Eighty-two digital asset projects and protocols have shut down in 2026, according to crypto researcher Stacy Muur. The closures underscore sustainability challenges across decentralized finance, blockchain infrastructure, and Web3 gaming.

Muur published a list on X on Tuesday that included Balancer, Radiant Capital, Neon EVM, and Step Finance.

Separately, DeFiLlama research published in August identified 100 crypto projects that announced closures in 2026, with 40 occurring in the preceding 90 days. The projects struggled to attract users or generate sufficient revenue to maintain operations.

The most frequently cited reason for shutdowns was lack of product-market fit. Other primary factors included depleted funding, insufficient revenue, and strategic decisions to pivot to alternative products.

This wave of closures follows a prolonged bear market. Bitcoin retreated from its October 2025 record high above $126,000 to fall below $60,000 earlier this year, adding financial pressure to projects already facing user acquisition and revenue challenges.

Ethereum layer-2 network Blast represents a notable casualty. The project announced its shutdown earlier this month, stating it had no "credible path" to economic viability. Blast once attracted over $2 billion in deposits.

Other protocols faced distinct operational problems. Step Finance ceased operations in February following a major treasury breach. Radiant Capital announced in June that it would wind down after failing to recover from a 2024 exploit.

Coinbase-backed Satori Finance also ceased operations, concluding that its revenue streams could no longer support its business model.

Collectively, the identified projects raised approximately $1 billion in funding and generated $250 million in cumulative fees. Nine projects had each secured more than $50 million, indicating that substantial financial backing did not guarantee long-term survival.

Crypto investment capital has become increasingly concentrated. Venture funding rose in the first half of 2026 compared to the previous year, even as the number of deals fell 80 percent, according to DeFiLlama.

Mergers and acquisitions also increased, with 87 M&A transactions at the time of the report—65 percent higher than the previous year.