Cross-chain wallet Blocto announces termination of service: The truth behind the collapse of Flow ecosystem infrastructure

【Crypto World】Do you remember the cross-chain smart wallet that once served over 2 million users? These days, Blocto has posted a heavy announcement on social media: the wallet service will soon be shutting down.

The development of this situation is quite lamentable. As one of the earliest ecosystem builders on Flow, Blocto established a complete infrastructure including wallets, DEX, cross-chain bridges, and NFT marketplaces, and even operated the most active staking nodes within the ecosystem. It had previously collaborated with top-tier projects, served a large scale of users, and was expected to have a bright future — but reality has been harsh.

Flow’s price plummeted from nearly $40 in 2021 to below $0.3 now, a decline of over 99%. This is fatal for projects that rely entirely on the ecosystem. To maintain its services, Blocto has endured losses exceeding $5.5 million over the past five years. In February 2023, it completed Series A funding at a valuation of $80 million (with investors like IPX, 500Global, and others), but now it finds itself in a financial crisis.

What’s most disappointing is that starting in June this year, Blocto proactively reached out to Flow and Dapper leadership for support — but six months have passed, and they haven’t even secured a single formal meeting. Each email reply takes weeks, while operational funds are rapidly depleting. There is no clear support, nor any progress in discussions for sustainable solutions.

In the despair of running out of funds and being unable to continue, Blocto finally made a decision. Starting at 7:00 PM on December 18, 2025, Pacific Standard Time, Blocto Wallet, BloctoSwap, and cross-chain bridges will cease operations entirely. Only the services of its own staking nodes will remain.

This story reflects a harsh reality in the Web3 ecosystem: no matter how excellent a product and team are, if the underlying ecosystem is bleeding, it’s difficult to sustain. Blocto’s fall is also a symbolic failure case among multi-chain ecosystems like Aptos, Ethereum, Solana, Polygon, BNB Chain, and others.