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Crypto Bear Market "Shutdown Wave" Arrives as Infrastructure and Layer 1 Projects Concentrate on Exiting or Pivoting

2026.04.17 12:39:20

April 17, 2026 — A notable trend of project contractions and shutdowns has taken hold in the 2026 crypto industry, with multiple infrastructure, public chain, and application-layer projects announcing closures or entering liquidation processes. - **Mint Blockchain** today announced it will cease all operations, requiring users to complete asset withdrawals by October 20. - **Seamless** (Base ecosystem lending protocol) previously said it will shut down its frontend interface on June 30 and discontinue services. - **Dmail Network** (privacy email system) also announced it will gradually cease all operations starting May 15, 2026. Several infrastructure, wallet, and tooling projects are also exiting: - **Leap Wallet** (Cosmos ecosystem wallet) will stop operating on May 28; users must complete asset migration by then. - **Intergaze** (NFT-focused zero-Gas chain) will finalize asset liquidation 14 days before its cross-chain closure. - **Parsec** (on-chain data analytics tool) has officially ceased operations after 5 years, launching a refund process. - **Polynomial** (DeFi derivatives protocol) announced the orderly shutdown of its current operations. Some mature apps and ecosystem products are undergoing strategic contraction or transformation: - **Magic Eden** will close its Bitcoin and EVM markets and stop supporting multi-chain wallets. - **Step Finance** (post-hack update): Its SolanaFloor and Remora Markets will cease all operations. The SolanaFloor news/media hub was later acquired and relaunched by the Jito Foundation. - **ZeroLend** (lending protocol) has cut LTV ratios to 0% for most markets and urged users to withdraw funds promptly. - **Angle Protocol** (decentralized stablecoin protocol) will cease operations in March 2027 and transition to Merkl, a DeFi incentive platform. Overall, during this crypto downturn, the exodus of projects spans multiple sectors: public chain networks, lending protocols, NFT markets, wallets, analytics tools, and trading infrastructure.
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