Surviving a Crash No Longer Enough for Crypto Projects

Crypto projects that survived the 2022 crash are now shutting down due to evolving market conditions. Zapper, Botanix, Step Finance, Parsec, and Odos were among those that had withstood the violent years of the market but eventually closed their doors in 2026. This phenomenon indicates that surviving a crash is no longer enough for crypto projects.

The number of DeFi applications generating at least one million dollars in monthly fees fell from around 33 or 34 in 2025 to about 25 or 26 during the first half of 2026. Platforms exceeding ten million dollars monthly have almost halved, showing that sustainable revenues are gradually replacing artificial rewards as a survival criterion.

Crypto investors now seek products truly used and a credible security history, rather than just temporary rewards. The market has shifted towards new uses such as perpetual trading, memecoins, and mainstream applications, which capture volumes once directed to classic DeFi.