Cosmos Ecosystem Faces Setbacks as Leap Wallet and Intergaze Shut Down

The Cosmos blockchain has faced several challenges recently, and it seems that two of its prominent players are shutting down their operations. Leap Wallet, a non-custodial wallet provider, announced that it will stop operating on May 28th, citing a 'deep sense of responsibility' to its users. The team behind the wallet expressed optimism about the long-term future of crypto and the interchain ecosystem, but believes that this decision is necessary.

Intergaze, another platform tied to the Cosmos ecosystem, will also wind down its rollup platform, citing unsustainable overhead costs. The Intergaze rollup processed interactions with almost 20,000 wallets and over 435,000 INIT tokens in lifetime trading volume, worth just under $35,000 at current prices.

Users of both Leap Wallet and Intergaze have been advised to migrate their assets to compatible wallets before the set dates. The shutdowns come as the crypto space sees growth in certain areas, but struggles with others. Stablecoins have reported a higher volume than the Automated Clearing House (ACH) network for the first time ever, while institutional interest from TradFi powerhouses is on the rise.