On-chain analytics platform Parsec has announced it is shutting down after five years, citing major shifts in crypto market structure. In a post on X, CEO Will Sheehan said the company’s heavy focus on DeFi and NFTs ultimately fell out of sync with where the industry evolved. “The market zigged while we zagged,” he admitted.

Sheehan noted that post-FTX decentralized finance activity, particularly spot lending leverage, never returned in the same form. Meanwhile, NFT markets have cooled significantly, with 2025 sales falling to $5.63 billion — down 37% from 2024 levels. Backed by major players including Uniswap, Polychain Capital, and Galaxy Digital, Parsec launched during the 2021 bull run. “It was quite the ride,” the company said in its farewell message.