5 crypto firms wind down this week amid ongoing market slump

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Source: Kipit Meanwhile, Everclear said it was winding down the Everclear Foundation and Everclear Labs, the two organizations that help manage and develop the protocol, because it “never developed the commercial depth we needed” and couldn’t sustain meaningful revenue. The protocol added that it explored various unsuccessful acquisition options and moved to a different model focused on partnerships, but had “underestimated how long it would take those partners to go live — and our runway ran out before they did.” Everclear said it is considering open-sourcing its protocol to give its community the option of continuing to run it. The token tied to Everclear fell sharply on Thursday after the protocol announced it was shutting down. Source: CoinGecko Also on Thursday, the ZERO Network team posted to X that it was shuttering the network to focus on its sister crypto wallet and data service, Zerion. Related: Bitcoin treasury Nakamoto plans reverse stock split to save ailing share price “We launched ZERO believing users shouldn't pay to transact on-chain,” said Zerion co-founder and CEO Evgeny Yurtaev. “We were obsessed with moving on-chain mainstream. We still are. But the world didn't need more blockchains — it needs a better way to access them.” Other recent crypto company closures include crypto mobile superapp Legend, which announced its closure on May 13. Solana aggregator Step Finance, crypto derivatives protocol Polynomial, crypto lending protocol Seamless and Balancer Labs, the team behind the Balancer protocol, have also closed due to the fallout from hacks or for a lack of market fit. NYDIG research lead Greg Cipolaro said in February that the number of crypto projects that can attract investors is shrinking, with only applications or services that “extend traditional finance products onto blockchain infrastructure” getting the most attention. Crypto platform Hyperliquid, popular for its crypto perpetual futures, has seen continued interest, pushing its token above $62 on Thursday, according to CoinGecko. Prediction markets such as Kalshi and Polymarket, which use blockchains, have also seen continued growth in trading volume, recording a combined record monthly volume of $23.8 billion in April, according to Token Terminal data. Conversely, major public crypto companies, including Bullish, BitGo, Galaxy Digital and Coinbase, posted losses in their first-quarter results due to market conditions. Magazine: Guide to the top and emerging global crypto hubs: Mid-2026 More on the subject

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