🚨 OVER 45 Web3 projects have DIED in just the last 2 months.
Some raised MILLIONS.
Some had HUGE communities.
Some looked "too big to fail."
Yet, they shut down
✅Here's the list 👇
1. Botanix (Bitcoin L2 for DeFi)
2. Tally (DAO governance platform)
3.Syndicate Labs
4. ZERØ Network (Zerion's gasless Ethereum L2)
5. Everclear (cross-chain infrastructure)
6. Fantasy Top (fantasy/sports-like platform)
7. Leap Wallet (Cosmos multichain wallet)
8. Dmail (Web3 decentralized messaging/email)
9. Over Protocol
10. Chimoney
11. NFTfi (NFT lending)
12. Polygon zkEVM Mainnet
13. Wallchain (Suspended/shutdown)
14. MindoAI: (Suspended/shutdown)
15. Soundness Labs (Sui/ZK/quantum-proof infra)
Earlier ones are
Magic Eden Wallet (scaled back/ceased), Bit . com, Slingshot, MilkyWay, Nifty Gateway, Angle Protocol, Polynomial, ZeroLend, Step Finance, Balancer Labs, Yupp AI, Seamless, Mint Blockchain, 77-Bit, XOCIETY, Luckio, Carrot, GENSO Online, Foundation, Swell Network, Hyli, Play Pudgy Party, Ventuals, Use Corn, ZeroDot Network etc.
⚠️Expect more to come in the next coming months
We are closing Soundness Labs...
We started as a ZK infrastructure team, building circuits, working with the
@SuiNetwork and
@ligero_inc teams on proof systems, contributing to the
@WalrusProtocol, and exploring what zero-knowledge could do at the base layer of blockchains. Over time that work pointed us toward a harder and more urgent problem: most of the ecosystem is secured by cryptography that breaks under quantum pressure, and nobody was building the migration path. So we pivoted.
The last year was spent building a working PQ protection layer for EdDSA and ECDSA wallets, covering self-custody, MPC, and HSM accounts across different chains. Coinbase's quantum advisory board named us the only team with a deployed product for their Strategy 1 migration path.
The problem is real. The technology works but the market is not ready.
Chains and wallet providers are now building internal research teams to assess this in-house, and the coordination problem between them has no clear resolution date. Wallets wait for chains. Chains are usually too slow for deep changes like PQ migration.
All our repositories stay public at
github.com/SoundnessLabs. If you are building in this space, use anything you find useful.
Thank you to our advisors, our community, our backers, and everyone who showed up for this. It meant more than we showed.
Thank you for believing in Soundness.
Thank you for testing with us.
Thank you for building with us.
Most of all, thank you for being here.
The Soundness Team 💙