Derby Race and Derby Stars Shutting Down in April 2025
- NFTrixie
- Mar 26
- 3 min read
The blockchain gaming industry is no stranger to ups and downs, but the story of Derby Race and Derby Stars stands as a cautionary tale of resilience, struggle, and ultimately, closure. Hypedream, the development studio behind these Web3 gaming projects, has officially announced that both games will cease operations on April 7, 2025.
From financial setbacks to health crises, this journey has been filled with obstacles. Let’s break down what led to the downfall of Hypedream’s blockchain gaming ventures and what this means for players moving forward.
Derby Race and Derby Stars: A Sudden End
On April 7, 2025, both Derby Race and Derby Stars will officially shut down, marking the end of Hypedream’s Web3 gaming efforts. According to a farewell letter from PD Ham Seon-woo, the CEO of Hypedream, financial struggles and emotional difficulties ultimately made it impossible to continue operations.
For players, this means:
No access to Derby Race after April 7, 2025.
No further minting of $Race tokens.
In-game wallets will be disabled.
Players cannot claim or exchange rewards.
Hypedream has urged players to transfer their in-game wallets to external services like MetaMask before the shutdown using the PK Export function.
Terra Crash: The Beginning of the End
Hypedream launched in July 2021 and secured its seed round investment in early 2022. However, just two months later, the company suffered a massive blow when the Terra ecosystem collapsed. The impact was devastating:
Hypedream lost all NFT revenue and one-third of its seed funding overnight.
The team was forced to pivot quickly, migrating Derby Stars to the Polygon blockchain.
Budget constraints led to an incomplete product launch, which failed to meet user expectations.
Despite the pivot, Derby Stars never reached its full potential, and key features like land ownership and in-game building systems had to be scrapped due to financial limitations.
Health Issues and Team Layoffs
The challenges didn’t stop at financial losses. As the project struggled to gain traction:
Hypedream had to lay off 75% of its development team.
PD Ham suffered from facial paralysis, leaving him unable to move the right side of his face.
Despite these setbacks, a small team of ten members continued working on the project.
Even with a smaller team, the company attempted multiple revivals, including migrating Derby Stars to Immutable and launching Derby Race on Telegram. However, these efforts weren’t enough to bring back investor confidence.
Failed Recovery Attempts
Hypedream explored different monetization strategies to sustain the project, including:
Twitter-based mini-games
Betting integrations through partnerships like Fanplay
AI agent enhancements for improved gameplay mechanics
However, the overall decline in GameFi interest and fading enthusiasm around AI agents made it impossible to attract new funding. The final decision to shut down both games came after exhausting all available options.
What This Means for Blockchain Gaming
The shutdown of Derby Race and Derby Stars serves as an important lesson for the broader blockchain gaming industry. Some key takeaways include:
Financial stability is crucial: Web3 projects are highly dependent on external funding, making them vulnerable to market fluctuations.
Tokenomics can make or break a game: Over-reliance on token-based economies without solid gameplay mechanics can lead to unsustainable projects.
Investor confidence matters: Without continued investment, even promising projects struggle to survive.
The fall of Hypedream highlights the challenges that many blockchain gaming projects face, especially in a bear market.
Final Words from Hypedream
In his farewell letter, PD Ham expressed deep regret for not being able to meet the expectations of the community. He acknowledged the dedication of his team, noting that not a single member left voluntarily, despite the financial difficulties.
His closing message was one of gratitude:
"To everyone who believed in us, thank you. I sincerely wish happiness and success for all those who supported us through this journey."
What’s Next for Players?
If you’re a Derby Race or Derby Stars player, here’s what you need to do before April 7, 2025:
Transfer your in-game wallet: Use the PK Export function to move your assets to an external wallet like MetaMask.
Check for final announcements: Keep an eye on official channels for any last-minute updates.
Explore other blockchain games: While Derby Race is shutting down, the blockchain gaming industry is still growing. Check out other blockchain gaming projects that might interest you.
Conclusion
The closure of Derby Race and Derby Stars marks the end of an ambitious journey that started with high hopes but was ultimately undone by market crashes, financial struggles, and unfortunate health crises. As Hypedream exits the Web3 gaming space, its story remains a powerful lesson for developers, investors, and gamers in the blockchain gaming ecosystem.
While this chapter closes, the industry continues to evolve, and new opportunities will always arise for innovation in blockchain games.
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