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

Mars Finance news, according to DeFi analysts, due to the bear market, 21 crypto projects recently announced shutting down or significantly reducing services, covering DeFi, NFTs, wallets, and gaming. Among them, 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 shut down ME Wallet, focusing on the NFT marketplace and infrastructure on Solana; the wallet will stop services on May 1. Fantasy Top plans to take non-core features offline in mid-June, concentrating resources on prediction-market games. In the DeFi space, Angle Protocol stopped its stablecoin business due to reduced activities and intensified competition. ZeroLend and Polynomial Finance, on the other hand, scaled back services due to insufficient liquidity and sluggish trading volume. NFT platforms Nifty Gateway and Sound.xyz each shut down part of their business due to market changes and strategic adjustments, respectively. 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 DataHaven were forced to exit due to funding issues or market changes. Analysts believe this industry shakeout is a necessary reshaping of the market, and that Web3 projects prioritizing real-world utility and sustainable economic models will be more competitive in the future.