This article compiles RootData’s “2023 Death Project List,” which includes approximately 120 projects that declared bankruptcy, ceased operations, or had long-term website issues in 2023.
Table of Contents:
Infrastructure
1. Prime Trust
2. Bytom
3. Sismo
4. Tomb Chain
5. Kotal
6. Gomu
7. CNHC Group
8. Linen
9. LBRY
10. Boring Protocol
11. Nitro Network
12. Slashauth
13. Clockwork
14. Outlet Finance
15. Nomics
16. Numio
17. CeFi
18. Hotbit
19. Ankex
20. Txbit
21. Cabital
22. Bittrex
23. BKEX
24. CoinLoan
25. Pillow
26. Wyre
27. Earnity
28. Hopex
29. LocalBitcoins
30. Lazerpay
31. TradeBlock
32. Galois Capital
33. Coin Cloud
34. Paxful
35. Silvergate
DeFi
36. Multichain
37. Minerva
38. Themis
39. DeZy
40. HIPO
41. GRO Protocol
42. xToken
43. Many Exchange
44. SkyLaunch
45. Housecat
46. Grim Finance
47. Yield Protocol
48. Fuji Finance
49. Arable Protocol
50. Warp Finance
51. Hundred Finance
52. Saddle Finance
53. AutoFarm
54. Kannagi Finance
55. Zircon
56. Phezzan Protocol
57. Enchanter Finance
58. EZ Finance
59. Geist Finance
60. Algofi
61. Tonic
62. ARX
63. paprMEME
64. UPFI
65. Pizza
66. Vovo Finance
67. Friktion
68. Everlend
NFT
69. Async Art
70. Versum
71. Cardinal
72. Voice
73. Glass Protocol
74. RECUR
75. GEN.ART
76. Swap.net
77. Formfunction
Games & Metaverse
78. MetaPoint
79. Pax.world
80. The Parallel
81. AQUA
82. Ascenders
83. DeHorizon
84. Starbots
85. Nifty’s
86. DeHorizon
87. HashLand
88. SolChicks
89. Metroverse
90. EtherOrcs
DAO
91. Superdao
Social & Entertainment
92. SappChat
93. AnimalGo
94. Xeenon
95. Naetion
96. PolkaWorld
97. Rally
Others
98. Stelo
99. Magneto
100. Return
101. Genki
As we enter the end of 2023, the long-awaited bull market has brought some surprises and excitement to the industry, as well as hope for projects facing financial difficulties. However, on the eve of the bull market, many projects announced their deaths due to financial and strategic issues. These projects include Prime Trust, Gomu, GRO Protocol, Stelo, Yield Protocol, Multichain, Clockwork, Wyre, and others, which were supported by top venture capital institutions.
RootData’s “2023 Death Project List” includes approximately 120 projects that declared bankruptcy, ceased operations, or had long-term website issues in 2023, with a total funding amount of $940 million.
The “last will” of these dead projects can be roughly summarized into five reasons, with the most significant and direct reason being insufficient funds. Other reasons include a lack of market fit for products, stricter regulatory policies, hacking attacks, and strategic adjustments by parent companies.
Here is a detailed list of the dead projects:
1. Prime Trust: Provides token and fiat custody, fund processing, anti-money laundering, KYC compliance, and trading technology services. On August 14, 2023, Prime Trust filed for Chapter 11 bankruptcy in the United States, with debts amounting to $500 million, acknowledging financial difficulties and insolvency.
2. Bytom: A smart contract platform based on the PoS+BBFT consensus algorithm, integrating multi-asset protocols to enable asset intelligence on the chain. On November 24, 2023, BytomDAO announced the suspension of all deposit functions for BMC, and users were advised to withdraw any BMC-related assets. Bytom will enter its third phase, transitioning from the public chain track to embracing AI and becoming a technology-friendly project.
3. Sismo: A modular proof protocol that provides portable reputation and aggregated issuance of ZK badges.
4. Tomb Chain: A Layer2 network for Fantom Opera using Optimistic Rollup.
5. Kotal: Building open-source tools and frameworks for managing blockchain infrastructure and the lifecycle of dApps from deployment, integration, security, logging to monitoring.
6. Gomu: A Web3 developer tool that provides APIs and SDKs for users to easily and securely build native Web3 applications and experiences. On October 12, 2022, Gomu completed a $5 million seed round of financing, with participation from Coinbase Ventures and DeFiance Capital.
7. CNHC Group: The issuer of CNHC stablecoin, which is pegged to offshore RMB at a 1:1 ratio. CNHC stablecoin was launched in 2021 for scenarios such as transfers and cross-border trade settlement. On March 15, 2023, CNHC Group completed a $10 million Series A1 financing. On May 31, 2023, multiple sources revealed that CNHC Group’s Shanghai office was sealed by the judicial authorities, and the team was taken away for detention.
8. Linen: A self-custody wallet with support from Gnosis Safe technology, providing protection using three keys. On September 20, 2019, Linen completed financing with participation from Polychain, Coinbase Ventures, HashKey Capital, and Wyre. On October 31, 2023, Linen announced the cessation of operations and the return of remaining funds to investors.
9. LBRY: A protocol for accessing and releasing digital content in a decentralized global market. On October 20, 2023, LBRY announced the closure of LBRY Inc. due to insurmountable debts owed to the SEC, its legal team, and private creditors. The LBRY network remains unaffected.
10. Boring Protocol: A decentralized virtual private network (VPN) and bandwidth marketplace that provides access to a globally distributed and growing network.
11. Nitro Network: Builds a decentralized private communication network (PCN) using LoRaWAN devices, allowing users’ gadgets to communicate using 3G/4G/5G technologies.
12. Slashauth: A Web3 developer platform that provides login functionality, role-based access control, and data storage for any Web3 enabled application.
13. Clockwork: A decentralized automation network for Solana that allows developers to schedule recurring tasks and automate on-chain workflows.
14. Outlet Finance: Empowers personal finance applications built for everyone using DeFi. Outlet Finance investors include Big Brain Holdings.
15. Nomics: An API-first cryptocurrency data company that provides professional-grade market data APIs for institutional investors and exchanges. On December 18, 2018, Nomics completed a $3 million financing round with participation from DCG, Polymath, Tokensoft, Coinbase Ventures, and others.
16. Numio: An Ethereum-based mobile payment app that supports zkRollups on Google Play for instant and low-cost transfers. On July 13, 2021, Numio completed a $1.25 million seed round financing. HashKey Capital led the round, with participation from LD Capital, ZMT Capital, and others. On February 7, 2023, Numio announced the cessation of operations due to the inability to raise further funds.
17. Hotbit: A cryptocurrency trading platform. On May 22, 2023, Hotbit announced the cessation of operations and requested all users to withdraw their remaining assets. Reasons for the shutdown included deteriorating business conditions with continuous outflows of CEX users’ funds, unlikely alignment with long-term trends in the cryptocurrency industry, and repeated network attacks and exploitation of project defects by malicious users.
18. Ankex: A new type of hybrid cryptocurrency exchange that uses multi-party computation (MPC) for splitting and decentralizing customers’ private keys across data centers.
19. Txbit: A Dutch cryptocurrency exchange founded in 2016. The exchange announced its permanent closure in August 2023.
20. Cabital: A cryptocurrency asset yield management platform that offers three main currencies: BTC, ETH, and USDT. Cabital focuses on stablecoins, BTC, ETH, and other cryptocurrencies for fixed deposit profits, avoiding the high risks of frequent trading. On September 2, 2021, Cabital completed a $4 million seed round financing, with participation from SIG, Dragonfly, and GSRV.
21. Bittrex: A cryptocurrency trading platform founded in 2014. Bittrex ended its operations starting from December 4, 2023, and all trading activities will be disabled.
22. BKEX: A cryptocurrency trading platform that supports over 1,000 cryptocurrency trading pairs and offers leverage from 1x to 100x.
23. CoinLoan: A lending platform backed by cryptocurrency assets, aiming to meet the needs that traditional credit systems cannot fulfill. On April 25, CoinLoan announced the cessation of all user withdrawals and operations.
24. Pillow: A digital asset management app that helps users store, spend, and invest in cryptocurrencies.
25. Wyre: A licensed cryptocurrency and payment infrastructure company established in 2013, which has gone through five rounds of financing. On June 17, 2023, Wyre announced a gradual shutdown, stating that the decision was not due to any regulatory instructions.
26. Earnity: Established a well-curated financial market for tokens, allowing everyone to learn, save, and earn money in a simple and intuitive way.
27. Hopex: Aiming to build a secure, fair, and reliable digital currency derivatives trading platform. On February 1, 2023, Hopex announced the cessation of operations due to significant business adjustments.
28. LocalBitcoins: A peer-to-peer cryptocurrency trading platform. On February 9, 2023, LocalBitcoins announced the cessation of operations.
29. Lazerpay: A blockchain-driven payment solution that enables businesses to accept payments from anyone, anywhere in the world using stablecoins. On April 13, 2023, Lazerpay ceased operations due to the inability to raise additional funds.
30. TradeBlock: An API-centric end-to-end platform that simplifies cryptocurrency asset trading workflows for institutional investors through dedicated solutions for pre-trade, trade execution, post-trade, and reporting. On July 16, 2014, TradeBlock completed a $2.8 million financing round led by a16z Crypto, with participation from DCG, FinTech Collective, DCVC, and others.
This list continues with the remaining projects.
Image source: RootData Compilation: “2023 Cryptocurrency Industry Death Project List.”TradeBlock was acquired by CoinDesk in January 2021 and ceased operations on May 25, 2023.
Galois Capital is a crypto hedge fund specializing in OTC trading and algorithmic market making. On November 12, 2022, Galois Capital stated in a letter to investors that approximately half of its assets (about $100 million) were locked on the FTX platform and unable to be withdrawn.
On February 20, 2023, Galois Capital decided to halt all trading, close out all positions, and return 90% of the funds not locked on FTX to its clients, with the remaining 10% temporarily held in reserve.
Coin Cloud is a bi-directional digital currency machine network that provides services for buying and selling Bitcoin and other digital currencies. On February 8, 2023, Coin Cloud announced debts of $100 million to $500 million and its decision to cease operations.
Paxful is a peer-to-peer cryptocurrency exchange. On April 4, 2023, Paxful announced its decision to cease operations, citing disputes between its two co-founders and multiple accusations of fund misappropriation and money laundering.
Silvergate is a U.S. Federal Reserve member bank established in 1988. In 2013, it became the first bank to surpass $1,000 in Bitcoin. Silvergate recognized the business opportunity in cryptocurrencies and positioned itself as a crypto-friendly bank.
FTX’s collapse in November 2022 became a crucial turning point in Silvergate’s development. On March 9, 2023, Silvergate announced its decision to cease operations.
Further reading:
Silvergate Bank’s bankruptcy mess “must provide liquidation plan within 10 days,” Fed scolds: Trusting FTX dragged down!
Multichain is a cross-chain router protocol that meets the specific needs of different blockchains to communicate with each other. Multichain aims to become the ultimate router for Web3.
On December 21, 2021, Multichain raised $60 million in funding with a valuation of $1.2 billion, led by Binance Labs. On July 14, 2023, the Multichain team announced that its CEO, Zhao Jun, was taken away by the police from his home on May 12 of this year and has since lost contact with the Multichain team. Funds were transferred by the founder’s relatives, and the team was forced to cease operations.
Further reading:
Multichain ceases operations! CEO Zhao Jun arrested by Chinese police, cold wallets and mnemonics confiscated
Minerva is a derivative exchange based on Optimism, similar to GMX, supported by a unique multi-asset pool that earns liquidity provider fees from market-making, exchange fees, and leveraged trading.
Themis is a decentralized lending protocol that allows users to collateralize their liquidity positions to borrow stablecoins and blue-chip assets.
On November 9, 2021, Themis raised $2 million in seed funding, with participation from DAOMaker, NFX, LD Capital, Chain Financial, and 0xBilly.
DeZy simplifies decentralized finance in a secure and user-friendly manner, enabling users to achieve meaningful savings, income growth, and wealth accumulation.
On January 3, 2022, DeZy raised $2.2 million in a Pre-A round of funding, led by Leo Capital, with participation from DeFiance Capital and others. On November 17, 2023, DeZy announced its decision to cease operations.
HIPO is a native liquidity protocol on Arbitrum that supports collateralization of synthetic tokens. It provides lending with fixed terms and rates.
GRO Protocol is a stablecoin yield aggregator. Its products include PWRD stablecoins with deposit protection and yield-bearing Vaults with leveraged stablecoin yield.
On March 30, 2021, GRO Protocol raised $7.1 million in seed funding, led by Galaxy Digital and Framework Ventures, with participation from Variant Fund, Three Arrows Capital, and others. On September 20, 2023, GRO Protocol announced its decision to cease operations.
xToken is building a capital markets and liquidity management platform to serve projects with on-chain businesses.
On May 12, 2021, xToken suffered a hack and lost $24 million. Later that year, xToken completed a $2 million funding round, with participation from Origin Capital, Lattice Capital, and others. On September 13, 2023, xToken announced its decision to cease operations.
Many Exchange is a cross-chain decentralized exchange supported by Polkadot.
SkyLaunch is a multi-chain IDO platform that connects projects with networks for tools, finance, and support.
On October 28, 2021, SkyLaunch raised $1.4 million in funding, with participation from AU21 Capital, Waterdrip Capital, GSR, X21 Digital, and others.
Housecat is an image trading protocol based on Polygon that allows anyone to synchronize and replicate wallet addresses, positions, and transactions on the Polygon blockchain.
On February 16, 2022, Housecat raised $3.5 million in funding, with participation from BlueYard Capital, Inflection, Notation Capital, and others. On March 13, 2023, Housecat announced its decision to cease operations.
Grim Finance is an intelligent yield optimizer that allows users to automatically harvest and reinvest in Smart Grim Vaults for compounding effects.
On December 18, 2021, Grim Finance suffered a hack, resulting in a loss of $30 million.
Yield Protocol is a decentralized lending protocol that introduces fixed-term, fixed-rate loans to decentralized finance.
On June 23, 2021, Yield Protocol raised $10 million in Series A funding, led by Paradigm, with participation from Framework Ventures, CMS Holdings, Alliance DAO, Variant Fund, and others. On October 3, 2023, Yield Protocol announced its decision to cease operations.
Fuji Finance is a lending aggregator that optimizes users’ costs in DeFi by automatically refinancing loans across different markets.
On April 27, 2021, Fuji Finance raised $1.25 million in seed funding, with a valuation of $12 million. On September 21, 2023, Fuji Finance announced its decision to close the protocol and cease operations. Users must withdraw their funds through the Fuji user interface before December 31, 2023, and starting from 2024, users will need to interact directly with smart contracts.
Arable Protocol is a single-yield and trading platform for synthetic assets, meeting the needs of multi-chain and single-asset on a single platform.
Warp Finance allows liquidity providers to use unused LP tokens as collateral for borrowing. On December 18, 2020, Warp Finance suffered a hack, resulting in a loss of $7.8 million.
Hundred Finance is a multi-chain lending protocol that integrates voting escrow tokenomics into cross-chain governance.
On April 15, 2023, Hundred Finance suffered a hack, resulting in a loss of $7 million. On August 10, Hundred Finance halted protocol execution based on the results of a community vote on the “April Attack Incident Resolution Plan.” The proposal also included the distribution of treasury assets to victims and the public auction and fund allocation of held NFTs.
Saddle is a decentralized automated market maker (AMM) optimized for trading stable value cryptocurrencies with minimal slippage.
Saddle Finance raised a total of $11.8 million in two funding rounds, with participation from Framework Ventures, Polychain, Electric Capital, Coinbase Ventures, Dragonfly, and others. On August 9, 2023, Saddle Finance announced its decision to cease operations and distribute liquidation funds to investors. Founder Sunil Srivatsa stated that the previous Curve hack reminded the Saddle team of the ongoing vulnerability threats.
AutoFarm is an aggregator protocol focused on providing automatic compounding yields for DeFi users, saving gas costs through smart contract code and yield optimization strategies.
Kannagi is a yield aggregator on the zkSync Era network. Kannagi Finance’s main product is the “Vault” where users can deposit their assets. On July 29, 2023, Kannagi Finance executed a Rug Pull, and its official Twitter account has logged out.
Zircon is a DEX platform based on AMM liquidity pools. Unlike other DEXs, Zircon allows users to choose to provide only one asset as collateral for each pair, instead of being forced to provide both sides. Zircon’s deployments on Moonriver and BSC were hacked on March 18.
Phezzan is a perpetual contract DEX on zkSync 2.0 that brings retail liquidity to order books. Its founder, Roland, reflected on the experiences and lessons learned from the failure of the Phezzan Protocol, covering funding, team building, community operations, and more.
Enchanter Finance is a community-based DEX on Aptos.
EZ Finance is a leverage yield farming aggregator based on Aptos and Sui. On January 19, 2023, EZ Finance completed a $210,000 private funding round with a valuation of $10 million.
Geist is a decentralized, non-custodial liquidity market protocol where users can participate as depositors or borrowers.
On July 14, 2023, Geist Finance announced its decision to cease operations, citing Multichain’s confirmation that the funds cannot be recovered.
Algofi is an all-in-one DeFi shop based on Algorand, providing DEX, lending markets, and stablecoins to users.
On December 1, 2021, Algofi completed a $2.8 million seed funding round, led by Pillar VC, USV, Arrington Capital, with participation from Coinbase Ventures, Y Combinator, Jump Crypto, and others. On July 11, 2023, Algofi announced a gradual shutdown, closing all social media accounts except for the Discord channel.
Tonic is an order book trading platform based on NEAR that allows anyone to create markets for assets on NEAR L1 or Aurora.
On April 26, 2022, Tonic raised $5 million in funding, with participation from Electric Capital, MOVE Capital, dao5, Framework Ventures, Wintermute, and others.
ARX is a fully decentralized and self-custodial P2P fiat exchange protocol focused on user protection mechanisms without moderators or centralized parties. On July 7, 2023, ARX announced its decision to cease operations.
Papr is an NFT lending protocol supported by Uniswap V3. On February 20, 2023, paprMEME completed a $3 million funding round, with Coinbase Ventures participating. In June of the same year, paprMEME announced its decision to cease operations, discontinuing support for certain interfaces. However, Backed protocol, community NFTs, and paprMEME will continue to exist.
UPFI aims to provide a highly scalable and decentralized algorithmic currency to replace fixed-supply digital assets.
Pizza is a decentralized lending platform based on EOS. On February 16, 2023, Pizza announced its decision to cease operations due to policy and other risk factors.
Vovo Finance is a structured product protocol based on Ethereum Layer 2, which earns yield from Curve Finance and conducts high-leverage trading on the GMX exchange.
On April 12, 2022, Vovo Finance completed a $2 million seed funding round, led by IOSG Ventures, with participation from Matrixport Ventures, Zee Prime Capital, and others. On May 16, 2023, Vovo Finance announced its decision to cease operations due to declining DeFi yields.
Friktion is an aggregator protocol focused on providing automatic compounding yields for individuals, institutional managers, and DAOs.ChainStack Full Stack Investment Portfolio and Risk Management Platform.
On January 13, 2022, Friktion completed a $5.5 million financing round with participation from DeFiance Capital, Jump Crypto, Delphi Digital, and others. On January 27, 2023, Friktion announced the closure of its front-end website and advised users to withdraw their assets.
Everlend is a loan aggregator supported by Solana, which supports multiple asset and currency markets.
On August 18, 2022, Everlend completed a $2.6 million strategic financing round with participation from GSR, Portico VC, Serum, and others. On February 2, 2023, Everlend announced the cessation of its operations.
Async Art is a Web3 creator platform for innovative artists, musicians, and brands. Its blueprint system establishes a template for creating generative NFTs without the need for code.
On February 18, 2021, Async Art completed a $2 million seed funding round led by Lemniscap, with participation from Semantic Ventures, Galaxy Interactive, Collab+Currency, and others. On October 23, 2023, Async Art announced the cessation of its operations.
Versum is an NFT platform and metaverse on the Tezos blockchain, aiming to redefine the art experience within the NFT space.
On October 6, 2023, Versum announced the cessation of its operations.
Cardinal is a protocol based on Solana that enables conditional ownership of NFTs, providing power to NFTs through leasing, subscriptions, staking, and ticketing.
On July 23, 2022, Cardinal completed a $4.4 million seed funding round with Protagonist and Solana Ventures as lead investors. On June 29, 2023, Cardinal announced the gradual closure of the protocol, attributing the decision to difficulties in the macro-environment of smart contracts.
Voice is a digital art marketplace for emerging artists, empowering artists from various industries to establish sustainable artistic practices.
On March 26, 2020, Voice completed a $150 million financing round with Block.one as an investor. On September 14, 2023, Voice announced the gradual closure of its business due to the continued uncertainty in the cryptocurrency and NFT markets.
Glass Protocol is a video NFT platform where users can create, collect, and sell video NFTs.
On September 27, 2022, Glass Protocol completed a $5 million seed funding round with TCG Crypto and 1kx as lead investors. On September 9, 2023, Glass announced the termination of its development activities, as the market demand for video NFTs was deemed unsustainable to continue development.
RECUR is the world’s largest brand and IP builder for end-to-end customized experiences, allowing fans to buy, collect, and resell NFTs.
On March 25, 2021, RECUR completed a $5 million seed funding round led by Alliance DAO. On September 13, 2021, RECUR completed a $50 million Series A funding round, valuing the company at $333 million. On August 19, 2023, RECUR announced the cessation of its operations.
GEN.ART is an online generative art platform on the blockchain, enabling artists to release their artworks to members.
On August 12, 2023, GEN.ART announced the closure of its business, and the remaining funds in the project’s treasury will be distributed to holders of DAO tokens.
Swap.net is an NFT marketplace for professional traders, providing airdrops to NFT traders.
On April 21, 2022, Swap.net completed a $1.75 million angel funding round with participation from FBG Capital, Big Brain Holdings, and others.
Formfunction is a digital art marketplace on Solana, launched on the mainnet in January 2022.
On March 17, 2022, Formfunction completed a $4.7 million seed funding round with Variant Fund as the lead investor, and participation from Solana Ventures, OpenSea Ventures, and others. On March 15, 2023, Formfunction announced the cessation of its operations.
MetaPoint is an online virtual world built on blockchain technology, where players can engage in virtual reality activities such as planting, operating, constructing, financing, gaming, and entertainment to gain pleasurable experiences and certain economic rewards.
Pax.world is an open metaverse platform that offers advanced audio, video, and chat features, as well as avatars with advanced technical specifications.
On February 14, 2022, Pax.world completed a $5.8 million seed funding round with investments from Shima Capital, DFG, AU21 Capital, Jump Trading, and others.
The Parallel is a decentralized virtual world game similar to The Sandbox, where players can play, create, collect, trade, and earn the platform’s native token PRL and NFTs.
On December 15, 2021, The Parallel completed a $4.3 million financing round with participation from Kyber Ventures, Signum Capital, OKX Ventures, and others.
AQUA is a Web3 gaming marketplace that provides content and tools for players to buy, sell, and trade game NFTs.
On September 28, 2022, AQUA received a $10 million investment from DIGITAL. On November 17, 2023, AQUA announced the cessation of its operations.
Ascenders combines story-driven open-world exploration with action-rich RPG elements, allowing players to choose between exploration, combat, and building through its gameplay modes.
On March 8, 2022, Ascenders completed a $6.4 million private financing round with Three Arrows Capital, Ryze Labs, Merit Circle as lead investors, and participation from DeFiance Capital, GuildFi, Momentum 6, Zee Prime Capital, and others. On October 6, 2023, Ascenders announced the cessation of its operations.
DeHorizon is a metaverse gaming ecosystem that enables players to build, socialize, and enjoy blockchain-based games with friends.
On October 11, 2021, DeHorizon completed an $8.5 million Pre-A financing round with lead investments from Sfermion and Dragonfly, and participation from EVG, Animoca Brands, YGG, Mechanism Capital, LD Capital, The LAO, Momentum 6, and others.
Starbots is a robot battle NFT game where players can create fantasy robots to compete against other opponents and collect NFT items and tokens.
On January 5, 2022, Starbots completed a $2.4 million private financing round with investments from Impossible Finance, Solar Eco Fund, and others.
Nifty’s is a social media platform focused on NFTs, bringing together high-quality publishers, brands, and creators with collectors, curators, and fan communities.
On July 12, 2021, Nifty’s completed a $10 million seed funding round led by Polychain, Draper Dragon, Coinbase Ventures, Dapper Labs, Samsung Next, and others. On August 3, 2023, Nifty’s announced that it was unable to secure the necessary funding to continue development and would gradually wind down its business.
HashLand is a game earning RPG that combines DeFi elements with NFT technology. In November 2021, it received investments from Waterdrip Capital, Youbi Capital, Foresight Ventures, and others.
SolChicks is an NFT fantasy game on Solana where players can use their unique SolChicks as their characters in a distinctive game metaverse.
On November 1, 2021, SolChicks completed a $20 million financing round with Fundamental Labs, Blocore, GD10 Ventures, KuCoin Labs, Gate Labs, Spartan Group, Shima Capital, and others.
Metroverse is an Ethereum-based land trading NFT strategy game where players can collect, trade, and battle. On February 24, 2023, Metroverse announced the cessation of its operations due to the downturn in the NFT gaming market.
EtherOrcs is a 100% on-chain game and ecosystem where orcs and their allies engage in raids, looting, travel, and more. On February 7, 2023, EtherOrcs announced the cessation of its operations due to the uncertainty in the NFT market.
Superdao is an integrated platform for launching, managing, and developing DAOs.
On January 27, 2022, Superdao completed a $10.5 million seed funding round with SignalFire as the lead investor, and participation from Soma Capital, Lemniscap, Alliance DAO, Shima Capital, and others. On October 19, 2023, Superdao decided to return a significant amount of remaining funds to investors and gradually cease operations.
SappChat is a decentralized messaging application that combines with a decentralized bank supported by blockchain and artificial intelligence technologies.
AnimalGo is a rewards-based pet community app that allows users to communicate and exchange information within their social networks.
Xeenon is a decentralized video platform that enables creators to directly connect with fans while having full control over how their creative works monetize. On September 15, 2023, Xeenon announced on its social platform that the regulatory environment in the United States made it difficult to innovate, leading the team to decide to close platform operations.
Naetion is a web3 startup that aims to build the world’s largest online professional network.
PolkaWorld is a global community for Polkadot, aiming to popularize knowledge about the Polkadot network and attract blockchain talents. PolkaWorld’s cessation of operations is attributed to the competition among funding, governance, and community.
Rally is a platform that helps creators and their communities build their independent digital economies.
Rally raised a total of $72 million in two post-listing financings in 2021. On January 31, 2023, Rally announced the cessation of its operations.
Stelo is a web3 security company that protects users from signing malicious transactions and signatures through its browser extension tool and API.
On February 16, 2023, Stelo completed a $6 million seed funding round led by a16z Crypto, with participation from OpenSea Ventures, First Round Capital, and others. On October 17, 2023, Stelo announced the cessation of its operations and summarized three reasons for its failure.
Magneto focuses on providing precise customer acquisition and marketing services for Web3 projects, where users can earn rewards by completing tasks.
Return is an innovative climate technology company that provides verifiable and incentivized social climate action for consumers, businesses, and communities.
On November 4, 2022, Return completed a $2.5 million pre-seed funding round with Cherry Crypto as the lead investor, and participation from Possible Ventures, Slow Ventures, Not Boring Capital, and others.
Genki is a web 3.0 community gateway platform where projects, channels, users, and validators can establish new connections in a trustless manner. On April 11, 2023, Genki announced the cessation of its operations due to intense market competition.
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