Cryptocurrency buying and selling terminal Nexa, previously often called InsiDeX, is shutting down only one yr after being acquired by decentralized trade Bluefin because of what the corporate calls “very low” buying and selling quantity on the Sui blockchain.
In a Feb. 10 put up to X, the group stated that “just a few cash are seeing first rate 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 lively markets, circumstances that haven’t appeared earlier than.
“We’re actually saddened to close down Nexa, as we had been profitable in constructing a product that was as soon as truly probably the most used buying and selling suite on Sui. Sadly, the market Nexa constructed by no means actually materialized,” the group wrote.
The closure follows months through which Nexa has been selling points-based rewards and different engagement schemes, however its campaigns had 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 keeping with DefiLlama knowledge.
Sui TVL – DefiLlama
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 keeping with knowledge from CoinGecko.
Moreover, the beginning of 2026 was tough for the Sui blockchain because it suffered a 6-hour outage, halting block manufacturing. The group later defined that the issue was a bug within the community’s consensus system, which led to disagreements over knowledge between validators and brought about transactions to be briefly frozen.
However Sui is not the one community going through challenges amid declining liquidity, with related tales taking part in out at rival chains like Aptos. As The Defiant reported earlier this month, Merkle Commerce, the most important perpetual DEX by quantity on Aptos, introduced it will reduce its operations regardless of processing almost $30 billion in cumulative trades as network-wide TVL additionally continues to say no.
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