Author: RootData
VC-backed projects have hit rock bottom in the crypto market over the past year or two, sparking much attention and discussion. Yesterday, multiple media outlets cited a report from Bitcoin.com stating that nearly 45% of VC-supported crypto projects have ceased operations, which is a striking figure, but how accurate is it? What data supports this? This has raised many questions. As the platform with the richest data on crypto market investment and financing, RootData has also derived and analyzed this data.
One of the main data characteristics of the platform is that RootData marks the pages of projects that have ceased operations prominently as "ceased operations." This is primarily determined through official announcements from the projects and the status of their official websites/Twitter accounts. For example, if a project's official Twitter or social media has not had any updates for over six months, or if both the official Twitter and website are inaccessible, we will mark it as ceased operations. In terms of proportion, only about 20% of projects officially announce that their company is no longer operating or that their product is no longer maintained; most projects are judged based on their social media status.
Since most new projects require a certain observation period, to ensure the representativeness and reliability of the data sample, RootData only includes projects established before 2024 in this statistics. The status of these projects after long-term operation better represents the investment performance of VCs.
According to RootData statistics, there were a total of 4,521 projects that disclosed financing round information before January 2024, of which 940 have been marked as ceased operations, resulting in a mortality rate of 20.8%.
However, it is worth noting that in addition to the projects marked as ceased operations, there are also a considerable number of projects that, although still occasionally update on social media, have long only been retweeting industry news without any substantial product progress, and their FDV has long been below $1 million. These types of projects also account for at least 10%.
Below, RootData provides a specific statistic on the mortality rate of well-known VC investment projects.
Mortality Rate of Investment Projects by Well-Known VCs
Based on the cumulative number of investments, this chart presents the mortality rate of investment projects from 30 well-known VCs, among which GBV Capital, Spark Digital Capital, HTX Ventures, and LD Capital all exceed 30%, while only YZi Labs is below 10%.
The 30 VCs with the Lowest Investment Project Mortality Rates
According to statistics, the 5 VCs with the lowest investment project mortality rates are Placeholder, KR1, Lightspeed Venture, ParaFi Capital, Gnosis VC, YZi Labs, Wintermute, ConsenSys Mesh, Tiger Global, and CoinFund, all with mortality rates not exceeding 11%.
The 30 VCs with the Highest Investment Project Mortality Rates
According to statistics, the 10 VCs with the highest investment project mortality rates are Dutch Crypto Investors, OIG Capital, Basics Capital, LK Venture, GBV Capital, Momentum 6, EVG, X21 Digital, Magnus Capital, and Kyros Ventures, all with mortality rates exceeding 38%.
In addition, RootData has also created a special project compilation for each year of project deaths, with the following specific links:
《List of Dead Crypto Projects in 2025》
《List of Dead Crypto Projects in 2024》
《List of Dead Crypto Projects in 2023》
《List of Dead Crypto Projects in 2022》
《List of Dead Crypto Projects in 2021》
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