'Best course of action:' DeFi dashboard Zapper to shut down after 7 years
Popular DeFi dashboard and portfolio tracker Zapper is shutting down, according to an announcement on Wednesday.
"After close to 7 years building Zapper, I regret to announce that Zapper will be winding down," Seb Audet, CEO and co-founder of Zapper, wrote in an X post. "We evaluated a number of different options, pursued some to the fullest extent possible, and came to the realization that an orderly wind down is the best course of action."
The move comes amid a wave of closings across crypto, even impacting projects like Zapper that had gained legitimacy and a user base. Once popular NFT marketplace Nifty Gateway, Bitcoin Layer 2 Botanix, and major Cosmos wallet Leap, among dozens of others, have all called it quits, often citing market conditions and lack of traction.
Zapper was founded in 2019 as a DeFi portfolio tracker that enabled users to monitor their various positions across liquidity pools and yield farms and keep track of their claimable rewards. It also offered a Zap feature that made it easy to deploy complex DeFi strategies, and later added DEX aggregation, NFT support, and other web3 social tools, including a Farcaster client.
According to Audet, Zapper scaled to 2 million monthly active users and over $13 billion in processed transactions at peak volume.
The project’s main zapper(.)xyz website, mobile apps, and API services will be completely sunsetted on Aug. 3, the announcement said.
"To everyone that uses and has ever used Zapper in the past, thank you. To all our investors, advisors, employees and community members, thank you," Audet said. "Zapper's mission was to make DeFi more accessible, and while we did not realize that mission the way we originally hoped, I do believe we helped make the onchain economy significantly easier to use for a considerable number of people."
Zapper raised a $1.5 million seed round in early 2020 after winning Kyber's DeFi Hackathon in late 2019. It also raised a $15 million Series A in May 2021 led by Framework Ventures, with notable participants including Mark Cuban and Ashton Kutcher’s Sound Ventures.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Wall Street giants collectively raise rate hike forecasts, US Treasury futures continue to fall, gold drops over 1% to break 4000
After the US October CPI exceeded expectations, Goldman Sachs and Nomura added a forecast for an interest rate hike in March next year, while Deutsche Bank included a forecast for a rate hike in January next year. Currently, the market has fully priced in a 25 basis point rate hike in December, with a 13% probability for a 50 basis point hike. On Wednesday, the US Treasury spot market was closed, but Treasury futures continued to fall, with corresponding yields rising by about 2 to 4 basis points, and spot gold came under pressure, dropping by 1.1%.
No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029
It takes an average of 4.8 years from finalizing investment to starting construction of a data center project, and an additional 2.6 years from construction start to becoming operational. Servers usually cannot be installed until after the building structure and racks are completed. For trade partners such as Taiwan (China), South Korea, and Mexico who rely on US data center supply chain demand, the inertia in construction timelines provides at least a one- to two-year buffer for future exports.
Federal Reserve Major Debate: When Should the Tenure of “Number Three” Williams End?
The main point of contention is whether Williams should step down in June 2028, upon completing a full 10-year term, or in June 2027, when he reaches the mandatory retirement age of 65. Analysts point out that the Federal Reserve Board holds ultimate discretion; if he leaves early, Fed Chair Waller would be able to assert greater control over the appointment to this critical position. However, forcing Williams to shorten his term could easily be interpreted as political manipulation. Williams himself is expected to serve until June 2028.
Crypto prices
More
