Another Crypto Project Shuts Down: Over Foundation Announces Shutdown of Over Protocol

BlockBeats News, April 28th. The Over Foundation announced that due to financial constraints, the foundation has ceased operations of all Over Protocol infrastructure and services, including OverWallet, OverNode, OverFlex, RPC nodes, a block explorer, and related APIs, with no plans to resume. Over Protocol is a Layer 1 mainnet that, although designed to be decentralized, is likely unable to continue operating smoothly following the foundation's service shutdown. Block production will depend on whether independent validators continue running the open-source client, a scenario for which the foundation cannot provide assurance.

Previously, reports indicated a wave of shutdowns in the crypto industry this year, with projects such as Dmail, Tally, and Step Finance ceasing operations one after another due to decreasing user activity, tightened funding, and rising costs. Industry insiders pointed out that the reliance on token fundraising has proven to be ineffective, as crypto projects lack a framework for liquidation and restructuring, making it difficult to coordinate creditor rights and operational recovery in times of financial distress.