82 crypto protocols have already shut down this year.
Researcher Stacy Muur counted 82 protocol shutdowns in 2026, spanning DeFi, infrastructure, and Web3 gaming. Even Blast, which once attracted $2 billion, couldn’t find a way forward. Step Finance and Radiant, meanwhile, fell after being hacked.
Together, these projects raised around $1 billion, yet generated pitifully little in fee revenue.
Back when I was studying for my master’s in blockchain, the question we discussed most was: Where does a protocol’s real revenue come from? Now the market has answered.
After the shakeout, which sector do you still believe in?
Reply 1 for DeFi blue chips
Reply 2 for stablecoins/payments
Reply 3 if you only trust BTC
#BinanceSquare
$BTC $ETH
Researcher Stacy Muur counted 82 protocol shutdowns in 2026, spanning DeFi, infrastructure, and Web3 gaming. Even Blast, which once attracted $2 billion, couldn’t find a way forward. Step Finance and Radiant, meanwhile, fell after being hacked.
Together, these projects raised around $1 billion, yet generated pitifully little in fee revenue.
Back when I was studying for my master’s in blockchain, the question we discussed most was: Where does a protocol’s real revenue come from? Now the market has answered.
After the shakeout, which sector do you still believe in?
Reply 1 for DeFi blue chips
Reply 2 for stablecoins/payments
Reply 3 if you only trust BTC
#BinanceSquare
$BTC $ETH