On-chain analytics platform Parsec is ceasing operations after five years, becoming the latest casualty in a volatile crypto market that continues to reshape the industry. The company announced its shutdown in a post on X, with CEO Will Sheehan stating, "the market zigged while we zagged a few too many times."
Sheehan elaborated that Parsec's core focus on decentralized finance (DeFi) and non-fungible tokens (NFTs) had fallen out of step with the industry's new direction. He specifically pointed to the lasting impact of the FTX collapse, noting that "Post FTX DeFi spot lending leverage never really came back in the same way, it changed, morphed into something we understood less." This fundamental shift in on-chain activity, which the team struggled to anticipate, ultimately led to the platform's demise.
Parsec launched in early 2021, riding the wave of the DeFi boom and bull market. It gained significant traction during the 2022 market collapse, providing critical dashboards for traders navigating major unwind events including Terra, OlympusDAO (OHM), Wonderland, and the Three Arrows Capital/stETH crisis. The company was backed by major industry players including Uniswap, Polychain Capital, and Galaxy Digital.
The closure reflects broader strain in the crypto analytics and infrastructure sector. It follows recent shutdowns of other platforms like Entropy, Arkham's exchange, and ZeroLend, amid thinning liquidity and persistent market volatility. Bullish CEO Tom Farley recently predicted significant industry consolidation in the coming months.
Supporting the narrative of a cooling market, NFT sales in 2025 totaled about $5.63 billion, a 37% decline from the $8.9 billion recorded in 2024, according to CryptoSlam data. Average sale prices also fell from $124 to $96 year-over-year. Meanwhile, Bitcoin's price has declined 46% from its October 2025 all-time high of $126,100 to trade around $67,246.
