Crypto buying and selling terminal Nexa, previously generally known as InsiDeX, is shutting down only a yr after its acquisition by decentralized change Bluefin, citing what it calls “extraordinarily low” buying and selling volumes on the Sui blockchain.
In a Feb. 10 put up on X, the crew stated “solely 2-3 cash [are] seeing some respectable exercise” on Sui, leaving merchants with few actual alternatives, and added that it was constructed for quick trades and lively markets, circumstances that by no means appeared.
“There’s an actual sense of unhappiness in shutting down Nexa as a result of we succeeded in constructing a product that was truly essentially the most used buying and selling suite on Sui at one time. Sadly, the promote it was constructed for by no means really materialized,” the crew wrote.
The shutdown follows months of Nexa pushing points-based rewards and different engagement schemes, however that marketing campaign went quiet earlier than the closure.
The transfer highlights broader weak spot throughout Sui’s DeFi ecosystem. As of Feb. 12, 2026, DefiLlama information reveals whole worth locked (TVL) on Sui at about $561 million, down roughly 78% from a peak of $2.6 billion in October 2025.
Sui TVL – DefiLlama
DEX volumes have additionally dropped, falling round 70% from $22.3 billion in October to about $6.8 billion in January. Sui’s native token SUI has additionally dropped round 50% over the previous month to $0.93, per information from CoinGecko.
Furthermore, the beginning of 2026 was rocky for the Sui blockchain because it suffered a six-hour outage that stopped block manufacturing. The crew later defined that the issue was a bug within the community’s consensus system, which induced validators to disagree on information and briefly froze transactions.
However Sui isn’t the one community dealing with challenges amid falling liquidity, as the same story is unfolding on rival chains like Aptos. As The Defiant reported earlier this month, Merkle Commerce — the most important perpetual DEX on Aptos by quantity — stated it will wind down operations regardless of processing practically $30 billion in cumulative trades, as TVL throughout the community continued to fall too.
