Evaluating only Moralis’s profile at its peak — without knowing the outcome — the model ranked Market collapse as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Ivan Liljeqvist launches Moralis as Web3 backend infrastructure platform.
FUNDING
$40M Series A raised led by Dragonfly Capital at peak bull market optimism.
Core Web3 backend service sunset; pivoted to minimal API wrapper with skeleton team.
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Documented cause
Moralis raised $40M Series A in June 2022 led by Dragonfly Capital, but mass layoffs of ~60% staff hit in January 2023 after crypto winter erased developer demand. The platform pivoted from a full backend-as-a-service to a leaner API product, gutting its team from ~200 to under 80. Monthly active developers collapsed as competing free tiers from Alchemy and QuickNode undercut pricing.