Cross-chain analytics company Parsec will close its doors after five years, as cryptocurrency trader flows and cross-chain activity no longer resemble what they used to be.

“Parsec has shut down,” the company said in an

Sheehan added that Parsec’s primary focus on decentralized finance and non-fungible tokens (NFTs) was not aligned with the direction the industry is headed now.

“Post-FTX DeFi instant lending leverage was never the same, it changed and turned into something we didn’t understand very much,” he said, adding that on-chain activity changed in a way he never understood.

NFT sales reached about $5.63 billion in 2025, down 37% from the $8.9 billion recorded in 2024. Average selling prices also fell year-over-year, falling to $96 from $124, according to CryptoSlam data.

“It’s an amazing journey,” Barsik says.

Parsec, which has received investments from major industry players such as Uniswap, Polychain Capital and Galaxy Digital, launched in early January 2021, just months before Bitcoin (BTC) rose from around $36,000 to $60,000 by April.

The company added in its post

“The trip has been great,” Barsek said.

Parsec has “been a fantastic success,” said Alex Svanevik, CEO of on-chain analytics platform Nansen.

The cryptocurrency industry may be heading towards consolidation

This comes just weeks after cryptocurrency startup Entropy announced it was closing its doors and returning funds to investors, citing scaling issues and the struggle to find a product-market fit.