Between March and May 2026, 62 crypto projects officially announced their shutdown, covering nearly every recent hot narrative: Layer2 scaling solutions, AI+Crypto integrations, DAO/application chains, modular LSTs, NFT platforms, cross-chain DeFi protocols, derivatives platforms, on-chain games, metaverse projects, and experimental oracles. These mid-tier projects had previously raised substantial funding based on the hype around their respective narratives but failed to build genuine user retention or sustainable cash flow. As global crypto market liquidity tightened and speculative capital retreated, projects lacking fundamentals were the first to collapse, leading to a wave of collective closures.
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