In a significant development within the cryptocurrency media landscape, DL News has announced its closure just two years after its launch as the news division of DefiLlama. Founded in 2022, DL News emerged from the frustration of its founders—who had spent years in the crypto space—over the state of journalism in the industry. They sought to carve a niche that strayed from the disdainful tone of mainstream media and the pervasive promotional tactics prevalent in crypto reporting.
While DL News aimed to establish itself as a profitable business, it faced myriad challenges that ultimately led to its downfall. Despite initial ambitions to become the “Bloomberg of crypto,” a major internal conflict at DefiLlama in early 2023 left DL News operating in relative isolation. This separation hindered communication and collaboration with the parent company, limiting access to a broader audience and resources that could have bolstered its operations.
The media landscape that DL News entered has shifted dramatically in these past years. The evolving digital environment transformed the sustainability of a traditional subscription model, prompting DL News to launch DL Research as its commercial arm in 2024. This new venture reportedly exceeded expectations, achieving a staggering 270% revenue growth in 2025 and securing a clientele that included some of the industry’s most significant players. Collaborative efforts with DefiLlama began to take shape, offering a glimmer of hope for the future.
Despite the impressive achievements of the research team, the broader economic pressures on both crypto and tech media proved insurmountable. Traffic to crypto-related news platforms plummeted, exacerbated by the rise of artificial intelligence, which significantly diminished search distribution and flooded the market with content that often prioritized quantity over quality. Consequently, DL News struggled to maintain the visibility essential for commercial success, even as its journalism remained top-notch.
By mid-April, management recognized the urgent need for a solution and began implementing layoffs. On May 1, the decision was conveyed to staff that DL News would cease operations by the end of the month.
As the team reflects on their time together, there is a palpable sense of pride in their accomplishments. They broke significant stories and tackled contentious issues, often facing legal threats for their bold reporting—a testament to the quality of their journalism. While they may not have succeeded in securing the long-term sustainability they aspired to, the experiences and bonds formed during their short journey remain invaluable.
As DL News prepares to close its doors, there is a heartfelt acknowledgment of the talent and camaraderie within the team. There is a call to the industry to recognize the exceptional skills and dedication of its members, urging potential employers to consider these talented individuals as they enter the job market.
