The tally includes higher-profile names such as BitMEX, Step and ai16z, adding to concerns that parts of the sector are facing a broader washout in the current bear market.
A total of 114 Web3 projects have shut down or failed so far this year, according to data cited from RootData. The count includes better-known names such as BitMEX, Step and ai16z, suggesting the downturn has reached beyond smaller or obscure ventures. The framing points to a wider "death wave" across Web3 as the bear market continues to pressure projects with weaker business models, funding, user growth or token support.