According to ChainCatchert, according to incomplete statistics from RootData, a total of 8 projects announced the cessation of operations in the first half of 2024, mainly distributed in DeFi (ClayStack, Gridex Protocol, Hector Network), CeFi (Yield App, HKVAEX, CommEX), GameFi (Eternal Dragons/Trailblazer Games) and privacy track (Nocturne).

It is worth noting that GameFi project Eternal Dragons/Trailblazer Games received US$8.2 million in financing, the privacy protocol Nocturne supported by Vitalik received US$6 million in seed round financing, and the liquidity staking project ClayStack received US$5.2 million in seed round financing led by CoinFund and ParaFi Capital, and supported by Coinbase Ventures, Animoca Brands, The Spartan Group and others.

The main reasons for the shutdown of these projects are quite diverse, mainly due to non-systemic risks. ClayStack was shut down due to the lack of product-market fit in the past three years of operation; Gridex Protocol said it failed to obtain more funds from private investors and also faced the problem of insufficient liquidity; Eternal Dragons pointed out that Web3 brought additional challenges to game design, user experience and development, increased costs and risks; and Yield App suffered losses because its assets were once hosted on the defunct FTX exchange.