ME News message: On May 22 (UTC+8), Syndicate Labs, Everclear, and ZERO Network announced that they would stop operations the same day, highlighting deep difficulties in the blockchain infrastructure sector. Supported by a16z and having raised more than $27 million in total, on-chain development tools startup Syndicate Labs announced its closure after five years of operations, saying that EVM Rollup is no longer the industry standard and the market has fundamentally shifted toward custom chains. Hours later, cross-chain settlement protocol Everclear (formerly Connext) announced the closure of its foundation and laboratory entities. Despite monthly trading volume that once reached $500 million, it was unable to convert that trading volume into revenue, and the CLEAR token fell by about 40% on the same day. Powered by a crypto wallet

MeNews

2026-05-22 04:55:50

ME News: On May 22 (UTC+8), Syndicate Labs, Everclear, and ZERO Network announced that they would stop operating on the same day, highlighting deep challenges in the blockchain infrastructure space. Supported by a16z and having raised more than $27 million in total funding, the on-chain development tools startup Syndicate Labs announced it is shutting down after five years of operations, saying that EVM Rollup is no longer the industry standard and that the market has fundamentally shifted to custom chains. A few hours later, cross-chain settlement protocol Everclear (formerly Connext) announced the closure of its foundation and lab entities; although monthly trading volume had once reached $500 million, it was unable to convert trading volume into revenue, and the CLEAR token fell by about 40% the same day. Built by the crypto wallet Zerion, the no-Gas Ethereum Layer 2 ZERO Network also announced that it would shut down that day; the team will shift to developing the Zerion wallet and API products, and users must bridge out their funds before July 31. The common predicament across the three projects is that, even with venture capital and a working product, it is still difficult to find a sustainable business model to withstand worsening market conditions. (Source: ChainCatcher)

SYND-3.26%

ZERO0.48%

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LonelyStoneUnderTheAurora

· 4h ago

Everclear’s monthly trading volume of 500 million still can’t even keep itself going—the cross-chain race is too cutthroat.

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LightsInTheMistyValley

· 5h ago

CLEAR drops 40%, holders become cannon fodder

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GateUser-0f33f9ef

· 6h ago

Custom chains replacing Rollups? The industry trend is changing really fast.

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ColdWalletLeftInTheAir

· 6h ago

a16z's investments have also collapsed; now, who still dares to trust institutional endorsements?

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NonceNomad

· 6h ago

Is EVM Rollup no longer standard? Then what I learned before counts as?

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GateUser-c3de680b

· 6h ago

From Connext to Everclear to Zero, changing the name no matter how fancy is useless

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ExitLiquidityCupid

· 6h ago

How long can customized chain narratives last? We'll see in half a year.

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GateUser-8df0eb2b

· 6h ago

The on-chain development tool needs still exist, but no one is willing to pay for the tools.

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ForkInTheRoadmap

· 6h ago

Three companies closing on the same day, the signal is clear enough.

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GateUser-08ae47f3

· 6h ago

The money is burned out, the story is told, a classic Web3 script

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The three major blockchain infrastructure projects announced closures on the same day, involving Rollup, cross-chain settlement, and Layer 2.

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