Trepa and Fireplace, two crypto prediction market startups at opposite ends of the stack, said they are winding down and gave users until Sept. 30 to remove funds or migrate positions. Trepa, a Solana-based pari-mutuel venue that paid users based on how close their numerical guess came to the outcome, said its concurrency-dependent design, weak referral and paid KOL distribution, geographic limits and difficult onramping left it unable to scale without diluting the product; its last playable round is Aug. 12. Fireplace, a prediction markets trading terminal that routed orders to venues including Polymarket and Kalshi, told users on Aug. 10 that it is shutting down and will keep the site online until Sept. 30 at 23:59 UTC so they can close positions, withdraw funds and export account data. The company did not give a reason for the closure, but said anyone building in prediction markets and interested in its technology should contact the team. Fireplace launched publicly on Jan. 27 and announced a $1.5 million pre-seed round on Feb. 18 led by Frachtis, with White Star Capital and syndicate rounds on Legion and Echo, meaning the wind-down came 195 days after launch. At the time, it said it had more than 30,000 traders on a waitlist, over 10,000 followers on X and the Polymarket builders badge. The terminal offered aggregated markets, liquidity and execution across venues, alongside real-time data, wallet and whale tracking, advanced charting and smart order routing. The shutdowns underscore how concentrated the sector has become: Kalshi and Polymarket handled 93.3% of the $14.87 billion in 30-day volume tracked by DefiLlama, even as larger players continue to attract capital. Kalshi closed a $1 billion Series F on May 7 at a $22 billion valuation, while Polymarket is in talks to raise $400 million at a valuation near $15 billion.