Cryptocurrency exchange Oxium has announced it is shutting down.

Oxium, a decentralized exchange operating within the Sei blockchain ecosystem, has announced its closure. The platform's front-end interface will close on August 1st, and users are advised to withdraw their assets before then.

After August 1st, customers will still be able to return their funds, but this will require manual transactions on the blockchain without the familiar user interface, the project team announced.

The team cited a critical drop in revenue as the primary reason for the closure. The company assured that all user deposits will remain secure and under their full control throughout the scaling-down process.

"Due to prolonged unfavorable market conditions, our revenue has fallen to a level that makes continued platform operation economically unviable," the developers announced.

Oxium launched in the middle of last year. The platform later expanded its functionality, adding perpetual futures trading, spot trading on over 139 token pairs, and offering leverage of up to 100x.

At the beginning of the year, activity on the Sei blockchain declined due to the general deterioration of the crypto market. Currently, the platform's total value locked (TVL) is only $2,355, and its 30-day trading volume has dropped to zero, according to the on-chain service DeFiLlama. At its peak, Oxium's TVL exceeded $3 million, and quarterly trading volumes ranged between $15 and $18 million. In the second half of 2025, total trading volume exceeded $1.12 billion. The project accounted for 16.7% of the decentralized exchange market.

At the end of May this year, three blockchain projects shut down within hours of each other: Syndicate Labs, Everclear (formerly Connext), and ZERO Network. All of these projects raised significant venture capital in 2021 and 2022.