21 crypto projects close or downsize amid prolonged bear market

A prolonged bear market has triggered a wave of project shutdowns and business reductions across the Web3 industry, Crowdfund Insider reported. As of early April, a total of 21 projects have announced service suspensions or downsizing. The primary causes cited are rising costs, declining user numbers, and shrinking liquidity. Notable examples include Leap Wallet, a wallet for Terra 2.0, which is set to shut down on May 28, while Magic Eden will discontinue its ME Wallet service on May 1. Additionally, Angle Protocol and ZeroLend have scaled back their DeFi operations, and platforms like Nifty Gateway and Sound.xyz have also ceased services.