2025-12-31 16:24:20

As 2025 approaches its end, the crypto ecosystem is undergoing a radical market reshuffle. According to industry data, as of December 30, a total of 85 blockchain and crypto projects have announced shutdowns, bankruptcy filings, or long-term website inaccessibility, officially disappearing from the market. This number is nearly three times the 33 projects reported mid-year, revealing the depth of market adjustments in the second half of the year.

This wave of project closures covers all segments of the Web3 ecosystem. From on-chain games to DeFi protocols, from NFT trading platforms to other infrastructure projects, none are immune. The reasons given by project teams for bankruptcy range from funding exhaustion and declining product competitiveness to team disbandment, each different. But if we look beyond the surface, the real answer is simple—markets are making their choices.

The industry generally believes that this large-scale "death wave" not only reflects macro capital tightening but also exposes fundamental issues within many projects, such as unclear business models and insufficient product-market fit. During the cycle from 2024 to 2025, many projects were inflated by a hot funding environment. Once market sentiment returns to rationality, their fragility becomes evident.

From another perspective, this kind of "vitality restructuring" may not be entirely bad for the ecosystem. The process of natural selection, though brutal, can eliminate inefficient asset allocations in the market and create space for truly competitive projects to develop. Those projects that survive are often the ones that continue to refine their products and accumulate users even in a bear market.

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ruggedNotShrugged

· 2025-12-31 16:52

85 projects failed? Well, this is the reality of Web3. When funding is hot, everyone dares to boast; when the market cools down, everyone dies. --- To be honest, the bubbles that are blown up should burst, and I actually feel good about cleaning up the trash projects. --- Only teams with real substance will survive this round; let's see who still persists in refining their products. --- Another round of reshuffling is complete, finally clearing out those money-grabbing projects from the market. --- The question is, when the next funding boom comes, will people remember these lessons? I have my doubts. --- Alright, those that should go bankrupt will go bankrupt, and those that should be forgotten will be forgotten. The ecosystem can breathe again.

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not_your_keys

· 2025-12-31 16:52

85 projects have died. To be honest, I haven't used any of them haha. Only after this round do I realize what true product strength is; those inflated by funding hype have all died. The bear market polishing is what really matters; the rest is just garbage time. Another year, another batch of zeroed out. I'm used to it. The funding bubble has burst; those that should die, die, and those that should live, live. It's natural selection. It seems the few I bet on can still survive. I really stuck to it. The market's choice is cruel, but it's a bit refreshing. It feels like there are fewer air projects. Next year, I will continue to wash out and eliminate those truly useless ones.

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zkProofGremlin

· 2025-12-31 16:48

85 projects have failed, to put it plainly, the fundraising stories can no longer go on. This round of reshuffling is indeed brutal. A batch should have died long ago; there are too many pump-and-dump air coins. Only those that survive are truly valuable. I agree with the logic of refining products during a bear market. It feels like this story repeats every cycle—when funding loosens, a bunch of new projects pop up. What I care about is which projects can really make it to the next bull market. DeFi is the most competitive area; small projects have no chance. Bankruptcy reasons are just excuses; ultimately, it's because the products are not good enough. Web3 games have the highest failure rate; I saw this coming early on.

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WhaleInTraining

· 2025-12-31 16:32

85 projects disappeared directly, this is the true face of Web3... How painful is the bubble burst --- Another wave of death, why are there still people daring to all in these new projects --- Basically, there are too many speculators, and the market automatically filters out the trash --- Those hype around fundraising really deserve to die, wasting everyone's gas fees and time --- Only those who survive are the real ones, this cannot be denied --- Bear markets reveal who is swimming naked, now you understand, right? --- 85... crashed so badly in the second half of the year? Damn --- Survival of the fittest sounds very "positive energy," but what about my money? --- Projects that dare to raise funds without clear business models, these project teams really dare --- How many persist in refining their products? Most just take the money and run

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SchrodingersFOMO

· 2025-12-31 16:31

Well... The fact that 85 projects failed basically means there was no real demand. Things that only rise on the back of a hot funding trend will naturally fall when the trend cools. Serves them right. A bear market is the true test; everyone understands this principle. Another round of cleansing, another chance to get on board? Not so sure. Those who survive this wave are truly worth paying attention to. The 85 ways to die all boil down to "not worthy of life." The wave of bankruptcies has actually become refreshing, finally revealing who the real players are. Many projects are just funding actors; this year's conclusion is quite reasonable.

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