Everclear

Syndicate

Galaxy

Zero

<h3 id="quick-overview">Quick Overview</h3>
<ul>
 <li>A minimum of five cryptocurrency firms announced closures this week: Fantasy.top, Everclear, ZERO Network, Syndicate Labs, and Bitcoin Depot.</li>
 <li><a href="https://coincentral.com/bitcoin-btc-price-institutional-selling-pressure-pushes-btc-to-monthly-lows-as-etf-outflows-mount/" rel="noopener noreferrer nofollow">Bitcoin</a> has declined approximately 40% from its October 2025 all-time high of $126,000.</li>
 <li>Fantasy.top announced its shutdown after insufficient trading volume over its two-year operational period.</li>
 <li>ZERO Network, an Ethereum Layer 2 solution offering gasless transactions launched in November 2024, is shutting down with resources being reallocated to Zerion’s wallet and API services.</li>
 <li>Everclear blamed inadequate market traction and unsuccessful merger negotiations for its closure decision.</li>
</ul>
<p>The cryptocurrency sector witnessed a devastating week as five blockchain companies announced their shutdowns within just seven days, reflecting the ongoing bear market’s brutal impact on industry sustainability.</p>
<p>Between Monday and Thursday, Fantasy.top, Everclear, ZERO Network, <a href="https://coincentral.com/syndicate-labs-shuts-down-after-5-years-amid-shrinking-rollup-market/" rel="noopener noreferrer nofollow">Syndicate Labs</a>, and <a href="https://coincentral.com/bitcoin-depot-btcd-stock-north-americas-largest-bitcoin-atm-operator-files-for-bankruptcy/" rel="noopener noreferrer nofollow">Bitcoin Depot</a> all revealed closure plans. This cluster of failures contributes to an alarming industry-wide pattern that has already resulted in over 5,000 job cuts throughout the current year.</p>
<p>The cryptocurrency market leader has experienced a devastating 40% correction from its $126,000 peak reached in early October 2025. This significant price deterioration has created severe financial pressure on firms dependent on vibrant market activity for revenue generation.</p>
<h3 id="fantasy-top-and-everclear-announce-permanent-shutdowns">Fantasy.top and Everclear Announce Permanent Shutdowns</h3>
<blockquote>
 <p>Fantasy.top, a blockchain-based trading card platform, announced its June shutdown after operating for two years. The company acknowledged that trading activity “proved insufficient to maintain viable long-term operations.”</p>
</blockquote>
<p>Co-founder “Kipit” explained the platform’s fundamental flaw: attempting to integrate cryptocurrency into a framework incompatible with blockchain technology, ultimately attracting speculators seeking card profits rather than genuine trading card enthusiasts.</p>
<p>Everclear, which focused on cross-chain interoperability solutions, shuttered both its Foundation and Labs operations. The company admitted the protocol “failed to achieve the market penetration necessary for sustainability.”</p>
<blockquote>
 <p>After pursuing potential acquisition deals and transitioning toward a partnership-based strategy, Everclear acknowledged it “miscalculated the timeline for partner implementation.” The company’s token experienced a dramatic value collapse following the closure announcement.</p>
</blockquote>
<h3 id="zero-network-ceases-operations-after-18-month-run">ZERO Network Ceases Operations After 18-Month Run</h3>
<p>ZERO Network, an Ethereum Layer 2 blockchain specializing in zero-fee transactions, is terminating operations following its November 2024 launch. The development team announced that personnel and capital will be refocused on expanding Zerion’s wallet infrastructure and API offerings.</p>
<div class="embed-twitter">
 <blockquote class="twitter-tweet">
  <p><img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f6a8.png" alt="🚨"> Ethereum Layer 2 Zero Network is shutting down, joining a growing list of crypto protocols that have ended operations amid rising competition and sustainability challenges. <a href="https://t.co/sgnC4Vhf5p" rel="noopener noreferrer nofollow">pic.twitter.com/sgnC4Vhf5p</a></p>
  <p>— BullNewsX (@BullNewsX) <a href="https://twitter.com/BullNewsX/status/2057645286839681386?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 22, 2026</a></p>
 </blockquote>
</div>
<blockquote>
 <p>“The blockchain ecosystem doesn’t require additional networks,” stated Zerion co-founder and CEO Evgeny Yurtaev. “What’s needed is improved accessibility to existing infrastructure.”</p>
</blockquote>
<p>ZERO Network users have until the conclusion of July to withdraw their digital assets from the platform. Incoming bridge transactions have already been disabled.</p> [[LINK_START_0]]Syndicate Labs[[LINK_END_0]], which provided Ethereum infrastructure solutions, similarly announced its closure after five years of operations, attributing the decision to a contracting rollup ecosystem. [[LINK_START_1]]Bitcoin Depot[[LINK_END_1]], operating cryptocurrency ATM machines, filed for bankruptcy protection on Monday, citing mounting financial difficulties and intensifying regulatory challenges. 
<p>Earlier 2025 closures include crypto mobile application Legend, Solana-based aggregator Step Finance, and decentralized lending platform Seamless.</p>
<p>Despite the widespread distress, certain projects continue thriving. Hyperliquid, a perpetual futures trading platform, witnessed its native token surge past $62 on Thursday. Prediction market platforms Kalshi and Polymarket collectively achieved an unprecedented $23.8 billion in monthly trading volume during April.</p>
<p>NYDIG research published in February highlighted a consolidation trend, with investment capital increasingly concentrated in projects bridging traditional financial systems with blockchain technology.</p>
<p>Meanwhile, prominent publicly-traded cryptocurrency firms including Coinbase, Galaxy Digital, Bullish, and BitGo all reported first-quarter financial losses.</p>
<p>The post <a href="https://blockonomi.com/crypto-market-carnage-five-blockchain-firms-collapse-in-just-seven-days/" rel="noopener noreferrer nofollow">Crypto Market Carnage: Five Blockchain Firms Collapse in Just Seven Days</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.</p>

Crypto Market Carnage: Five Blockchain Firms Collapse in Just Seven Days

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