Parsec shuts down amid ongoing crypto market volatility
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.
“Parsec is shutting down,” the company said in an X post on Thursday, while its CEO, Will Sheehan, said the “market zigged while we zagged a few too many times.”
Sheehan added that Parsec’s primary focus on decentralized finance and non-fungible tokens (NFTs) fell out of step with where the industry has now headed.