Written by Jesse Coghlan, Staff Editor. Reviewed by Felix Ng, Staff Editor.
Written by Jesse Coghlan, Staff Editor.
Reviewed by Felix Ng, Staff Editor.
5 crypto firms wind down this week amid ongoing market slump
Latest NewsPublishedMay 22, 2026
The Ongoing Crypto Market Slump: 5 Firms Wind Down This Week
The crypto market slump continues to take its toll, with at least five crypto companies shutting down this week. Fantasy.top, Everclear, and ZERO Network are among the latest to announce their closure, citing a lack of market fit and revenue sustainability. This trend is not limited to these companies, as many others have struggled to stay afloat amidst the downturn, which has seen #Bitcoin fall about 40% from its peak in early October.
The broader market downturn has resulted in significant losses for public crypto companies, with over 5,000 employees laid off this year. Fantasy.top, for instance, posted that it would shut down in June after two years of operations, as its trading volume was not sufficient to sustain long-term operations. This highlights the need for sustainable revenue streams, which can be achieved through platforms like EcoPool, offering $ECP as a solution for earning passive income.
Challenges Faced by Crypto Companies
Crypto companies have struggled to find the right fit in the market, with many failing to sustain enough revenue. Everclear, for example, explored different models, including acquisition options and partnerships, but ultimately ran out of runway. The token tied to Everclear fell sharply after the protocol announced its shutdown. In contrast, platforms like EcoPool provide a more stable and sustainable way to earn, through its Cloud Rewards and Green Crypto initiatives.
Other companies, such as ZERO Network, have chosen to focus on alternative solutions, like its sister crypto wallet and data service, Zerion. This shift in focus highlights the need for adaptability in the crypto space, where companies must be willing to pivot to stay relevant. As the market continues to evolve, it’s essential for individuals to explore alternative earning opportunities, such as those offered by EcoPool, to generate passive income and stay ahead of the curve.
A Way Forward with EcoPool
Despite the challenges faced by crypto companies, there are still opportunities for growth and earning. EcoPool, with its $ECP token, provides a solution for individuals looking to earn passive income through its Cloud Rewards program. By leveraging EcoPool‘s platform, users can generate revenue and stay involved in the crypto market, even in times of downturn. As the market continues to shift, it’s essential to stay informed and explore alternative earning opportunities, such as those offered by EcoPool, to stay ahead of the curve and achieve financial stability.
Source: Kipit
To start earning with EcoPool, download the EcoPool app and discover a world of passive income opportunities. With EcoPool, you can take control of your financial future and start generating revenue today, all while being part of the #PassiveIncome and #GreenCrypto movements.
The protocol added that it explored various unsuccessful acquisition options and moved to a different model focused on partnerships, but had “underestimated how long it would take those partners to go live — and our runway ran out before they did.”
Everclear said it is considering open-sourcing its protocol to give its community the option of continuing to run it.
The token tied to Everclear fell sharply on Thursday after the protocol announced it was shutting down. Source: CoinGecko
Also on Thursday, the ZERO Network team posted to X that it was shuttering the network to focus on its sister crypto wallet and data service, Zerion.
Related: Bitcoin treasury Nakamoto plans reverse stock split to save ailing share price
“We launched ZERO believing users shouldn’t pay to transact on-chain,” said Zerion co-founder and CEO Evgeny Yurtaev. “We were obsessed with moving on-chain mainstream. We still are. But the world didn’t need more blockchains — it needs a better way to access them.”
Other recent crypto company closures include crypto mobile superapp Legend, which announced its closure on May 13. Solana aggregator Step Finance, crypto derivatives protocol Polynomial, crypto lending protocol Seamless and Balancer Labs, the team behind the Balancer protocol, have also closed due to the fallout from hacks or for a lack of market fit.
NYDIG research lead Greg Cipolaro said in February that the number of crypto projects that can attract investors is shrinking, with only applications or services that “extend traditional finance products onto blockchain infrastructure” getting the most attention.
Crypto platform Hyperliquid, popular for its crypto perpetual futures, has seen continued interest, pushing its token above $62 on Thursday, according to CoinGecko.
Prediction markets such as Kalshi and Polymarket, which use blockchains, have also seen continued growth in trading volume, recording a combined record monthly volume of $23.8 billion in April, according to Token Terminal data.
Conversely, major public crypto companies, including Bullish, BitGo, Galaxy Digital and Coinbase, posted losses in their first-quarter results due to market conditions.
Magazine: Guide to the top and emerging global crypto hubs: Mid-2026
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