Eighty-two digital asset projects and protocols shut down in 2026, according to crypto researcher Stacy Muur, spanning decentralized finance, blockchain infrastructure and Web3 gaming.
Muur published her list on Tuesday, identifying projects including Balancer, Radiant Capital, Neon EVM and Step Finance. DeFiLlama research in August independently identified 100 crypto projects that announced closures in 2026, with 40 shutdowns occurring in the 90 days prior to the report's publication.
Lack of product-market fit was the most commonly cited reason for closures, according to DeFiLlama's findings. Depleted funding and insufficient revenue were also significant factors, alongside decisions to pivot to other products.
Ethereum layer-2 network Blast, which once attracted over $2 billion in deposits, announced its shutdown earlier this month, citing no "credible path" to economic viability. Step Finance ceased operations in February following a major treasury breach. Radiant Capital wound down in June after failing to recover from a 2024 exploit. Coinbase-backed Satori Finance concluded operations after determining revenue could no longer support the business.
Collectively, the shutdown projects raised approximately $1 billion in funding and generated $250 million in cumulative fees before closure. Nine projects had each raised more than $50 million, indicating substantial financial backing offered little assurance of long-term survival.
Venture funding rose in the first half of 2026 compared with the previous year, but the number of deals fell 80 percent, suggesting larger allocations to fewer projects. Mergers and acquisitions increased to 87 transactions at the time of DeFiLlama's report, 65 percent higher than the previous year, highlighting consolidation as smaller projects fail to sustain operations independently.
