After five years of operation, the on-chain analytics platform Parsec has officially shut down, leaving users and stakeholders in surprise. In a recent statement via social media, the team expressed pride in their achievements but did not disclose specific reasons for the closure.
“After 5 years, Parsec is shutting down. Not how we wanted our story to end, but we are proud of what we built and the value we provided along the way,” the team remarked.
The Parsec team is currently processing refunds for users and discontinuing all active subscriptions. Known for its customizable dashboards and API access for visualizing data related to DeFi and NFTs, Parsec had also ventured into AI with its Parsec Agent, designed to analyze market trends and social media sentiment.
Founded in early 2021, Parsec raised $5.25 million from notable investors including Galaxy Digital and Uniswap Ventures. Its abrupt shutdown follows a troubling trend in the analytics sector, where DappRadar and DeFi protocol ZeroLend also announced their closures in recent months due to financial challenges.
