Odaily News Data from Chainplay and Strorible show that nearly 45% of venture capital (VC)-backed crypto projects have ceased operations, while 77% of projects have less than $1,000 in monthly revenue. The study covers 1,181 projects that received funding between January 1, 2023 and December 31, 2024. The report pointed out that among the top venture capital firms, Polychain Capital's investment projects had the highest failure rate, with 44% of its projects having ceased operations, and more than three-quarters (76%) of its projects failing to generate significant revenue. Other top venture capital firms such as Yzi Labs (72%), Circle (38%), Delphi Ventures (33%) and Consensys (30%) also face a high proportion of project failures. In addition, the study found that the amount of funds raised has a significant impact on the success rate of the project. The failure rate of projects that raised more than $50 million is lower, while more than 33% of projects that raised less than $5 million eventually failed or ceased operations.