2026年至今超100个加密项目关停,行业进入大规模整合阶段

Odaily讯 2026 年至今已有超过 100 个加密项目关闭、申请破产或永久停止运营,且退出速度正在加快。仅 7 月下旬一周内,BitMEX、BitMart、Movement Labs 和 Storj Labs 就宣布关闭或提交相关申请。退出项目覆盖交易平台、钱包、DeFi 借贷协议、NFT 市场及 L1 区块链。波卡平行链 Moonbeam 于 7 月 31 日永久停止运行,未及时桥接资产的用户资金被滞留。

以太坊通用型 L2 数量曾于 2023 年快速增长,但随着部署链门槛降低,市场逐渐拥挤,且部分项目缺乏差异化。大量项目存在使用量但缺乏传统意义上的收入,部分团队使用自身代币支付工程师费用、补贴流动性并承担安全审计费用。近期多数山寨币下跌 70%至 90%,令以代币计价的资金储备和运营周期估算失效。

DAO 治理工具平台 Tally 曾服务超过 500 个协议、处理逾 10 亿美元付款并协助保护最高 800 亿美元链上价值,但仍因治理工具缺乏可持续商业模式而关闭。

安全事件进一步加快项目退出。Blockaid 估计,2026 年上半年链上攻击损失达 11 亿美元,超过 2025 年全年;其中 Kelp DAO 和 Drift Protocol 两起事件分别损失 2.93 亿美元和 2.85 亿美元。TRM Labs 估计,朝鲜相关攻击者占同期加密攻击总损失的 66%。

能够在熊市中继续增长的项目普遍依靠美元收入,而非自身代币。Hyperliquid 于 6 月 30 日累计手续费突破 10 亿美元,目前占去中心化永续合约市场 70%;Aave 截至 7 月持有超过 120 亿美元存款,年化借款手续费超过 1 亿美元。

ARK Invest 研究总监 Lorenzo Valente 表示,加密行业正在经历历史上规模最大的整合,资本变得更加挑剔,缺乏实际产品市场契合度的团队和交易平台正在关闭。(CoinDesk)

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