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Operations have ceased, but governance remains. Is this the project's final act of kindness?
The Ethereum scaling market is dominated by three major players: Arbitrum One, Base, and OP Mainnet, collectively accounting for about 75% of the market, pushing out smaller companies.
Syndicate Labs received a $20 million investment from A16Z in 2021.
This decision caused the SYND token to plummet approximately 21% within nearly 3 hours, dropping to $0.012, down about 99.5% from its peak of $2.61.
Syndicate Network Collective operates independently of Syndicate Labs, and the SYND governance is not affected, nor is it related to the previous bridge asset theft incident.