, DL News, a DeFi data platform that shut down in May after struggling with declining traffic and revenue, Fantasy.top, a social-fi game that failed to attract and retain users, Satori Finance, a multi-chain perpetual contract DEX that struggled to achieve sustainable revenue despite processing over $134 billion in transactions, Yupp, an AI model evaluation platform that returned its remaining funds to investors, Legend, a mobile DeFi super app that shut down after failing to attract mainstream users, Entropy, a multi-chain perpetual contract DEX that shut down after struggling with declining revenue and shifting market conditions.