The crypto graveyard is getting crowded. More than 60 projects have shut down in the first half of 2026, and the casualties include some names that had serious money behind them.
Three projects backed by Andreessen Horowitz’s crypto arm, a16z, account for a combined $87 million in funding that ultimately went nowhere. Yupp, Syndicate Labs, and Entropy each raised tens of millions, attracted talent, and built products. None of them survived.
The a16z trio: $87 million, zero survivors
Yupp was perhaps the most eye-catching failure. The AI-driven onchain incentives platform raised $33 million in a seed round led by a16z crypto’s Chris Dixon. The project managed to attract 1.3 million users but still couldn’t find a viable product-market fit. By early April 2026, Yupp was done.
Syndicate Labs had an even longer runway. The company focused on building on-chain developer tools for DAOs (decentralized autonomous organizations, essentially internet-native governance structures) and Ethereum-based investment clubs. It raised over $27 million, including a $20 million Series A back in 2021, when DAO enthusiasm was at its peak.
