Crypto Project Shutdown Wave Continues in Bear Market, Industry Consolidation Accelerates

BlockBeats News, July 9th, another wave of shutdowns hits the crypto industry. Crypto exchange AscendEX announced yesterday that it will cease operations, citing the current market environment and the impact of the EU's Markets in Crypto-Assets regulation (MiCA); DeFi dashboard and asset tracking tool Zapper announced a full shutdown of its website, mobile app, and API on August 3rd; Web3 gaming guild YGG's gaming division, YGG Play, will also cease operations on August 1st, laying off 35 employees.

Despite a slight recovery in the crypto market from its recent lows, the overall industry has not escaped the bearish sentiment. Funding, financing, and user growth remain under pressure, with many projects struggling to sustain themselves amid operating costs and commercialization pressures. In recent years, across various sectors such as exchanges, DeFi infrastructure, NFTs, wallets, and Web3 games, numerous projects have announced shutdowns or business reductions, indicating that the crypto industry is still in a phase of continuous consolidation.

For users, it is advised to stay tuned to official project announcements, withdraw assets from platforms promptly, and avoid potential fund risks due to service terminations or illiquidity. Additionally, prioritize platforms and protocols with financial transparency, sufficient reserves, and regulatory compliance. It is recommended to diversify asset custody to mitigate potential losses from a single platform shutdown or operational risk.