From raising 27 million in funding to shutting down, the industry has gone through several rounds of change in five years.

CoinWorld News, Wu said that a16z-backed on-chain development startup Syndicate 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 statement clarified 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.