Balaji-backed 0xPPL shuts down after failing to build crypto super app

0xPPL, an on-chain crypto super app backed by former Coinbase CTO Balaji Srinivasan, is shutting down after four years of trying to turn wallet tracking, cross-chain activity and crypto trading into a crypto super app.

The team wrote in an X thread on Tuesday, June 2, that it's winding down the product and will fully shut down the app on June 30.

"0xPPL is winding down," the team wrote. "After 4 years of building the onchain super app, we're sunsetting the product."

Crypto trading will be disabled on June 6, according to the post. 0xPPL told users to export their private keys or withdraw all funds before the app shuts down to keep access to their assets.

"Your funds are safe," the team wrote, adding that PPL Wallet users should use the wallet export tool in settings to recover seed phrases and move funds to another wallet.

Dawn of social finance?

The 0xPPL team said the problem wasn't that it stopped building, but that the market didn't show up quickly enough.

Launched in 2022 by Prasanna Sankar, an Indian entrepreneur who previously co-founded workforce management platform Rippling, 0xPPL was built as a social network for crypto users, with tools to track wallets, assets, NFTs, profit and loss, staking rewards and transactions across more than 30 chains.

• The startup later raised an undisclosed strategic funding round led by AllianceDAO, Anagram and Peak XV Partners, with participation from angel investors including Balaji Srinivasan, the former Coinbase CTO, Solana co-founders Anatoly Yakovenko and Raj Gokal, and others.

0xPPL is the latest consumer crypto bet to run into the same problem as other socialfi apps, crypto products built around social networking and on-chain activity.

• Friend.tech, the Base socialfi app, effectively shut down in 2024 after its team gave up control of its smart contracts.
• Farcaster, the a16z- and Paradigm-backed social protocol that raised $150 million in 2024, was also taken over by Neynar, a developer infrastructure company in the Farcaster ecosystem, in January 2026 after struggling to sustain growth.