Decentralized finance (DeFi) analytics platform Zapper introduced it should shut down subsequent month, changing into the most recent crypto platform to fold amid a market downturn.
In a submit to X on Wednesday, Zapper CEO Seb Audet said Zapper’s web site, cell app and API companies would shut down on Aug. 3, marking the top of a seven-year run after receiving backing from the likes of billionaire investor Mark Cuban in 2021.
“We evaluated a lot of completely different choices, pursued some to the fullest extent potential, and got here to the conclusion that an orderly wind down is the very best plan of action,” Audet mentioned.
Whereas Zapper didn’t share the explanations behind its choice to close down, Audet hinted in a response that the shutdown was attributable to falling demand, stating: “On the finish of the day, the market decides.”
Cointelegraph reached out for remark however didn’t obtain an instantaneous response.
Supply: Zapper
Zapper provides to a rising record of crypto platforms which have shut down as crypto market sentiment has sunk to close all-time lows and enterprise capital funding has develop into harder to safe.
Cardano-based analytics platform TapTools made an identical choice to close down in June, as did Bitcoin-focused DeFi platform Botanix every week later, citing weak demand for Bitcoin DeFi.
SBI’s crypto unit, decentralized electronic mail service Dmail, and nonfungible token marketplaces like Nifty Gateway and Rodeo have additionally sundown operations this yr amid a broader fall in NFT exercise.
Associated: Yield Guild Video games cuts 35 workers, shuts sport writer to deal with AI
Zapper was based in 2019 and put itself on the map by successful one in every of Kyber’s DeFi Hackathon occasions later that yr, which helped it increase a $1.5 million seed spherical.
It additionally raised $15 million in a Collection A funding spherical in Could 2021, led by Framework Ventures, with Cuban, Coinbase Ventures and the Ashton Kutcher-founded Sound Ventures additionally contributing.
Crypto merchants use platforms like Zapper to trace token costs, observe DeFi traits and uncover new protocols. Zapper additionally allowed merchants to attach their wallets to watch positions, handle liquidity swimming pools and yield farms and study upcoming airdrops.
Audet mentioned the Zapper crew scaled its product to over 2 million month-to-month energetic customers and oversaw greater than $13 billion in processed transactions at its peak.
Nevertheless, Zapper has skilled main setbacks all through its journey, together with in April 2025, when it suffered a social engineering assault. The breach allowed attackers to briefly hijack the platform’s area and redirect unsuspecting customers to a malicious web page embedded with phishing traps.
Securing VC funding has develop into a problem
Whereas crypto VC funding elevated 57.6% year-on-year to $4.21 billion within the second quarter, the unfold of capital has develop into much more concentrated, with the general deal depend having now fallen 9 occasions during the last 10 quarters, in response to RootData’s VC dashboard.
Quarterly change in crypto VC funding and deal depend since Q1 2020. Supply: RootData
Options: From Bitcoin critics to blockchain believers: The 5 greatest crypto backflips
