Analysis: Due to the bear market, 21 crypto projects have announced closures or service reductions.

Golden Finance reports that on April 7, according to statistics from DeFi analysts, due to the bear market, 21 crypto projects have recently announced the shutdown of services or a major reduction in service coverage, spanning 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, with the wallet stopping service on May 1. Fantasy Top plans to take non-core features offline in mid-June, concentrating resources on prediction market gaming.
In the DeFi space, Angle Protocol stopped its stablecoin business due to reduced activities and intensified competition, while Zero Lend and Polynomial Finance scaled back services due to insufficient liquidity and sluggish trading volume. The NFT platforms Nifty Gateway and Sound.xyz shut down some business lines respectively because of market changes and strategic adjustments.
In addition, game projects such as Runiverse and Pixiland Social paused blockchain-related business due to high development costs and regulatory uncertainty. Projects including Dmail, Yupp AI, and Data Haven were forced to exit due to funding issues or market changes.
Analysts believe this industry shakeout is a necessary reshaping of the market, and Web3 projects that prioritize real utility and sustainable economic models in the future will be more competitive.