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Syndicate Labs decides to shut down due to sharp market contraction.

MeNews
ME News, May 21 (UTC+8), Syndicate Labs stated that after five years of developing on-chain infrastructure for customizable Ethereum Rollups and sequencers, the company has decided to shut down due to the sharp contraction of the Rollup market. Syndicate Labs had completed a $20 million Series A financing round led by Andreessen Horowitz in 2021. This decision caused the SYND token price to drop 21% in the past three hours, hitting an all-time low of $0.012, a 99.5% decline from its peak of $2.61 in September 2025. Additionally, Syndicate Labs stated that the Syndicate Network Collective is independent of Syndicate Labs, so SYND token governance will not be immediately affected, and the shutdown decision was not influenced by the previous hack of bridged assets. (Source: ODAILY)
ETH2.84%
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