TOLY’S DOG (ADA)

In a bear market, project thefts and shutdowns have become commonplace. At first, we were surprised to see them, but after seeing so many, we've become numb. Moreover, there are still a bunch of projects awaiting shutdown on the horizon.

Review of projects that ceased operations or were “shut down” in 2026:
Exchanges / Derivatives Platforms
BitMEX: officially ceased operations on September 23, 2026
BitMart: halted all trading on August 26
Bit.com: closed its derivatives business due to declining trading volume
AscendEX: announced shutdown on July 6

Wallets and Custody
Ctrl Wallet: permanently closed on August 3
Leap Wallet: fully closed on May 28.
Magic Eden Wallet: discontinued wallet product to focus on Solana.
Entropy: announced liquidation in January
SecondFi: shut down after a vulnerability led to the theft of about 16 million ADA.

DeFi / L2 / L1 / Protocols
Loopring: shut down DEX/AMM and related services at the end of June 2026
Odos: permanently ceased on July 30
Radiant Capital: announced DAO shutdown and entered maintenance in June.
Milky Way: permanently closed on January 15.
ZeroLend: announced cessation of operations on May 21.
Slingshot: ceased operations after being acquired by Magic Eden
Step Finance: announced shutdown on February 24
Balancer Labs: liquidated part of its business, the protocol continues in a streamlined form.
Angel Protocol: announced shutdown on February 20.
Dango: announced shutdown on July 23.
Zapper: announced shutdown on July 9.
Moonbeam: announced shutdown on July 3.
Neutron: announced shutdown on March 17.

NFT / Governance / Tools / Others
Nifty Gateway: closed on February 23.
Tally: ceased operations on March 17.
POAP: entered maintenance mode.
Mercado Coin: shut down on April 17.
YGG Play: closed on July 31, laid off staff and pivoted to AI gaming data.
Movement Labs: filed for bankruptcy in July.
Dango: announced shutdown on July 24.
Yupp: announced shutdown on April 1.
Syndicate Labs: announced shutdown on May 20
Sound XYZ: announced shutdown on January 16
Dmail: announced shutdown on April 2
Fantasy Top: announced shutdown on May 20
Parsec: announced shutdown on February 20
Powerloom: announced shutdown on June 15

Sadly the Cardano DeFi TVL keeps decreasing.

Hotta pump those numbers up...

For perspective➡️Hyperliquid is sitting at ~$1.24B TVL

We need to support the remaining DeFi protocols. We need to fund all DeFi growth proposals. We need to build that proper commercial arm. https://t.co/YOzNykujoC