Per RootData, 101 crypto projects failed by July 26, and more than half of those were DeFi initiatives. When users consolidate around a handful of dominant venues, smaller platforms don’t just lose volume. Back in 2025, roughly 33 to 34 DeFi applications were generating at least $1 million in monthly fees. So fewer protocols are hitting that threshold — even as the overall DeFi ecosystem keeps expanding in terms of raw protocol count. Per RootData, 101 crypto projects had shut down by July 26, 2026, with more than half of those being DeFi initiatives.