On June 4, joint research by Chainplay and Strorible showed that of the 1181 encryption projects that received venture capital from January 1, 2023 to December 31, 2024, nearly 45% had been suspended, and 77% had monthly income of less than $1000. In terms of venture capital institutions, Polychain Capital has the highest investment failure rate, with 44% of participating projects terminated, and 76% of projects without generating effective income;Yzi Labs (formerly Binance Labs) has a failure rate of 72%; Top venture capital companies such as Circle, Delphi Ventures, Consensus, and Andreessen Horowitz also have a large number of supporting projects suspended, and many projects have failed. Among angel investors, Balaji Srinivasan, former Coinbase chief technology officer, ranks first with 57% of "zombie projects";Arthur Hayes has 34%, Santiago Santos has 15%, and projects supported by Sandeep Nailwal and Stani Kulechov have 10% each suspended. Data shows that the scale of fundraising is significantly correlated with the success rate. Projects with financing of more than US$50 million have a significantly lower failure rate, while of projects with financing of less than US$5 million, 33% have failed and 20% have ceased operations.