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Another cryptocurrency project shuts down: The Over Foundation announces it will cease operations of Over Protocol
BlockBeats News, April 28 — The Over Foundation announced that due to financial constraints, the foundation has ceased all Over Protocol infrastructure and services, including OverWallet, OverNode, OverFlex, RPC nodes, blockchain explorers, and related APIs, with no plans for recovery. Over Protocol is a Layer 1 mainnet, designed to be decentralized, but with the foundation no longer providing services, the chain is likely unable to continue in practical operation. Block production will depend on whether independent validators continue running open-source clients; the foundation cannot guarantee this.
Previously reported, this year the crypto industry has experienced a wave of closures, affected by declining user activity, tightening funding, and rising costs, with projects like Dmail, Tally, and Step Finance ceasing operations one after another. Industry insiders point out that the token fundraising model has failed, and crypto projects lack liquidation and restructuring frameworks, making it difficult to coordinate debt and restore operations during financial deterioration.