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Morning Edition · Tuesday, August 4, 2026Published at 1:45 AM EDT · New York
POAP Shuts Down After Five Years, Leaving Millions of Badges on Chains It No Longer Runs
The attendance-token project cited a funding model it could not sustain. It closed in the same week that prime broker FalconX cut 10% of staff and a listed miner prepared to dilute existing shareholders by about half.
The proof-of-attendance protocol POAP, used by Coinbase and American Express among others, is winding down after more than five years, citing a funding model it could not sustain. Millions of badges it issued remain on-chain and will keep r…
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On-Chain Capital Concentrates
As total on-chain capital contracts, value keeps concentrating on the largest chains and the applications with live demand, squeezing long-tail protocols and forcing consolidation.
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