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cryptoJun 3, 2026, 12:57 PM

TapTools Shuts Down; Hoskinson Warns of Cardano DeFi 'Wave of Failures'

Analytics platform TapTools is closing within two weeks, citing layoffs and high operational costs. Cardano founder Charles Hoskinson warns of a potential wave of failures for DeFi and other startups in the second half of the year due to adverse market conditions.

ADA

TapTools, a platform providing analytics and infrastructure for the Cardano ecosystem, will shut down within two weeks. The company cited the dismissal of key employees and high operational costs as the main reasons for the closure.

Cardano founder Charles Hoskinson commented on the situation, stating that TapTools' exit reflects broader pressure on projects within the network. He warned of a possible "wave of failures" in the second half of the year, which could affect DeFi protocols and other startups amid unfavorable market conditions.

Source: ForkLog