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Analysis: Due to the bear market, 21 cryptocurrency projects have announced closures or service reductions.
ChainCatcher News, according to DeFi analysts, affected by the bear market, 21 crypto projects have recently announced closures or significant service reductions, covering DeFi, NFT, wallets, and gaming sectors.
Among them, Leap Wallet will fully shut down all products on May 28, and users are advised to migrate assets to Keplr or MetaMask as soon as possible. Magic Eden has decided to close ME Wallet, focusing on NFT marketplace and infrastructure on Solana, with the wallet service ending on May 1. Fantasy Top plans to disable non-core features in mid-June, concentrating resources on prediction market games.
In the DeFi sector, Angle Protocol has ceased its stablecoin operations due to decreased activity and increased competition, while ZeroLend and Polynomial Finance have scaled back services due to insufficient liquidity and low trading volume. NFT platforms Nifty Gateway and Sound.xyz have respectively shut down some operations due to market changes and strategic adjustments.
Additionally, gaming projects like Runiverse and Pixiland Social have paused blockchain-related activities due to high development costs and regulatory uncertainties, while projects such as Dmail, Yupp AI, and DataHaven have been forced to exit due to funding issues or market shifts.
Analysts believe this industry reshuffle is a necessary reorganization for the market, and future Web3 projects that prioritize practical utility and sustainable economic models will be more competitive.