Over 20 crypto projects shut down in Q1

More than 20 cryptocurrency projects, including wallets, exchanges, NFT platforms, and DeFi tools, ceased operations in the first quarter, BeInCrypto reported. The list includes the Magic Eden wallet, Leap Wallet, derivatives exchange Bit.com, and Nifty Gateway. These projects typically launched during the bull markets of 2021-2022 or early 2025, relying on market liquidity without establishing sustainable revenue models. Small and medium-sized projects have been particularly affected by a combination of declining trading volumes, a difficult fundraising environment, and the centralization of users on larger platforms.