Cryptocurrency buying and selling terminal Nexa, previously generally known as InsiDeX, is shutting down only one 12 months after being acquired by decentralized change Bluefin resulting from what the corporate calls “very low” buying and selling quantity on the Sui blockchain.
In a Feb. 10 submit to X, the crew stated that “only some cash are seeing respectable exercise” on Sui, including that there are few actual alternatives left for merchants and that it was constructed for high-speed buying and selling and energetic markets, situations that haven’t appeared earlier than.
“We’re really saddened to close down Nexa, as we have been profitable in constructing a product that was as soon as really probably the most used buying and selling suite on Sui. Sadly, the market Nexa constructed by no means actually materialized,” the crew wrote.
The closure follows months through which Nexa has been selling points-based rewards and different engagement schemes, however its campaigns have been silent earlier than the closure.
The transfer highlights widespread weaknesses throughout Sui’s DeFi ecosystem. As of February 12, 2026, Sui’s complete worth locked (TVL) was roughly $561 million, down roughly 78% from its peak of $2.6 billion in October 2025, in accordance with DefiLlama information.
DEX buying and selling quantity additionally declined, dropping by about 70% from $22.3 billion in October to about $6.8 billion in January. Sui’s native token SUI has additionally fallen about 50% to $0.93 within the final month, in accordance with information from CoinGecko.
Moreover, the beginning of 2026 was tough for the Sui blockchain because it suffered a 6-hour outage, halting block manufacturing. The crew later defined that the issue was a bug within the community’s consensus system, which led to disagreements over information between validators and triggered transactions to be quickly frozen.
However Sui is not the one community going through challenges amid declining liquidity, with comparable tales taking part in out at rival chains like Aptos. As The Defiant reported earlier this month, Merkle Commerce, the biggest perpetual DEX by quantity on Aptos, introduced it could reduce its operations regardless of processing almost $30 billion in cumulative trades as network-wide TVL additionally continues to say no.
