SYND Crashes to All-Time Low as Syndicate Labs Announces Wind-Down
BeInCrypto
The SYND token dropped to an all-time low after Syndicate Labs announced its closure due to a shrinking rollup market.Summary
Syndicate Labs, a developer of on-chain infrastructure previously backed by Andreessen Horowitz, has announced it is winding down operations. The company cited a fundamental shift in the rollup market, noting that EVM rollups are no longer the industry standard and that the sector has shrunk significantly. Following the announcement, the project's native token, SYND, fell to an all-time low. Syndicate clarified that the shutdown is unrelated to a recent bridge exploit, for which affected users have already been reimbursed. While Syndicate Labs is closing, the Syndicate Network Collective, a separate DUNA entity, continues to hold governance authority, and the project's codebase will remain open source.
(Source：BeInCrypto)