The NFT marketplace X2Y2 and the DeFi protocol Algofi have shut down due to a decline in trading volume.

NFT marketplace X2Y2 and DeFi protocol Algofi are both shutting down due to significant declines in trading volumes. X2Y2, a platform for trading non-fungible tokens, has seen a collapse in its trading activities, leading to its closure. Similarly, Algofi, a decentralized finance protocol, is also ceasing operations. These closures highlight the challenges faced by platforms in the digital asset space when trading volumes decrease significantly.