Since 2018, the total fees of DeFi protocols have reached $74.8 billion, with half generated between 2024 and 2025. In the past two months, twelve projects have successively shut down: Entropy Protocol, Milkyway Protocol, Nifty Gateway, Rodeo, Forgotten Runiverse, Slingshot, Polynomial, Zerolend, Grix Finance, Parsec Finance, Angle Protocol, and Step Finance.