The Cosmos ecosystem is facing significant headwinds as two key projects announce their closure. Non-custodial wallet provider Leap Wallet will cease operations on May 28, 2026, shutting down its browser extension, mobile apps, Leap WebApp, Swapfast exchange, and its Cosmos Hub validator. The team cited a "deep sense of responsibility" to users and the ecosystem as the reason for the decision, though they maintain optimism about crypto's long-term future.
Simultaneously, the NFT platform Intergaze revealed it is winding down its rollup platform and removing it from the Initia ecosystem. The project stated the operation was "no longer sustainable" as a standalone chain, with an overhead-to-revenue ratio that no longer made sense. During its run, Intergaze processed interactions with nearly 20,000 wallets and a lifetime trading volume of over 435,000 INIT tokens (worth roughly $35,000).
Leap Wallet users must migrate their assets to compatible wallets before the May 28 deadline. The wallet's Cosmos Hub validator, which ranks 57th among 200 tracked validators with 0.22% voting power from 656,732 staked ATOM tokens, will also be taken offline. Users can recover their assets using seed phrases in other wallets.
Intergaze users have a shorter timeline, with 14 days from the announcement to migrate their INIT and other tokens back to the Initia L1 via the official bridge. NFTs held on Intergaze will be migrated to Stargaze on the Cosmos Hub, but users must first register their linked Cosmos wallet by May 1.
These closures occur against a backdrop where the NFT and digital art narrative has "fallen flat," and growth remains concentrated on Ethereum, Solana, and BNB Chain. The news arrives even as stablecoins reportedly surpassed the Automated Clearing House (ACH) network in volume for the first time in February 2026, and regulatory clarity spurs institutional interest from firms like BlackRock.
Despite the negative developments, the Cosmos native token ATOM was up more than 3% at the time of reporting, trading around $1.7.
