Multi-chain oracle project Switchboard announces shutdown

Odaily reports that multi-chain oracle project Switchboard has announced it is ceasing operations. Switchboard Technology Labs, its core development contributor, will gradually wind down remaining operations, all Switchboard implementations will stop being maintained effective immediately, and remaining support will be terminated on September 25. Protocols using its oracle are required to migrate immediately to alternatives such as Pyth and RedStone.

Switchboard stated that AI has reduced the cost of building in-house oracles, the crypto bear market has led to a decline in the number of new public chains and project budgets, and the model of direct collaboration between data providers such as Hyperliquid and S&P shows that protocols may increasingly obtain data directly, thereby weakening the value of third-party oracle networks.