Decentralized finance (DeFi) analytics platform Zapper introduced it’ll shut down subsequent month, turning into the most recent crypto platform to fold amid a market downturn.
In a put up to X on Wednesday, Zapper CEO Seb Audet mentioned Zapper’s web site, cell app and API companies would shut down on Aug. 3, marking the tip of a seven-year run after receiving backing from the likes of billionaire investor Mark Cuban in 2021.
“We evaluated quite a lot of totally different choices, pursued some to the fullest extent attainable, and got here to the belief that an orderly wind down is the perfect plan of action,” Audet mentioned.
Whereas Zapper didn’t share the explanations behind its determination to close down, Audet hinted in a response that the shutdown was resulting from falling demand, stating: “On the finish of the day, the market decides.”
Cointelegraph reached out for remark however didn’t obtain a right away response.
Supply: Zapper
Zapper provides to a rising listing of crypto platforms which have shut as crypto market sentiment has sunk to close all-time lows and enterprise capital funding has turn into more durable to safe.
Cardano-based analytics platform TapTools made the same determination 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 e-mail service Dmail, and nonfungible token marketplaces like Nifty Gateway and Rodeo have additionally sundown operations this 12 months amid a broader fall in NFT exercise.
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Zapper was based in 2019 and put itself on the map by successful certainly one of Kyber’s DeFi Hackathon occasions later that 12 months, which helped it elevate a $1.5 million seed spherical.
It additionally raised $15 million in a Collection A funding spherical in Might 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 staff scaled its product to over 2 million month-to-month energetic customers and oversaw greater than $13 billion in processed transactions at its peak.
Nonetheless, 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 quickly hijack the platform’s area and redirect unsuspecting customers to a malicious web page embedded with phishing traps.
Securing VC funding has turn 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 turn into way more concentrated, with the general deal rely having now fallen 9 occasions over the past 10 quarters, based on RootData’s VC dashboard.
Quarterly change in crypto VC funding and deal rely since Q1 2020. Supply: RootData
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