In the cryptocurrency market, at least 6 crypto and Web3 projects have decided to terminate their activities in the last week. The reasons behind the closure decisions are different. While some projects cited the inability of revenues to cover operational costs, in others, cutting off financing or not being able to create a sustainable business model came to the fore.
The most shocking news was the closure of Blast
The most notable development of the week came from Ethereum layer-2 network Blast. The project announced that it will enter the closure process on October 2.
The Blast team stated that the cost of operating the network had become higher than the revenue generated and that they did not see a realistic path to achieve an economically sustainable model.
Blast, which received an investment of $ 20 million led by Paradigm and Standard Crypto, managed to attract more than $ 2 billion worth of funds from approximately 200 thousand users before the main network launch in 2024. According to the latest data, TVL on the network decreased to approximately 32 million dollars.
Users were asked to move their assets to the Ethereum mainnet. Shooting via Blast's standard interface will continue until October 26. After this date, users who want to access assets will need to directly interact with bridge contracts on Ethereum.
Development and support ended on Neon EVM
Neon EVM, which enables Ethereum compatible applications to run on Solana, has also joined the projects in the process of being closed.
According to the official statement of the project, active development, maintenance work and technical support provided by the team for Neon EVM ended as of October 1, 2026. No new updates or upgrades are planned for the protocol going forward.
Users and developers were given until December 31, 2026 to complete the necessary migration and asset withdrawal processes. The Neon EVM team did not detail the specific reasons for the closure, stating that the decision was taken as a result of evaluating the current status of the project.
Router Protocol ceased operations on September 30
Router Protocol, the cross-chain infrastructure project that received investment from Coinbase Ventures, terminated its activities as of September 30.
The Router team has been evaluating alternatives such as commercializing its technology, licensing or finding a buyer for the company for about a year, but could not come up with a sustainable solution.
The project also decided to burn approximately 303.3 million ROUTE tokens in its treasury, approximately 30 percent of the token's maximum supply. ROUTE support on central exchanges was also planned to be phased out.
Router Protocol had been in operation for over four years. Some technology components of the project are planned to be released to the community as open source.
Inlock platform has been completely shut down
The long-running liquidation process for crypto lending platform Inlock was also substantially completed on September 30.
The company announced that its web application has been permanently disabled and login, account access or other online transactions can no longer be made through the platform.
Inlock's problems are not new. Some services on the platform were suspended in November 2022, and in the following years the company concentrated its activities on resolving customer liabilities and repaying assets. Activities such as storage and transfer of customer crypto assets were completely terminated on June 30, 2026.
The operational process was completed with the closure of the web platform on September 30. Customer support related only to historical account registrations and the liquidation process will continue until December 31, 2026.
CoinEx Smart Chain and OneSwap are closed
Another ecosystem in the process of closure was CoinEx.
CoinEx's own blockchain, CoinEx Smart Chain (CSC), officially ceased operations as of September 29. With the closure of the network, on-chain transfers and related developer services also ended.
On the same day, CoinEx's decentralized finance platform OneSwap also stopped its operations. All spot transactions on the CoinEx exchange were also closed as of September 29.
However, the CoinEx exchange itself is not yet completely closed. Withdrawal services will be kept open until December 22, 2026 for users to withdraw their assets, and the exchange platform will completely cease its operations on this date. CoinEx Wallet and CoinEx Vault were excluded from the closure decision.
Shipyard ceases IPFS operations
Another important development on the Web3 infrastructure side took place on the Shipyard front.
Shipyard, which carries out development work in the IPFS and libp2p ecosystems, ended its IPFS-related engineering, maintenance and infrastructure activities as of September 30, after Protocol Labs decided not to renew the financing it provided for the company.
This decision also affects important projects such as Kubo, Helia, Boxo, IPFS Desktop and IPFS Companion. The development, bug fixing and maintenance support that Shipyard provides for these projects will no longer be available.
The company has also withdrawn from some of the public IPFS infrastructures it manages, including ipfs.io and dweb.link. Protocol Labs will decide the future of these infrastructures.
Sustainability issue comes to the fore
Although the closures in the last week cannot be attributed to a single reason, financial sustainability stands out as a common topic in many examples.
While Blast announced that direct operating costs exceeded network revenues, Router Protocol stated that it could not find a sustainable commercialization model or buyers. Shipyard's IPFS activities ended after external financing was not renewed.
On the other hand, CoinEx's closure process is more extensive. In its previous statement, the stock exchange cited the prolonged market contraction, decreasing transaction volume and liquidity, and increasing regulatory and compliance costs as the reasons for the decision.
