21 crypto projects announced they are shutting down or cutting back services due to the bear market, covering DeFi, NFTs, wallets, and gaming.

Gate News message, April 7. Affected by the bear market, 21 crypto projects have recently announced that they are closing or significantly scaling back services, covering DeFi, NFT, wallet, and gaming sectors.

In the wallet space, Leap Wallet will fully shut down all products on May 28, and 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.

In the NFT platform sector, Nifty Gateway and Sound.xyz respectively closed certain businesses due to changes in the market and strategic adjustments.

In the DeFi sector, Angle Protocol stopped its stablecoin business due to fewer activities and intensifying competition; ZeroLend and Polynomial Finance reduced services due to insufficient liquidity and lackluster trading volume.

Among gaming projects, Fantasy Top plans to take non-core features offline in mid-June, concentrating resources on prediction market games; Runiverse, Pixiland Social, and other projects have paused blockchain-related business due to high development costs and regulatory uncertainty.

In addition, projects such as Dmail, Yupp AI, and DataHaven were forced to exit due to funding issues or market changes. Industry insiders believe this industry reshuffling is a necessary remolding of the market, and Web3 projects that prioritize real-world utility and sustainable economic models in the future will be more competitive.