This article has been republished with permission from Binance News.
According to CryptoPotato, the ongoing crypto bear market has led to several projects downsizing or shutting down entirely. Decentralized content-sharing and publishing platform LBRY is the latest to succumb to market conditions, with the company behind the LBRY blockchain admitting that there is no escaping the situation. LBRY has lost a judgment to the federal government and has debts to the US Securities and Exchange Commission (SEC), its legal team, and a private debtor that it cannot pay. As a result, its assets, including Odysee, are now under receivership. All executives, employees, and board members of LBRY have resigned, and the company will not be continuing its appeal against the financial regulator.
Other projects affected by the bear market include SuperDao, a platform facilitating community-driven decentralized autonomous organizations (DAOs), which announced its decision to cease operations and refund any remaining funds to investors due to lack of profitability. Decentralized finance platform Yield Protocol also announced shutting down operations, citing low demand and regulatory hurdles. NFT platform RECUR and Web3 creators platform Nifty’s have also closed down due to unfavorable market conditions and financial challenges.