Everclear and ZERO Network join three other crypto projects winding down amid revenue struggles and failed acquisition attempts.
Five cryptocurrency firms, including Everclear and ZERO Network, announced closures this week as the sector faces prolonged market weakness. Everclear cited insufficient commercial traction and failed acquisition efforts, leading to the shutdown of its foundation and labs after exhausting its runway. The protocol’s token plunged following the announcement.
The closures follow a broader trend of crypto projects struggling to sustain operations. ZERO Network, a blockchain initiative by Zerion, halted operations to refocus on its wallet and data services, while Legend, Step Finance, Polynomial, and Seamless also ceased activities in recent weeks. Industry observers link the failures to weak revenue models and overestimated adoption timelines.
Market reaction was swift, with Everclear’s token experiencing sharp declines. Analysts note the closures reflect ongoing challenges in achieving profitability amid subdued trading volumes and investor caution.