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The on-chain analytics firm‘s focus on decentralized finance and non-fungible tokens had fallen out of step with the industry‘s current trajectory.On-chain analytics firm Parsec is closing down after five years, as crypto trader flows and on-chain activity no longer resemble what they once did.
Sheehan added that Parsec’s primary focus on decentralized finance and non-fungible tokens fell out of step with where the industry has now headed. “Post FTX DeFi spot lending leverage never really came back in the same way, it changed, morphed into something we understood less,” he said, adding that on-chain activity changed in a way he never understood. NFT sales reached about $5.63 billion in 2025, a 37% drawdown from the $8.9 billion recorded in 2024. Average sale prices also declined year over year, falling to $96 from $124, according toParsec, which had received investment from major industry players such as Uniswap, Polychain Capital, and Galaxy Digital, launched in early January 2021, just months before Bitcoin (The company added in its X post that it is “eternally grateful to those that traversed the ups and downs on-chain.”Alex Svanevik, the CEO of on-chain analytics platform Nansen, said that Parsec “had a great run.”It comes just weeks after crypto start-up Entropy announced it is closing down and returning funds to investors, citing scaling issues and a struggle tothat the industry will see a significant consolidation in the coming months with more projects snapped up by larger companies, which may lead to a much less fragmented sector overall.to their highest levelCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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