'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.
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