Coinbase Ventures

RootData: In the first half of this year, 8 projects announced the cessation of operations, including well-known projects participated by venture capital firms such as Vitalik, Coinbase, and Animoca

According to ChainCatchert's message and incomplete statistics from RootData, a total of 8 projects announced their cessation of operations in the first half of 2024, mainly distributed across DeFi (ClayStack, [Gridex Protocol](https://www.rootdata.com/zh/Projects/detail/Gridex Protocol?k=NjM0Mw== "order book-based decentralized trading protocol"), [Hector Network](https://www.rootdata.com/zh/Projects/detail/Gridex Protocol?k=NjM0Mw== "Defi product ecosystem"),) CeFi ([Yield App](https://www.rootdata.com/zh/Projects/detail/Yield App?k=ODM1NA== "digital wealth platform"), HKVAEX, CommEX,) GameFi ([Eternal Dragons](https://www.rootdata.com/zh/Projects/detail/Eternal Dragons - Trailblazer Games?k=NDY3OQ== "epic fantasy game series")/[Trailblazer Games](https://www.rootdata.com/zh/Projects/detail/Eternal Dragons - Trailblazer Games?k=NDY3OQ== "epic fantasy game series"),) and privacy track (Nocturne.It is worth noting that the GameFi project Eternal Dragons/Trailblazer Games previously raised $8.2 million, the privacy protocol Nocturne, which received support from Vitalik, raised $6 million in seed funding, and the liquid staking project ClayStack raised $5.2 million in seed funding led by CoinFund and ParaFi Capital, with support from Coinbase Ventures, Animoca Brands, The Spartan Group, and others.The main reasons for these projects ceasing operations are quite diverse, primarily focusing on non-systemic risks. ClayStack's cessation was due to a lack of product-market fit during its more than three years of operation; Gridex Protocol stated it failed to secure additional funding from private investors and also faced liquidity issues; Eternal Dragons pointed out that Web3 has brought additional challenges to game design, user experience, and development, increasing costs and risks; while Yield App suffered losses because its assets were previously held on the now-defunct FTX exchange.
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