Compilation: Gu Yu, Biscuit, RootData

As we enter the end of 2023, the long-awaited bull market has injected some surprise and excitement into the industry, bringing hope to projects facing financial difficulties. However, on the eve of the bull market, a large number of projects announced their demise due to issues such as funding and strategy, including Prime Trust, Gomu, GRO Protocol, Stelo, Yield Protocol, Multichain, Clockwork, and Wyre, all of which were supported by top venture capital institutions.

In RootData's "2023 Crypto Dead Projects List," approximately 120 projects that declared bankruptcy, ceased operations, or had long-term website malfunctions in 2023 were recorded, with a total financing amount reaching 940 million USD.

Image source: RootData compilation: "2023 Crypto Dead Projects List"

Based on the "last words" of these dead projects, the reasons for their demise can be roughly summarized into 5 points, with insufficient funds being the most significant and direct reason. Other reasons include a lack of market fit for the product, increasingly stringent regulatory policies, hacker attacks, and strategic adjustments by parent companies.

Below is the detailed list of the dead projects:

Infrastructure

Prime Trust

Prime Trust provides token and fiat custody, fund processing, anti-money laundering, KYC compliance, and trading technology services. On August 14, 2023, Prime Trust filed for Chapter 11 bankruptcy in the United States, with the company having debts as high as 5 billion USD and admitting to facing financial difficulties.

Bytom

Bytom, based on the PoS+BBFT consensus algorithm, is a smart contract platform that integrates multi-asset protocols to intelligently put assets on the chain. On November 24, 2023, BytomDAO stated that BMC had suspended all deposit functions, and all users should promptly withdraw any BMC-related assets. Bytom will enter the third phase: fully embracing AI from the public chain track and transforming into a technology-friendly project.

Sismo

Sismo is a modular proof protocol that provides portable reputation and aggregated issuance of ZK badges.

On December 1, 2021, Sismo completed a 10 million USD financing round, with participation from Delphi Digital, Fabric Ventures, Framework Ventures, and others. On December 8, 2023, Sismo founder Hadrien Charlanes stated that the team's operations were unsustainable, and they were returning funds to investors (with a 51% return rate).

Tomb Chain

Tomb Chain is a Layer2 network of Fantom Opera using Optimistic Rollup.

Kotal

Kotal is building open-source tools and frameworks for managing blockchain infrastructure and the lifecycle of dApps from deployment, integration, security, logging to monitoring.

Gomu

Gomu is a Web3 developer tool that provides APIs and SDKs for users to easily and securely build native Web3 applications and experiences.

On October 12, 2022, Gomu completed a 5 million USD seed round of financing, with participation from Coinbase Ventures, DeFiance Capital, and others.

CNHC Group

CNHC Group is a stablecoin issuer of CNHC, which is pegged 1:1 to offshore RMB. The CNHC stablecoin was launched in 2021 for scenarios such as transfers and cross-border trade settlements.

On March 15, 2023, CNHC Group completed a 10 million USD Series A1 round of financing. On May 31, 2023, multiple sources revealed that the CNHC Group's Shanghai office had been judicially sealed, and the team had been taken away and detained by the police.

Linen

Linen is a self-custody wallet supported by Gnosis Safe technology, using 3 keys for protection.

On September 20, 2019, Linen completed financing with participation from Polychain, Coinbase Ventures, HashKey Capital, and Wyre. On October 31, 2023, Linen announced that it would cease operations, and the remaining funds would be returned to investors.

LBRY

LBRY is a protocol for accessing and publishing digital content in the global decentralized market. On October 20, 2023, LBRY announced that LBRY Inc. had closed due to insurmountable debts to the SEC, its legal team, and private debtors, with no impact on the LBRY network.

Boring Protocol

Boring Protocol is a decentralized virtual private network (VPN) and bandwidth market that provides access to a globally distributed and continuously growing network.

Nitro Network

Nitro Network uses LoRaWAN IoT devices to build a decentralized private communication network (PCN), allowing users' gadgets to communicate using 3G/4G/5G technology.

On February 26, 2018, Nitro Network completed a 40 million USD financing round, with participation from FBG Capital, Kenetic Capital, and others.

Slashauth

Slashauth is a Web3 developer platform that provides login functionality, role-based access control, and data storage for any Web3-supporting applications.

Clockwork

Clockwork is Solana's decentralized automation network, enabling developers to schedule repetitive tasks using the Solana validator network and automate on-chain workflows.

On August 30, 2022, Clockwork completed a 4 million USD seed round of financing, with Multicoin Capital and Asymmetric co-leading. On August 28, 2023, former Clockwork employee Nick stated that due to limited business prospects and opportunity costs, the Clockwork development team and himself decided to discontinue protocol development.

Outlet Finance

Outlet uses DeFi to power personal finance applications built for everyone. Outlet investors include Big Brain Holdings.

Nomics

Nomics is an API-first crypto asset data company that provides professional-grade market data APIs to institutional crypto investors and exchanges.

On December 18, 2018, Nomics completed a 3 million USD financing round, with participation from DCG, Polymath, Tokensoft, Coinbase Ventures, and others.

Numio

Numio is a mobile payment application based on Ethereum, supporting zkRollups on Google Play for instant and low-cost transfers.

On July 13, 2021, Numio completed a 1.25 million USD seed round of financing. HashKey Capital led the round, with participation from LD Capital, ZMT Capital, and others. On February 7, 2023, Numio announced the cessation of operations due to the inability to raise further funds.

CeFi

Hotbit

Hotbit is a cryptocurrency trading platform. On May 22, 2023, Hotbit announced the cessation of operations and requested all users to withdraw their remaining assets.

Hotbit stated that the reasons for the shutdown included deteriorating operating conditions, continuous outflow of user funds from CEXs including Hotbit, changes in the crypto industry trends unlikely to align with long-term trends, and multiple instances of network attacks and malicious exploitation of project flaws.

Ankex

Ankex is a new type of hybrid cryptocurrency exchange, with an account system using multi-party computation (MPC) to split and disperse customer private keys across data centers.

Txbit

Txbit is a cryptocurrency exchange based in the Netherlands, established in 2016. In August 2023, the exchange announced its permanent closure.

Cabital

Cabital is a cryptocurrency asset yield management platform, offering three main currencies: BTC/ETH/USDT. Cabital focuses on the yield from stablecoins, BTC, ETH, and other cryptocurrencies, avoiding the high risks of frequent trading.

On September 2, 2021, Cabital completed a 4 million USD seed round of financing, with participation from SIG, Dragonfly, GSRV.

Bittrex

Bittrex is a cryptocurrency trading platform established in 2014. Bittrex ceased operations on December 4, 2023, and all trading activities were disabled.

BKEX

BKEX is a cryptocurrency trading platform supporting over 1000 cryptocurrency trading pairs and providing users with leverage of 1-100x.

CoinLoan

CoinLoan is a lending platform using cryptocurrency as collateral, designed to meet the needs that traditional credit systems cannot fulfill. On April 25, CoinLoan announced the cessation of all user withdrawals and operations.

Pillow

Pionex is a digital asset management application that helps users store, spend, and invest in cryptocurrencies.

Pillow completed two rounds of financing in 2022, raising a total of 21 million USD. On June 23, 2023, Pillow planned to suspend all services due to regulatory uncertainty.

Wyre

Wyre is a cryptocurrency ecosystem's licensed cryptocurrency and payment infrastructure company founded in 2013, with a history of completing 5 rounds of financing. On June 17, 2023, Wyre announced a gradual shutdown and stated that the decision was not due to any regulatory directives.

Earnity

Earnity has created a carefully planned financial market for tokens, allowing everyone to learn, save, and earn money in a simple and intuitive way.

Hopex

Hopex is dedicated to building a secure, fair, and reliable cryptocurrency derivatives trading platform. On February 1, 2023, Hopex announced the cessation of operations due to significant business adjustments.

LocalBitcoins

LocalBitcoins is a P2P cryptocurrency trading platform. On February 9, 2023, LocalBitcoins announced the cessation of operations.

Lazerpay

Lazerpay is a blockchain-driven payment solution that enables businesses to accept payments in stablecoins from anyone, anywhere in the world. On April 13, 2023, Lazerpay ceased operations due to the inability to raise additional funds.

TradeBlock

TradeBlock is an API-centric end-to-end platform that enables institutions to simplify their crypto asset trading workflows through specially built pre-trade, trade execution, post-trade, and reporting solutions.

On July 16, 2014, TradeBlock completed a 2.8 million USD financing round, with a16z Crypto leading, and participation from DCG, FinTech Collective, DCVC, and others. In January 2021, TradeBlock was acquired by CoinDesk and ultimately ceased operations on May 25, 2023.

Galois Capital

Galois Capital is a cryptocurrency hedge fund focused on OTC trading and algorithmic market making. On November 12, 2022, Galois Capital stated in a letter to investors that nearly half of the company's assets (about 100 million USD) were trapped on the FTX platform and unable to be withdrawn.

On February 20, 2023, Galois Capital decided to cease all trading, close all positions, and return 90% of the funds not trapped on FTX to clients after closing the fund, with the remaining 10% temporarily held.

Coin Cloud

Coin Cloud is a two-way digital currency machine network that provides buying and selling services for Bitcoin and other digital currencies. On February 8, 2023, Coin Cloud announced bankruptcy with liabilities of 100 million to 500 million USD and planned to cease operations.

Paxful

Paxful is a peer-to-peer cryptocurrency exchange. On April 4, 2023, Paxful announced the cessation of operations, citing reasons including allegations of embezzlement and money laundering by two co-founders.

Silvergate

Silvergate is a member bank of the Federal Reserve established in 1988, and in 2013, Bitcoin first surpassed the $1,000 mark. Silvergate keenly sensed the business opportunity and became a crypto-friendly bank.

The collapse of FTX in November 2022 became a significant turning point in Silvergate's development. On March 9, 2023, Silvergate announced the cessation of operations.

DeFi

Multichain

Multichain is a cross-chain router protocol that meets the explicit need for different blockchains to communicate with each other. Multichain aims to be the ultimate router for Web3.

On December 21, 2021, Multichain completed a 600 million USD financing round at a valuation of 12 billion USD, with Binance Labs leading. On July 14, 2023, the Multichain team stated that their CEO, Zhao Jun, was taken away by the police from his home on May 12 this year and has since lost contact with the Multichain team. The funds were transferred by the founder's relatives, and the team was forced to cease operations.

Minerva

Minerva is a derivatives exchange based on Optimism, similar to GMX, supported by a unique multi-asset pool that earns liquidity provider fees from market making, exchange fees, and leveraged trading.

Themis

Themis is a decentralized lending protocol that allows users to collateralize their liquidity positions to borrow stablecoins and blue-chip assets.

On November 9, 2021, Themis completed a 2 million USD seed round of financing, with participation from DAOMaker, NFX, LD Capital, Chain Financial, 0xBilly, and others.

DeZy

DeZy aims to simplify decentralized finance in a secure and convenient way, enabling users to achieve meaningful savings, income growth, and wealth accumulation.

On January 3, 2022, DeZy completed a 2.2 million USD Pre-A round of financing, with Leo Capital leading and participation from DeFiance Capital and others. On November 17, 2023, DeZy announced the cessation of operations.

HIPO

HIPO is a native liquidity protocol on Arbitrum, supporting derivative tokens as collateral and providing fixed-term and fixed-rate lending.

GRO Protocol

GRO Protocol is a stablecoin yield aggregator, offering PWRD stablecoins with deposit protection and yield, as well as Vaults with leveraged stablecoin yields.

On March 30, 2021, GRO Protocol completed a 7.1 million USD seed round of financing, with Galaxy Digital and Framework Ventures leading and participation from Variant Fund, Three Arrows Capital, and others. On September 20, 2023, GRO Protocol announced the cessation of operations.

xToken

xToken is building a capital market and liquidity management platform to serve any project with on-chain business.

In May 2021, xToken suffered a hack resulting in a loss of 24 million USD. In the same year, xToken completed a 2 million USD financing round, with Origin Capital, Lattice Capital, and others participating. On September 13, 2023, xToken announced the cessation of operations.

Many Exchange

Many Exchange is a cross-chain, decentralized exchange supported by Polkadot.

SkyLaunch

SkyLaunch is a multi-chain IDO platform that connects projects with tools, financial support, and networks.

On October 28, 2021, SkyLaunch completed a 1.4 million USD financing round, with participation from AU21 Capital, Waterdrip Capital, GSR, X21 Digital, and others.

Housecat

Housecat is a Polygon-based mirror trading protocol that allows anyone to sync and replicate positions and trades from other wallet addresses on the Polygon blockchain.

On February 16, 2022, Housecat completed a 3.5 million USD financing round, with BlueYard Capital, Inflection, Notation Capital, and others participating. On March 13, 2023, Housecat announced the cessation of operations.

Grim Finance

Grim Finance is an intelligent yield optimizer platform that allows users to automatically harvest and re-stake in Smart Grim Vaults to generate compounding effects.

On December 18, 2021, Grim Finance suffered a hack resulting in a loss of 30 million USD.

Yield Protocol

Yield Protocol is a decentralized lending protocol that introduces fixed-term, fixed-rate loans to decentralized finance.

On June 23, 2021, Yield Protocol completed a 10 million USD Series A financing round, with Paradigm leading and participation from Framework Ventures, CMS Holdings, Alliance DAO, Variant Fund, and others. On October 3, 2023, Yield Protocol announced the cessation of operations.

Fuji Finance

Fuji Finance is a lending aggregator that optimizes users' costs in DeFi by automatically refinancing loans across different markets.

On April 27, 2021, Fuji Finance completed a 1.25 million USD seed round of financing, with a valuation of 12 million USD. On September 21, 2023, Fuji Finance announced the closure of the protocol and cessation of operations. Users must withdraw funds through the Fuji user interface by December 31, 2023, and from 2024 onwards, users will need to interact directly with smart contracts.

Arable Protocol

Arable Protocol is a single-yield and trading platform for synthetic assets, enabling multi-chain single-yield on a single platform.

Warp Finance

War Finance allows liquidity providers to use unused LP tokens as collateral for borrowing. On December 18, 2020, Warp Finance suffered a hack, resulting in a loss of 7.8 million USD.

Hundred Finance

Hundred Finance is a multi-chain lending protocol that integrates tokenomic voting custody in cross-chain governance.

On April 15, 2023, Hundred Finance suffered a hack, resulting in a loss of 7 million USD. On August 10, according to the "April Attack Incident Handling Plan" community voting results, the protocol was halted. The proposal also included the allocation of treasury assets to victims and the public auction and fund allocation of held NFTs.

Saddle Finance

Saddle is a decentralized automated market maker (AMM) optimized for minimal slippage trading of stable value crypto assets.

Saddle Finance completed a total of 2 funding rounds, raising a total of 11.8 million USD, with participation from Framework Ventures, Polychain, Electric Capital, Coinbase Ventures, Dragonfly, and others. On August 9, 2023, Saddle Finance announced the cessation of operations, with liquidation funds to be distributed to investors. Founder Sunil Srivatsa stated that the previous Curve hack incident reminded the Saddle team of the ever-present threat of exploitable vulnerabilities.

AutoFarm

AutoFarm is an aggregator protocol focused on providing automatic compounding yield for DeFi users, while saving gas costs through smart contract code and yield optimization strategies.

Kannagi Finance

Kannagi is a yield aggregator on the zkSync Era network. Kannagi Finance's main product is the "Vault" for user asset deposits. On July 29, 2023, Kannagi Finance experienced a Rug Pull, and its official Twitter account has been deactivated.

Zircon

Zircon is a DEX platform based on AMM liquidity pools. Unlike other DEXs, on Zircon, users can choose to only provide one asset per pair instead of being forced to provide both. Zircon's Moonriver and BSC deployments were both hacked on March 18.

Phezzan Protocol

Phezzan is a perpetual contract DEX on zkSync 2.0, bringing retail liquidity to the order book. Founder Roland reflects on the experiences and lessons learned from the failure of Phezzan Protocol in an article, covering aspects such as fundraising, team building, and community operations.

Enchanter Finance

Enchanter Finance is a community-based DEX on Aptos.

EZ Finance

EZ Finance is a leverage yield farming aggregator based on Aptos and Sui. On January 19, 2023, EZ Finance completed a 210,000 USD private funding round, with a valuation of 10 million USD.

Geist Finance

Geist is a decentralized non-custodial liquidity market protocol, allowing users to participate as depositors or borrowers.

On July 14, 2023, Geist Finance announced the cessation of operations, citing Multichain's confirmation that funds could not be recovered.

Algofi

Algofi is a one-stop DeFi shop based on Algorand, providing users with DEX, lending markets, and stablecoins.

On December 1, 2021, Algofi completed a 2.8 million USD seed funding round, with Pillar VC, USV, Arrington Capital leading, and participation from Coinbase Ventures, Y Combinator, Jump Crypto, and others. On July 11, 2023, Algofi announced a gradual cessation of operations and the closure of all social media accounts except the Discord channel.

Tonic

Tonic is an order book trading platform based on NEAR, allowing anyone to create markets for any asset on NEAR L1 or Aurora.

On April 26, 2022, Tonic completed a 5 million USD funding round, with Electric Capital and MOVE Capital leading, and participation from dao5, Framework Ventures, Wintermute, and others.

ARX

• ARX is a fully decentralized and self-custodial P2P fiat exchange protocol designed to focus on user protection mechanisms of "no moderators/no centralized parties". On July 7, 2023, ARX announced the cessation of operations.

• paprMEME: Papr is an NFT lending protocol supported by Uniswap V3. On February 20, 2023, paprMEME completed a 3 million USD funding round with participation from Coinbase Ventures. In June of the same year, paprMEME announced the cessation of operations, discontinuing support for certain interfaces, but the Backed protocol, community NFTs, and paprMEME will continue to exist.

• UPFI: UPFI aims to provide a highly scalable, decentralized algorithmic currency to replace fixed-supply digital assets.

• Pizza: Pizza is a decentralized lending platform based on EOS. On February 16, 2023, Pizza announced the cessation of operations due to policy and other risk factors.

• Vovo Finance: Vovo Finance is a structured product protocol based on Ethereum Layer 2, generating revenue from Curve Finance and conducting high-leverage trading on the GMX exchange.

• Friktion: Friktion is an on-chain full-stack investment portfolio and risk management platform for individuals, institutional managers, and DAOs.

• Everlend: Everlend is a lending aggregator supported by Solana, supporting multiple assets and currency markets.

NFT

• Async Art: Async Art is a Web3 creator platform for innovative artists, musicians, and brands. Its blueprint system creates a template for generating NFTs without the need for code.

• Versum: Versum is an NFT platform and metaverse on the Tezos blockchain, aiming to redefine the art experience within the NFT space.

• Cardinal: Cardinal is a Solana-based protocol that enables conditional ownership of NFTs, providing incentives for NFTs through leasing, subscriptions, staking, and tickets.

• Voice: Voice is a digital art marketplace for emerging artists, empowering artists from all industries to build sustainable art practices.

• Glass Protocol: Glass Protocol is a video NFT platform where users can create, collect, and sell video NFTs.

• On September 27, 2022, Glass Protocol completed a $5 million seed round of financing, with TCG Crypto and 1kx leading the investment. On September 9, 2023, Glass announced the termination of development activities, as the founder believed that the market's demand for video NFTs was not sustainable, making it impossible to continue development.

• RECUR: RECUR provides end-to-end customized experiences for the world's largest brands and IPs, allowing fans to purchase, collect, and resell NFTs.

• GEN.ART: GEN.ART is an on-chain generative art platform dedicated to allowing artists to release their artwork to members on the blockchain. On August 12, 2023, GEN.ART announced the closure of its business, with the remaining funds in the project's treasury being distributed to DAO token holders.

• Swap.net: Swap.net is an NFT marketplace for professional traders, providing airdrops for NFT traders. On April 21, 2022, Swap.net completed a $1.75 million seed round of financing, with participation from FBG Capital and Big Brain Holdings.

• Formfunction: Formfunction is a digital art marketplace on Solana, which went live on the mainnet in January 2022. On March 17, 2022, Formfunction completed a $4.7 million seed round of financing, with Variant Fund leading the investment and participation from Solana Ventures and OpenSea Ventures. On March 15, 2023, Formfunction announced the cessation of operations.

Gaming & Metaverse

• MetaPoint: MetaPoint is an online virtual world built on blockchain technology, where players can engage in activities such as planting, managing, building, finance, gaming, and entertainment to experience pleasure and receive economic rewards.

• Pax.world: Pax.world is an open metaverse platform that provides advanced audio, video, and chat features, as well as avatars with advanced technical specifications.

• The Parallel: The Parallel is a decentralized virtual world game similar to The Sandbox, where players can play, create, collect, trade, and earn the platform's native token PRL and NFTs. On December 15, 2021, The Parallel completed a $4.3 million financing round, with participation from Kyber Ventures, Signum Capital, and OKX Ventures.

• AQUA: AQUA is a Web3 gaming marketplace that provides players with the content and tools needed to buy, sell, and trade game NFTs. AQUA received a $10 million investment from DIGITAL on September 28, 2022. On November 17, 2023, AQUA announced the cessation of operations.

• Ascenders: Ascenders combines story-driven open-world gameplay with action-rich RPG, allowing players to choose between exploration, combat, and building through its game modes. On March 8, 2022, Ascenders completed a $6.4 million private placement round, with Three Arrows Capital, Ryze Labs, and Merit Circle leading the investment, and participation from DeFiance Capital, GuildFi, Momentum 6, and Zee Prime Capital. On October 6, 2023, Ascenders announced the cessation of operations.

• DeHorizon: DeHorizon is a metaverse gaming ecosystem that allows players to create, socialize, and enjoy blockchain-based games with friends. On October 11, 2021, DeHorizon completed an $8.5 million Pre-A round of financing, with investment from Sfermion, Dragonfly, EVG, and participation from Animoca Brands, YGG, Mechanism Capital, LD Capital, The LAO, and Momentum 6.

• Starbots: Starbots is a robot combat NFT game where players can create fantasy robots to compete against other opponents and collect NFT items and tokens. On January 5, 2022, Starbots completed a $2.4 million private placement round, with investment from Impossible Finance and Solar Eco Fund.

• Nifty's: [Nifty's]

Nifty's is a social media platform focused on NFTs, bringing together high-quality publishers, brands, and creators with collectors, curators, and fan communities.

On July 12, 2021, Nifty's completed a $10 million seed round of financing, with participation from Polychain, Draper Dragon, Coinbase Ventures, Dapper Labs, Samsung Next, and others. On August 3, 2023, Nifty's announced its inability to secure the necessary funding for continued development and will gradually wind down its operations.

DeHorizon: DeHorizon is a metaverse gaming ecosystem that allows players to create, socialize, and enjoy blockchain-based games with friends.

On October 11, 2021, DeHorizon completed an $8.5 million Pre-A round of financing, with joint leadership from Sfermion and Dragonfly, EVG, and participation from Animoca Brands, YGG, Mechanism Capital, and others.

HashLand: HashLand is a game that combines DeFi elements with NFT technology in an RPG game. In November 2021, Waterdrip Capital, Youbi Capital, Foresight Ventures, and others participated in the funding.

SolChicks: SolChicks is a fantasy NFT game on Solana, where players can use their SolChicks as their characters.

On November 1, 2021, SolChicks completed a $20 million financing round, with participation from Fundamental Labs, Blocore, GD10 Ventures, KuCoin Labs, Gate Labs, Spartan Group, Shima Capital, and others.

Metroverse: Metroverse is an Ethereum-based land trading NFT strategy game where players can collect, trade, and battle. On February 24, 2023, Metroverse announced the cessation of operations due to the downturn in the NFT gaming market.

EtherOrcs: EtherOrcs is a 100% on-chain game and ecosystem where orcs and their allies engage in raids, plunder, and travel. On February 7, 2023, EtherOrcs announced the cessation of operations due to the uncertainty in the NFT market.

DAO

Superdao: Superdao is an integrated platform for launching, managing, and developing DAOs.

On January 27, 2022, Superdao completed a $10.5 million seed round of financing at a valuation of $160 million, with SignalFire leading the investment, and participation from Soma Capital, Lemniscap, Alliance DAO, Shima Capital, and others. On October 19, 2023, Superdao decided to return the remaining substantial funds to investors and gradually wind down its operations.

Social Entertainment

SappChat: SappChat is a decentralized messaging application combined with a decentralized bank supported by blockchain and artificial intelligence technology.

AnimalGo: AnimalGo is a reward-based pet community application that allows users to communicate and exchange information with their social networks.

Xeenon: Xeenon is a decentralized video platform that allows creators to directly connect with fans while fully controlling how their creative works generate profits. On September 15, 2023, Xeenon stated on its social platform that the regulatory environment in the United States made it difficult to innovate, leading the team to decide to shut down platform operations.

Naetion: Naetion is a Web3 startup dedicated to building the world's largest on-chain professional network.

PolkaWorld: PolkaWorld is a global community for Polkadot, aiming to popularize knowledge of the Polkadot network and attract blockchain talent. The shutdown of PolkaWorld behind the scenes is a struggle between funding, governance, and the community, as reported by Panewslab.

Rally: Rally is a platform that helps creators and their communities build their own independent digital economy.

Rally completed two fundraising rounds in 2021, raising a total of $72 million. On January 31, 2023, Rally announced the cessation of operations.

Others

Stelo

• Stelo is a web3 security company, and its browser extension and API can protect users from signing malicious transactions and signatures.

On February 16, 2023, Stelo completed a $6 million seed round of financing, with a16z Crypto leading the investment and participation from OpenSea Ventures, First Round Capital, and others. On October 17, 2023, Stelo announced the cessation of operations and summarized three reasons for its failure.

• Magneto

Magneto focuses on providing accurate customer acquisition and marketing services for Web3 projects, and users can earn rewards by completing tasks.

• Return

Return is an innovative climate technology company that provides verifiable and incentivizing social climate actions for consumers, businesses, and communities.

On November 4, 2022, Return completed a $2.5 million Pre-Seed round of financing, with Cherry Crypto leading the investment and participation from Possible Ventures, Slow Ventures, Not Boring Capital, and others.

• Genki

Genki is a web 3.0 community gateway platform where projects, channels, users, and validators can establish new connections in a trustless manner. On April 11, 2023, Genki announced the cessation of operations due to intense market competition.

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