Crypto’s 2026 shutdown wave claims 82 projects. What went wrong?
Crypto researcher Stacy Muur listed 82 digital-asset projects that reportedly shut down in 2026, including Balancer, Radiant Capital, Neon EVM and Step Finance. The closures reflect prolonged market weakness and difficulties attracting users or generating sustainable revenue. DeFiLlama research identified 100 shutdowns this year, citing poor product-market fit most often, followed by depleted funding, weak revenue and pivots. The projects collectively raised about $1 billion and generated $250 million in fees, yet substantial funding did not ensure survival. The downturn is occurring alongside more concentrated investment: first-half venture funding rose year over year despite deal numbers falling 80%, while crypto mergers and acquisitions increased.
