Crypto going through a massive dot-com style shakeout as over 100 projects fold

Over 100 crypto projects shut down, filed for bankruptcy or went permanently dark in 2026, according to RootData data cited in the article, and the article describes a dot-com style shakeout in which only projects with real revenue and users are surviving. Four firms, BitMEX, BitMart, Movement Labs and Storj Labs, announced closures or filings in late July alone. The article attributes much of the collapse to token-denominated treasuries that lost 70% to 90% of their value in the bear market, while the surviving protocols it names, Hyperliquid, Aave and Ether.fi, earn fees in dollars or stablecoins.