Wu said that the on-chain development startup Syndicate, backed by a16z, announced that after five years of development, due to a fundamental shift in the Rollup market and a significant contraction in market size (EVM Rollup is no longer the mainstream standard), Syndicate Labs has decided to shut down its operations. The official clarification stated that this decision is unrelated to the recent cross-chain bridge attack incident, and affected customers and all SYND holders on Commons Chain have been fully compensated through treasury reserves. Previously, Syndicate had raised over $27 million in funding.