PANews reported on June 4th that according to Bitcoin.com, a joint study by Chainplay and Strorible shows that among 1,181 crypto projects that received venture capital between January 1, 2023, and December 31, 2024, nearly 45% have ceased operations, and 77% have monthly revenues below $1,000. On the venture capital side, Polychain Capital has the highest investment failure rate, with 44% of invested projects terminated and 76% generating no effective income. Yzi Labs (formerly Binance Labs) has a project failure rate of 72%. Top-tier venture capital firms such as Circle, Delphi Ventures, ConsenSys, and Andreessen Horowitz also have numerous supported projects that have stopped operating, with many failing over two-thirds.
Among angel investors, former Coinbase CTO Balaji Srinivasan has the highest proportion of "zombie projects" at 57%; Arthur Hayes at 34%; Santiago Santos at 15%; projects supported by Sandeep Nailwal and Stani Kulechov have 10% cessation rates. Data shows a significant correlation between funding scale and success rate. Projects with funding over $50 million have notably lower failure rates, while those with less than $5 million in funding see 33% failure and 20% ceasing operations.
