According to Bitcoin.com, research data shows that nearly 45% of VC-backed crypto projects have ceased operations, while 77% of projects generate monthly revenues of less than $1,000. The study covered 1,181 projects that received funding support between January 1, 2023, and December 31, 2024.

The report indicates that among the top venture capital firms, Polychain Capital has the highest failure rate for its invested projects, with 44% of its projects having ceased operations, and over three-quarters (76%) of its projects failing to generate significant revenue.

Other top venture capital firms such as Yzi Labs (72%), Circle (38%), Delphi Ventures (33%), and Consensys (30%) also face high failure rates among their projects.

The study found that the amount of funding significantly impacts the success rate of projects. Projects that raised over $50 million had a lower failure rate, while those that raised less than $5 million had over 33% that ultimately failed or ceased operations.