Research: Nearly 45% of VC supported encryption projects have been discontinued

According to a joint study by Chainplay and Strorible, nearly 45% of the 1181 cryptocurrency projects funded between January 1, 2023 and December 31, 2024 have been shut down, and 77% have monthly revenues of less than $1000. In terms of venture capital institutions, Polychain Capital has the highest investment failure rate, with 44% of invested projects terminated and 76% of projects not generating effective income; Yzi Labs (formerly Binance Labs) supports a project failure rate of 72%; Circle、Delphi Ventures、Consensys、Andreessen Horowitz Top tier venture capital firms have also supported a large number of project shutdowns, with over two-thirds of projects failing. Among angel investors, Balaji Srinivasan, former Chief Technology Officer of Coinbase, has the highest proportion of "zombie projects" at 57%; Arthur Hayes accounts for 34%, Santiago Santos accounts for 15%, and projects supported by Sandeep Nailwal and Stani Kulechov each have 10% shutdowns. The data shows a significant correlation between fundraising scale and success rate. The failure rate of projects with financing exceeding $50 million is significantly lower, while for projects with financing less than $5 million, 33% have failed and 20% have ceased operations.