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The non-custodial wallet for the Monad blockchain, which saw 90,000 peak daily users and over 100,000 downloads, couldn't scale as hoped in a competitive market. Users must export seed phrases or private keys right away to move funds to other wallets, with warnings to never share them. This closure fits a larger 2026 trend, with over 95 crypto projects like BitMEX and Polygon zkEVM shutting down due to low funding, poor retention, and bear market pressures—seen by some as a needed cleanup for stronger survivors.
