Zapper to shut after seven-year run

• DeFi analytics platform Zapper will shut down on Aug. 3 after operating for seven years and serving more than two million monthly users at its peak.
• Chief Executive Officer Seb Audet said the company chose an orderly wind-down after exploring other options, citing market conditions.
• The closure reflects ongoing pressure on crypto businesses as venture capital funding becomes more concentrated and market demand weakens.

Zapper, a decentralised finance analytics platform backed by investors including Mark Cuban, will shut down its website, mobile app and API services on Aug. 3 after seven years of operation.

Chief Executive Officer Seb Audet announced the decision after the company evaluated multiple alternatives, with the platform having reached more than two million monthly active users and processed more than US$13 billion in transactions at its peak.

“We evaluated a number of different options, pursued some to the fullest extent possible, and came to the realisation that an orderly wind down is the best course of action,” said Zapper Chief Executive Officer Seb Audet.

Audet did not provide a detailed reason for the closure but later suggested market demand had declined, while Zapper's shutdown follows the recent closures of Cardano analytics platform TapTools, Bitcoin (CRYPTO:BTC) DeFi platform Botanix and several other cryptocurrency businesses.

Zapper will cease operations on Aug. 3, and as the company is privately held there was no share price reaction following the announcement.

Founded in 2019, Zapper raised a US$1.5 million seed round before securing US$15 million in Series A funding in 2021 from Framework Ventures, Mark Cuban, Coinbase Ventures and Sound Ventures.

The closure comes as cryptocurrency venture capital investment remains concentrated in fewer companies despite overall funding increasing, with industry data showing deal activity has continued to decline over recent quarters.

At the time of reporting, Bitcoin price was $61,772.34.