The bear market has arrived, and projects are running faster than retail investors.

Mint Blockchain has completely shut down, the Base ecosystem lending protocol Seamless has closed its frontend, and Dmail Network is gradually ceasing operations.

By 2026, the crypto industry will officially enter the "liquidation season."

Each of these projects has its own story of demise, but the cause is the same: they ran out of money.

During the bull market, fundraising is easy, TVL is high, and there are many users, so the team thinks "we can do it." When the bear market hits, TVL evaporates, users leave, funding dries up, and operational costs become unsustainable, forcing shutdowns.
In a bull market, any project can tell a story to raise funds. In a bear market, investors want to see "Do you have revenue?" "Can you be self-sufficient?"

If the answer is no, then close shop.

For ordinary users, the most practical advice is one thing—remember to withdraw your assets.
As for those projects still persisting in the bear market, cherish every moment.

In a bull market, PPTs can secure funding; in a bear market, only cash flow matters. #GatePreIPOs首发SpaceX $GENIUS